The first thing the buyer should do is to get the loan approval from the bank. Generally speaking, the prices offered by local banks are the most competitive. But it is also wise to compare the loan schemes of foreign banks. Bankers need some personal documents to evaluate your financial situation. These documents are usually your collection and your current debts. If the information is complete, the loan of 1 to 2 weeks can be approved. You will have a clear idea of the maximum amount you can borrow.
The next step is to find a suitable house. Now most owners and real estate agents advertise on the Internet. It is worth noting that in Singapore, the leading online real estate portal is propertyguru.
Some buyers will go through many intermediaries to see the house. We will advise buyers to appoint a reliable real estate agent to find a house. Working closely with a reliable intermediary will enable him to clearly understand your needs and find you a house in the shortest time. Generally, buyers in Singapore don't have to pay agency fees.
If you find a desirable house, you will express your purchase intention through an intermediary. The agent will prepare a letter of intent for you, clearly stating the price you want to ask, and write a check for 1% to the seller.
You should ask to see the ownership certificate and make sure that the name is the same as the name on the check sent to the seller. This proves that the industrial tax of this industry can be inquired or compared from official website of Singapore Land Administration.
This inspection step is simple, but it is also very important.
Your letter of intent will also indicate the terms of the transaction. For example, the date of delivery, whether there are tenants when the property changes hands and so on. The letter of intent will also indicate the effective date. Usually valid for 3-7 days. When everything is ready, your agent will submit the check and letter of intent to the seller.
For your quotation, the seller will accept, reject or indicate that he wants to talk about the terms. Negotiations are usually due to price differences, but it may also be a series of other factors. Once all the terms are agreed, the seller will send you a purchase agreement. The agreement clearly States your name, industrial address, selling price, 14 days validity period, terms and conditions, and completion date. During this period of validity, the seller shall not resell the house to others.
When you decide to buy this house, you must sign the agreement in the presence of the representative lawyer, and then hand over the check for 4% of the house price and the agreement to the seller's representative lawyer.
You must pay the stamp duty within 14 days after signing the agreement.
From this moment on, you just wait for the transaction to be completed. Your bank loan and unpaid amount will be paid to the lawyer two weeks before the transaction is completed. Go to the property for a final inspection before handing over the house. This is to ensure that the house has been moved empty and is in good condition when it was bought.
On the completion day, if everything goes well, your lawyer will inform you to get the key to the new house!