Are you thinking about buying a home, apartment, condominium or other real property by direct negotiation? Have you ever wondered what the mechanism for buying property in Singapore is? Do you know how to secure your transaction?
This article will discuss the precautions and mechanisms that you should follow to avoid surprises when buying a property in Singapore.
Once you have found the property that you want to buy, it is important that before signing any contract or making any advance payment, you gather all legal information.
Buying a property in Singapore is obviously different than when buying a product in which you just have to pay and take it, this is more complex and it is important to know the mechanisms for ensuring your heritage. There are private organizations and government departments that can advise you well. It will allow you not to run any risk and thus make your purchase safely. Yet, if you prefer to do it without these authorities, it is fine, just make sure you follow the steps presented in this article.
Step 1. Collection of legal information on the property
Ask the owner; in this case the seller, a copy of the deed of the property, as well as a copy of property tax payment. In the copy you receive script you must identify the folio Public Registry of Property -this is usually located on the last sheet of writing-this sheet you must go to the Department of Public Registry of Property that is in your city and verify the legal conditions under which the property is located.
This information is public and every citizen has the right to access it. Once you verify that everything is in regular, i.e., there are no overdue mortgage, the property has no judgments, liens, etc. spent the second step.
Step 2. Physical verification of ownership
At this stage, it is important to verify, with an instrument to measure distances-the actual size of the property and compare your results with the measurements shown in the Deed of Property.
Step 3. Private contract of sale
In any transaction of this magnitude must always be present a contract which will protect you as buyer and seller. An effective contract must contain at least the following information: name and address of the buyer, seller name and address, description of property, contract manufacturing date, date (s) of payment, delivery dates well property, when possession of the property is taken, and property price.
Step 4. Acquisition of your new property
Having done all this, and with the dates of payment and delivery agreed in the private contract, time to go to a Public Notary, where a Notary shall certify and legality – through a new writing – you’re the new homeowner, apartment, condominium or any real estate you’ve purchased. Overall, it will yield the rights to the property.
Think and review
Apart from the above, remember to take your time. Do not buy blindly, do not do a single property visit that interests you and do not forget to look out on legal aspects.
Buying a home is not a purchase, it is the heritage you’ll enjoy with family and your children will inherit. Also, do not buy if such purchase commitment brings you financial hardship.
As stated, confirm that the sizes and distribution of spaces are what you need. Some projects have the possibility of extension for another room, one bathroom and sometimes up to a full floor. Ask if you have the specifications to enlarge the developer.
Wrapping it up, investments in real estate, capital is preserved, if it grows, monthly incomes continue in perpetuity for your children and their generations. Make a wise decision!