What are the procedures for buying a house in Singapore?

Step 1: Confirm the purchase qualification.

In Singapore, foreigners are not allowed to buy apartments, land and houses with land in Singapore, but only private apartments.

Step 2: Confirm the financial situation

Before buying a house, you should plan your own purchase budget and make sure that you have enough funds and loans to complete the purchase transaction. In addition to the amount of the house payment, you need to prepare an amount of about 3% of the house payment to pay taxes and legal fees.

Step 3: Look at the house.

Step 4: Choose a property to pay the down payment.

After choosing a suitable property, you need to pay a deposit. New buildings generally need to pay a deposit equivalent to 5% of the house price to the developer. The resale of the property requires a deposit equivalent to 1% of the house price to the owner.

Step 5: appoint a lawyer and go through the formalities.

You need to appoint a qualified lawyer to handle the purchase procedures.

Buying a new property in Singapore:

Buyers usually have three weeks to decide to contact a lawyer to handle the purchase procedures (exercise the right of buyers to purchase houses), and need to pay a deposit equivalent to 20% of the house price to the developer. The previous 5% is included in this 20%, that is, you only need to pay the remaining deposit equivalent to 15% of the house price.

If necessary, you can negotiate with the developer in advance to extend the time limit.

If the buyer can't go through the house purchase formalities within the specified time limit, the deposit of 5% of the house price you paid before will be deducted by a quarter, which will be owned by the developer as liquidated damages.

Purchase of resale property:

Generally, the buyer has 2 weeks to decide to contact a lawyer to handle the purchase formalities (to exercise the buyer's right to purchase a house), and needs to pay a deposit equivalent to 5% of the house price to the owner. The 1% paid before is included in this 5%, that is, you only need to pay the remaining deposit equivalent to 4% of the house price.

If necessary, the buyer can negotiate with the owner in advance to extend the time limit.

If the buyer can't go through the purchase formalities within the specified time limit, the deposit of 1% of the house price you paid before will be returned to the owner as liquidated damages.

Complete payment:

Purchase of new property: Buyers can pay off the remaining 80% of the house price in installments according to the progress of the property project.

Buy resale property: Buyers can pay off 95% of the remaining house price through loans and personal funds.

In addition to the amount of the house payment, the buyer also needs to prepare about 3% of the house payment to pay taxes and legal fees.

Many customers are usually too busy with work and other things to handle. For example, how to apply for a Singapore housing loan, what documents need to be prepared, how to handle the house transfer, sign the sales contract and all other related investment matters, and the Yan Kai investment team will serve you wholeheartedly, providing you with high-quality resources and all-round pre-sales and after-sales services.