Buy Property in Singapore: A step by Step Guide

Singapore is a small country and land area is scarce. Titled properties or land properties are costly and are considered an extra as well. Because of this, the real estate market is mostly consisting of high rise condominiums and apartment buildings. Generally, are generally about 80 percent of Singaporeans who live of these high rise buildings which are managed by a government arm while others occupy private apartments, landed properties and affinity serangoon exclusive condominiums.

The growth of the population in Singapore is also contributed by the rapid influx of foreigners to the country. Because of the liberal economic market that Singapore has, foreigners are drawn to make this country their second home. In doing so, it makes sense that foreigners look in the different kinds of properties most especially because both have their own foreign ownership restrictions. When buy property in Singapore, hold that you already be familiar with the general classifications of the properties that have been set by the government.

When you buy property in Singapore, the sorts of properties include: private apartments that are broken into apartments or condominium units; landed properties that are further classified into semi detached houses, terraced houses, detached houses, shop houses,and exclusive bungalows; HBD flats or those that are maintained by the Housing and Development Board, a government subsidiary and essentially the most affordable housing unit in the country; and the executive condominiums specifically for stated nothing professionals. Foreign ownership restrictions are strictly implemented in this country. Originally, when foreigners buy property in Singapore, the could only live in small apartment units or buy landed property lengthy as as they produce documents such as a valid working permit or a students pass. Recently, however, the government has already relaxed this rule for that purpose of attracting more foreign investments. Now, foreigners that have the status of a permanent resident or has become a Singaporean citizen can buy HDB flats directly from the government or through re-sale. When you buy property in Singapore, there vary criteria when it for you to being qualified to acquire an HDB flat, which, in brief, are the following: having a Permanent Residency Status, at least 21 years of age, must either be married or have the intention to get married, have parents or siblings or children, combined income of not more than S$8,000 per month if you opt to apply for a Housing grant.

When you buy property in Singapore, it is consistently best to get aid of a solicitor. Should get help you expedite the process especially when it for you to the different legalities intertwined with buying a property. Before signing the contract, you should also be sure an individual already have the necessary funds especially for the reservation deposit. Financing can be an option for people from other countries. When you buy property in Singapore, there are also other important processes which have essential as well merely involve the documentation procedure. These include the Option to purchase document that officially gives you 14 days within which to decide whether these types of purchase the property or not, an Offer to purchase document where there is not time involved but you want the offer to be binding already, a Sales and Purchase Agreement where a caveat is already lodged on the property, and also the Fees and Commissions.