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Buying
New Property in Singapore
Before proceeding to invest in
Singapore Properties ...
It will be prudent to do some initial groundwork and checks. Assess your
commitment and work out your budget by checking with your banker. Know
your property needs and look at the various options available.
Finally study the Property market
before going in .. read on the steps below
>> Step 1
Consult your Banker
See your Banker to have an assessment of your financial situation and
borrowing limits. Decide on the range of Property you are willing to
purchase or invest. Check
Go Financing
for the best rate in town or contact our partner bankers for assistance.
>> Step 2 Decide your needs and make your wish list
Focus on the features you
want in your new home: Prime Location? Investment values? Freehold or 99
leasehold? Do I need the MRT station and amenities nearby? Studio, 2
bedrooms or 3? Condo Facilities?
Do you desire a certain quality lifestyle? In recent years, the
government has sold sites for waterfront living, super high-rise living,
hillside properties and 'work-where-you-live' homes. Knowing what you're
looking for will help you focus your search.
>> Step 3 Checking out the Properties
Check and compare the
various projects out ! Look at the online brochures and listings. Call
us for an appointment to view the show flats. Oversea investors and
buyers, do e-mail us your needs. We can arrange to meet you up.
You may also check the recently transacted prices on the property by
Clicking Property market.
When buying a property in a project with more than 4 housing units, you
should ensure that the developer has a sale licence issued by the
Controller of Housing (COH). All licensed developers are required to use
the prescribed Option to Purchase and Sale & Purchase (S&P) Agreement in
selling their projects.
>> Step 4 Confirming the Purchase
Once you have decided on a
unit, you need to pay a booking fee of between 5% to 10% of the purchase
price or such amount as determined by the developer. This amount must be
in cash or by way of a Bridging Loan granted by the banker. It cannot be
deducted from your CPF savings. Upon payment, the developers will issue
you an Option to Purchase ( for more about the Developer's Option, go to
legal information compiled here).
Within three weeks ( this time frame may varies from project to project
) from the receipt of the Sale and Purchase Agreement, you will have to
exercise your Option by paying the developers a sum equivalent to 20% of
the purchase price less the booking fee (paid earlier) together with the
signed Sale and Purchase Agreement. This should be done through your
lawyer who will act for you in the transaction.
>> Step 5 Progressive Payments
The remaining amount is
payable in instalments at relevant stages through your lawyer, upon
completion of the construction works as certified by the developer's
architect.
Payments for these subsequent instalments may be made from CPF if
applicable, cash, and/or the Home Loan obtained from the banker. For
buyers who are planning to sell their current property upon issuance of
TOP for the new property, the bank will normally structure a Short Term
Loan that will be repaid from the sales proceeds of the current property
that will be sold subsequently.
Once you have made all progress payments, the Legal title will be issued
to you.
Ps : For more information on Investing or buying new Properties in
Singapore, please feel free to
contact
or email us.
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