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As a potential buyer or tenant, would you prefer to view a neat and clean exterior and interior? Maintenance enchances the value of a property. What is the Certificate of Title? The Certificate of Title is the only legal document that proves property ownership and is issued by the Singapore Land Authority. This will normally be given to the buyer's lawyer for inspection when the buyer has accepted the Option to Purchase and surrendered to the Singapore Land Authority in exchange for a new Certificate of Title under the new owner. What is the Option to Purchase? The Option of Purchase gives the buyer the right to demand for the Certificate of Title and involves the payment of Option Fee and Option Exercise Fee. What is the Option Fee? The Option Fee is 1% of the agreed sales price. What is the Option Exercise Fee? The Option Exercise Fee is normally 4% or 9% of the agreed sales price. What is the Sales and Purchase Agreement?
Upon payment of the Option Fee and Option Exercise Fee, the Option to Purchase will form a valid sales agreement which is also called the Sales and Purchase Agreement. What is the Completion Statement?
Prepared by the buyer's lawyer for the buyer to confirm the balance payment and to facilitate the needs of all lending institutions involved. What is the Transfer Document? The Transfer Document records the transfer of ownership of the property from the seller (transferor) to the buyer (transferee). Together with house key, this will be given to the buyer's lawyer on the legal completion date, when the buyer settles the outstanding balance of the agreed price. What is Stamp Duty? It is a tax on commercial and legal documents that relate to a sale, mortgage or lease of immovable property. The payment is anytime before execution of the document and for execution in Singapore, stamping must be done within 14 days after document date or for execution overseas, stamping must be done within 30 days after document receipt date in Singapore. | Rates | | Higher of Purchase Price or Market Value - 1% of the first $180,000 - 2% of the next $180,000 - 3% thereafter | | Amount of facilities granted on mortgage of immovable property - $4 of every $1,000 or part thereof up to a maximum of $500 | | Higher of Contractual Rent or Market Rent - Exempt if average annual rent and other consideration for a year does not exceed $1,000 Otherwise, - $1 of every $250 or part thereof of annual rent for up to 1 year lease term - $2 of every $250 or part thereof of annual rent for lease term more than 1 year and up to 3 years - $4 of every $250 or part thereof of annual rent for all other lease terms |
What can CPF savings in the Ordinary Account be used for? It can be used to finance the costs involved in purchasing a property, which include payments to the Housing & Development Board, property developer or seller, repayment of housing loan, legal fee, stamp duty, transfer fee and survey fee, etc
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