Option to purchase agreement singapore
Living in Singapore Land is a scarce commodity in Singapore. Due to this, residential properties are mainly in the form of high rise apartments or condominiums. Landed properties are a luxury as they are very option to purchase agreement singapore.
The three main property types here are HDB flats, private apartments and landed properties. Foreigners must clearly understand the differences among these properties, especially because of the ownership restrictions for HDB flats and landed properties. It is absolutely important to know about the property you intend to buy. Before deciding on which property type of property you are purchasing, you need to know the general classification of properties as set by the government.
Private apartments Private apartments fall under the classification of apartments or condominiums, with the distinction between the two being the development size and also built up sizes.
These developments are commonly freehold but there are instances where they are year leasehold or year leasehold. Landed properties As for landed properties, they are classified as terraced houses, semi-detached houses, detached houses, exclusive bungalows and shop houses. These properties can be very expensive depending on the plot size as well as location and are usually tied to the land title. Most are freehold yet some are year leasehold and year leasehold. These properties are built and maintained by the Housing and Development Board which is government financed and subsidised and are year leasehold.
One of the advantages of HDB estates is that these developments are designed to be self-sufficient communities with basic amenities such as coffee shops, supermarkets, food centres, schools, clinics, shopping malls, playground and parks. Getting around is also convenient as these developments are well served by a host option to purchase agreement singapore public transportation systems like the MRT, buses and taxis.
Executive condominiums These are slightly bigger than HDB flats but smaller than private condominiums and were created to fulfill the needs of young professionals wanting something better than a HDB flat but cannot afford the costly private condos.
Between 5 to 10 years they cannot be sold to foreigners. There are certain restrictions on foreign ownership of properties in Singapore so it would be wise to do some research and consult a solicitor before buying. As a foreigner, you may rent a private apartment and landed property by producing documents such as a valid work permit or student pass. Recently, the government had relaxed the foreign ownership restrictions to attract foreign investment and talent in a bid to increase the population and strengthen the economy.
Those with Permanent Resident status or Citizenship are allowed to purchase HDB flats either through re-sale or directly from the government. There are certain criteria you need to fulfill before qualifying for the HDB scheme. In a nutshell the criteria are:.
Appointing a solicitor The best and safest way to go about purchasing a property is to first appoint a solicitor. This will help to overcome the web of legalities and help expedite the process without any option to purchase agreement singapore hiccups. Furthermore, the solicitor will look into the overall phases of the purchase process that includes mortgage if a bank mortgage is option to purchase agreement singapore or withdrawal of funds from the CPF Board if this is your option.
Ensure that you have the money before signing any contract because if you are unable to come up with the money to go through with the purchase after the reservation deposits are paid, it may be forfeited unless the cancellation is due to reasons stated in the contract.
The approval and mortgage amount you get will depend on your option to purchase agreement singapore and capacity to service the monthly repayments, your age, employment history, credit history as well as the valuation of the said property option to purchase agreement singapore the bank. If you are a Singaporean, you may withdraw from your CPF savings for the deposit. If purchasing a HDB flat, you may want to check your eligibility for a concession loan from HDB before considering a commercial bank for a mortgage.
This agreement is to be prepared by your solicitor or agent, stating the price, completion date and other conditions you want to specify. Fees and Commissions You will also need to consider the fees and commissions that will be incurred from the transaction such as:.
Extra legal fee is applicable if CPF is used to pay for option to purchase agreement singapore apartment. The option to purchase agreement singapore pays 0. You are also required to purchase an insurance policy on the property.
The stamp fee is payable to Inland Revenue Authority of Singapore within 14 days upon exercising the Option to Purchase or signing the Sales and Purchase Agreement when buying from a property developer. Sign up now to receive our weekly newsletter. In a nutshell the criteria are: You must be at least 21 years old. There are other HDB schemes for special cases visit http: Fees and Commissions You will also need to consider the fees and commissions that will be incurred from the transaction such as: Stamp Fee The stamp fee is payable to Inland Revenue Authority of Singapore within 14 days upon exercising the Option to Purchase or signing the Sales and Purchase Agreement when buying from a property developer.
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