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Sunday, 13 May 2012

Buying a Property in Singapore: Things to Take Note Of

Buying a property in Singapore is one complex area that can be difficult to comprehend. Because of this, getting the help of real estate agents is advantageous especially when it comes to finding the right kind of house, apartment or condominium that will suit you and your family. Properties in Singapore are either sold through a leasehold tenure or a freehold tenure. A leasehold tenure means that the owner can hold the property in perpetuity while a leasehold tenure provides for a certain period of ownership, wherein the property gets returned to the State upon the tenure's expiration.

When it comes to foreign ownership, foreigners were allowed to own property in Singapore since 2005. Properties such as apartment units or condominium units were called strata titled properties and did not need the approval of the Singaporean government. However, buying a property in Singapore requires the approval from the Singapore Land Authority was needed if the property consisted of land such as bungalows and houses. When it comes to those covered by the Housing Development Board, foreigners are not Permanent Residents or are not corporate bodies cannot buy an executive condominium coming from the open market. Instead, they had to contact the developer.

When buying a property in Singapore, finding the right kind of property is part of the game. Seeking the help of professional real estate agents will be of good use because not only will they ensure proper documentation of everything but they already have a working knowledge about the Singaporean real estate market thereby making it easier for you to pick your choice. In choosing an agent, you can request the Institute of Estate Agents for recommendations. When buying a property in Singapore, it is also important to secure the assistance of a solicitor. Compared to the agent who does the leg work in looking for the right kind of property for you, the solicitor handles the legal issues as well as conducts a title check making sure that the ownership and title to the property is legitimate.

The process of buying a property in Singapore requires the solicitor who will lodge a caveat with the Singapore Land Registry in notifying the public that the buyer has interest over the property just to make sure that the property is not the subject of any adverse notice and the like. In connection with this, the solicitor can also check into the seller's reputation and credentials making sure that any renovation or alteration on the property was legally made and approved, and if not, request that it be corrected at this expense.

Buying a property in Singapore also requires that you narrow your choices down and schedule a viewing. After this, and you have already made your choice, you will be required to sign an Option to Purchase document that specifically calls for a 14-day period within which you will decide whether you will buy the property or not. There is not caveat still at this stage because you have not signified your intention to buy just yet. At this stage in buying a property in Singapore, you will have to have at least one percent of the purchase price available already. If the purchase pushes through, then you will have to exercise this option and send the document to the seller's solicitor. At this stage, at least nine percent of the purchase price should have already been paid.

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