Buying a property for sale is not an easy task. It is an investment and lots of cash are involved. If you ever wonder how to buy a private property in Singapore, then here are the steps that you shouldn’t miss.
Research and identify what properties are available in the market
- Look for properties that has all your considerations and feed yourself with some knowledge about the available properties in the market. Decide whether you are allowed to buy certain types of housing like private residential housings or some landed houses. This is important because each types has different restrictions for domestic residents and foreign buyers.
Allocate your budget
- After you got some ideas about some private property for sale that you could buy and how much is their average cost, you can now set the budget you are capable of spending in relation to what you need. This will keep you on track and lessen the possibilities of overspending.
Look for a good real estate agent
- A good real estate agent could help you throughout the whole process especially if you are not familiar to this kind of transaction. They are knowledgeable about some Watercove Sembawang property price, they can coach you in getting the right mortgage, estimating the properties market value, somehow figuring out the rental yield and everything in between helping you shortlist properties to negotiating and post move-in support.
Negotiate and make an Offer
- The next thing you have to do is negotiate and make an offer after you screened and shortlisted all you prospect properties, you have now laid your eyes to one of them. Your real estate agent will be a very good resource in doing this because they are expert communicators in this transaction so they can definitely do a better negotiation for you.
- To make sure that you are getting the right value for your penny, conducing a home inspection is very important. Don’t ever skip this step because this will protect you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection determines the prospective house to have material damages.
Complete the sale
- Before you can apply for the Certificate of Title, you first need to enter into a valid and binding real estate contract made by a lawyer in the form of Option to Purchase (OTP). Remember that it is important to have an AIP or an Approval-in-Principle before you get and OTP. You can consider this as tons of paperwork so you should get help from experts to make you understand this process even more. After signing the OTP, you will now proceed to the Sale and Purchase Agreement which includes your payment of a deposit, and setting the dates for fees such as the stamp duties which is also required.
Accepting the Certificate of the title
- The Certificate of Title (CT) is the only valid and legal document that proves ownership of a certain property. Hence, after the purchaser has accepted the OTP, the Certificate of Title will be handed over to the buyer’s lawyer for inspection. Usually, the buyer’s lawyer will possess certificate until legal completion where the old ownership title is surrendered to the Singapore Land Authority for the purpose of reissuing a new Certificate of Title to the new owner.
Finally closing the deal
- After that, you can now leave it to your solicitor for the completion of the sale, which will be completed in around 8 to 10 weeks’ time. They will be the one doing some other document processing while you can finally start moving to your new home.