Singapore Property Realtor have provide the selling properties in Singapore. Expats offers a one-stop residential property guide, renting procedure and information directory for expatriates living or relocating to Singapore. Rent apartment or house in Singapore has never been easier. Our Singapore Expats Property Classifieds provide one stop property search for apartment, flat or house for rent or sale in Singapore.
Singapore Property Realtor process involved in selling a property - house, apartment or condo - in Singapore. Who to contact, how to find an agent and what paperwork to complete for a house sale. Make sure that there are no unacceptable conditions attached to an offer. Make sure the agent is aware of the eligibility of the buyer and clear on the completion period . It is advisable to appoint a solicitor to check that all the transfer and sales documents are in order and protect the seller's interests. The solicitor also usually holds the buyer's deposit for the seller while negotiations are going on. Buyers who are interested in the property will draw up an Option to Purchase, and present it to the seller's solicitor, with a deposit of one percent of the purchase price.
The buyer then has 14 days to decide whether or not to proceed with the purchase and to organize finance. There will not be a caveat on it at this stage but the seller can't sell to anyone else. As soon as the finance is arranged the buyer will then exercise the Option to Purchase and put down a deposit of ten percent. Their solicitor will draw up a Sales and Purchase Agreement and send it to the seller's solicitor for agreement. Once the Option to Purchase has been signed it is unconditional on both sides.
The seller must hand over the property upon legal completion as agreed in the contract. Some private properties will be sold with existing tenants in place but most will be handed over vacant. Sellers do not pay stamp duty or capital gains tax. Currently Goods and Services Tax is not levied on private real estate transactions. However, as some residential properties may involve a commercial component. Seek advice from a lawyer on this. If CPF savings have been used to buy a property, the money plus accrued interest must be returned to the CPF account when it is sold. It will not be necessary to refund to the CPF account upon the sale of a property if the vendor is leaving Singapore or West Malaysia permanently. If the seller wishes to pull out they have to return the ten percent deposit inclusive of interest.
The buyer risks losing their deposit if they pull out. The vendor has the right to seek recourse through the courts if the buyer pulls out, in the same way that the vendor cannot pull out or they may also risk being sued. This means a seller cannot decide to pull out and sell to someone else. The deposit on exercise of the Option or signing of the Agreement/Contract will normally be held by the vendor's lawyers.
Singapore Property Realtor is sale will normally be subject to:
• the discharge of encumbrances like mortgage and CPF charge
• the title being in order
• satisfactory replies to legal requisitions to the various Government departments