Purchasing of property is usually one of the heftiest transactions people perform in their lifetime. The sale of real estate is governed by rules and regulations and that is why it is essential to do it in the right manner. Conveyancing is one of the most complicated transactions.
An individual in possession of freehold property can retain the ownership for as long as he holds the documents that prove the ownership. Leaseholders can enjoy the real estate property for a certain period of time and thereafter the government will assume the ownership of the same property.
Leasing periods keep on varying based on the different government policies. For instance, in Singapore, the leasing period ranges from 6 months to 99 years. Even though leases for 999 years are still there, they are no different from freehold leases.
Keep in Mind the Following Crucial Things
There are several things that are involved in the conveyancing process. Prior to arriving at a decision to purchase a particular property, it’s important to do some research on the surrounding areas. Below are some of the things you should go after:
In Singapore, only citizens can purchase landed residential property. Non-citizens who want to buy the same will have to seek approval from the Controller of Residential Property. This is the only way, otherwise, they choose to buy condominium units.
When it comes to purchasing HBD flats you will have to consider the integration policy which restricts the number of ethnic groups for every HDB block.
This refers to the size occupied by your property. Keep in mind that the land area is determined by the living space. For instance, a two-story property will have two of its floors in the land area. Bungalow classes are specified by the entire land or floor area.
The cost involved in the conveyancing process is beyond the actual property fee because there are other hidden costs which may include stamp duties, property taxes among others.
Ways of Financing the Property
There are numerous ways of financing for the property. Loans are one of the options you can use to pay for the property. You can either acquire such loans from banks or HBD. Seeking HBD grants is the best way to subsidize costs.
Your conveyancing solicitor will conduct some research to gather more information about the property. This research is based mainly on tittle search. The following is the information contained in the title search.
Property Title and Tenure
The solicitor has to determine the nature of the ownership of property whether it’s freehold or leasehold. Leasehold is the property that is owned by a person for a specific period of time while freehold is the property owned by an individual as long as he retains the ownership documents.
Name of the Registered Proprietor
This refers to the name of the person who owns the property.
Manner of Ownership
This applies to properties that are owned by more than one person. The solicitor has to find out the status of every person.
The discussed above is the process of conveyancing in Singapore. To purchase real estate property in Singapore you need to be familiar with the governing rules and regulations.
This will ensure that you will not find yourself on the wrong side of the law when purchasing the real estate property. Finally, you know all the information about conveyancing in Singapore, give us a call today if you have any queries, all you need is a professional conveyancing lawyer in Singapore.