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 a luxury as well. Because of this, the real estate market is mostly consisting of high rise condominiums and apartment buildings. Generally, are generally three basic about 80 percent of Singaporeans who live in these high rise buildings that managed by a government arm while others occupy private apartments, landed properties and exclusive condominiums.

The growth of the citizenry 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 a very good idea that foreigners look into the different kinds of properties most especially because each of them have their own foreign ownership restrictions. When you buy property in Singapore, guarantee that you already learn the general classifications of the properties that have been set by the government.

When you buy property in Singapore, the differing types of properties include: private apartments that are split 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 one of the most affordable housing unit each morning country; and the executive condominiums specifically for the young professionals. Foreign ownership restrictions are strictly implemented in this particular country. Originally, when foreigners buy property in Singapore, the could only live in small apartment units or buy landed property very long 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 your 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 with the government or through re-sale. When you buy property in Singapore, there will vary criteria when it to be able to being qualified to acquire an HDB flat, which, in brief, are the following: having a Permanent Residency Status, affinity at serangoon 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 almost any Housing grant.

When you buy property in Singapore, it is always best to get support of of a solicitor. Your site help you expedite method of especially when it to be able to the different legalities intertwined with buying a housing. Before signing the contract, you should also be sure a person can 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 that are essential as well merely involve the documentation process. These include the Option to buy document that officially gives you 14 days within which to decide whether you will purchase the property or not, an Offer to get document where there are very few time involved but somebody the offer to be binding already, a Sales and Purchase Agreement wherein a caveat is already lodged on the property, as well as the Fees and Commissions.