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 comprised of high rise condominiums and apartment buildings. Generally, there are about 80 percent of Singaporeans who live through these high rise buildings which can managed by a government arm while others occupy private apartments, landed properties and exclusive condominiums.

The growth of the populace in Singapore is also contributed by the rapid influx of foreigners into the country. Because of the liberal economic market that Singapore has, foreigners are drawn to make the united states 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, make sure that you already know the general classifications of the properties that have been set by the united states.

When you buy property in Singapore, the sorts of properties include: private apartments that are put 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 the most affordable housing unit in the country; and the executive condominiums specifically for while they were professionals. Foreign ownership restrictions are strictly implemented in this particular country. Originally, when foreigners buy property in Singapore, the could only dwell in small apartment units or buy landed property provided that 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 with the government or through re-sale. When you buy property in Singapore, there have different criteria when it for you to being qualified to acquire an HDB flat, which, in brief, are the following: having a Permanent Residency Status, affinity at serangoon condo 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 actually definitely best to get support of of a solicitor. This will help you expedite incorporate different marketing methods especially when it in order 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 could be an option for foreigners. When you buy property in Singapore, there are also other important processes which have essential as well basically because involve the documentation process. These include the Option to purchase document that officially an individual 14 days within which to decide whether definitely will purchase the property or not, an Offer to get document where there are very few time involved but good for your health the offer to be binding already, a Sales and Purchase Agreement wherein a caveat is already lodged on the property, and the Fees and Commissions.