If you are looking forward to buying private property in Singapore, ensure that you are well equipped with the pitfalls before you finally sign on the dotted lines. Here are the major things that you need to look out for to avoid being on the wrong side of the business.
Selection of Real Estate Agent
Selecting a trustworthy and competent real estate agent is critical to investing in the real estate business. Do a thorough research by following the Singapore property news to get an agent who is familiar with the form of property you want. Additionally, ensure that your preferred agent is a member of the Estate Agents and is listed in the Housing Agency. Ensure to discuss all your requirements with your agent so as to get the best deal.
It is important to ensure that the seller is the owner of the sold property. It may be crucial to ask for proof of ownership before making a purchase.
Eligibility to Sell
Determining whether the owner is eligible to sell the property is critical to avoiding legal problems. If the seller has issues with the bank due to mortgage issues, he or she may not be eligible to sell the property. In the case of an HDB, there is a minimum period of occupation whereby the seller has to occupy the flat physically before being eligible the sell the flat. For a property bought directly from HDB with a CPF housing grant, the seller is obliged to occupy the property for thirty months.
On some instances, the seller of the flat may be bankrupt. In this case, the seller with the official assignee will be eligible to sell the property. Nonetheless, the official assignee may ask for all monies, which may include deposit or the option money, to be paid to the official assignee.
Eligibility to Buy
Flat purchase in Singapore is a legally binding contract. It is imperative for you to check whether you are eligible to buy a property. The HBD’s strict eligibility, as well as the Residential Property Act, may be confusing to you or any other buyer. Singapore has some restrictions for foreigners intending to invest in the state. Ensure to check with your agent for requirements to avoid legal disputes.
a) Make a prior decision on a few locations you would like your property to be located at. Consider such factors like distance to schools, workplaces, transportation means, and places you visit mostly.
b) What size would you like your flat to be? How would your studio apartment accommodate your requirements?
c) Other factors such as the facilities you would like the house to have. Do you want a house with a tennis courts, swimming pool, and other recreational facilities?
d) Amenities such as banks, shops, and markets are important factors to consider. How far is your property from such amenities?