GUIDELINE FOR COMMERCIAL SALE PROPERTY
Expatriates who plan to buy property should be aware of a few restrictions. There are no restrictions against expats purchasing condominiums; to buy a landed property, however, you will need to hold Permanent Residence status and receive special approval from the Land Development Authority. Landed properties include bungalows (meaning free-standing houses, either single or double storey), semi-detached houses and terrace house
Once you have found a property of your choice, which is up to your requirements, what you need to do next is to appoint a solicitor in these phases of the purchase process. Purchases can also be of different types.:
• To make a direct purchase,
• To purchase in mortgage (if you are taking a loan from the bank)
• To purchase in withdrawal of funds from the CPF Board (if you are using CPF Funds).
Normally, one solicitor can do all this for you; you don’t need to hire multiple solicitors. Before you sign any contracts, make sure you can actually get the money to purchase the property. Any deposits paid for reserving the property will be forfeited if you cannot go through with the transaction – unless the termination is due to conditions stated in the contract. Two weeks is usually allowed to pay 9%, then 10 to 12 weeks to pay the balance of property price.
If you are getting financing done then you must make the necessary requirements in that text. A foreigner can usually borrow up to 80% of a local bank’s valuation of the property. Associated costs are:
• Solicitor’s fees
• Mortgage solicitor fees for loans
• Transfer and mortgage stamp fee
• Government department fees
• Transfer and mortgage registration fee
There are some guidelines for you ,which you should know and be prepared for when buying a commercial property .
• An approved purchaser
• Prohibition on sale of any commercial property without the building approvals.
• Any person not abiding the rules will be charged with strict penalties.
• Power to give directions
• No tax exemptions.
• Foreign persons are not allowed to purchase property, transfer or acquisition of residential or commercial property.
There are various area of commercial properties for sale and purchase, but it all depend on what you want, and which category of requirements do you have. Is it a retail place in a shopping centre, or a factory godown,or a shop house in HDB.
This is just an overview of all this process. There is much more to it .We at Expats Rental have it all for you. We can provide you with all the major and minor details and guide you through the complete process up to your satisfaction.
