When we talk about real estate before that, we should briny understand the meaning of estate. Estate of a person is defined on the basis of his/ her net worth at any instant of time in his life. When we add all legal right and interest with liabilities and the outcome is further subtracted by the total personal asset. To understand it better let take an example. Suppose total liability is 5000, a person has to pay all kind of interest as 4000 and the total personal asset is 10000. So 10000-(5000+4000) will give estate as 1000. It could be negative as well as positive because it depends upon on total personal asset.
Above we have learned how estate be calculated for any person and how it is dependent on personal assets. In this segment, we are going to discuss “how one should plane real estate business in Singapore”.
Real estate planning in Singapore
If a person is wailing to buy a property in Singapore for housing or for renting, firstly he should understand the rules and regulation of real estate in Singapore. It is highly recommended to have a lower concern while buying property in Singapore. Apart from the maintenance bill, you will have to pay tax on Singapore property. First of all, we should understand the legal framework for buying property in Singapore. We will have to confirm from the government that the property what we want to buy is allowed to buy by a foreigner or not. Then residential property act 1973 announced that foreigner is restricted to buy a vacant land. Foreigner should take permission from the approval unit dealing with land. If we talk about the private market then a person need not take permission from the government.
We know all assets we have at the time of death is our estate. It is better to manage your estate to utilize all of it. In Singapore, if someone died after 2008, estate duties will be not payable which means now your estate planning will not depend upon the amount limit on which you have to pay the estate duties. L
How to buy property in Singapore
Search for the apartment or property which you want to buy then contact the seller and show your interest to buy the property and fix the price as well. Appoint a lawyer and prepare an option purchase document, so that you would have the legal right to buy the property. Basically, the option to purchase laid another 10% of price which signifies that you are interested in buying property. After that a lawyer prepares a document which allows the property transfer from the seller to the buyer. It also records that how much money you have to pay in order commit a proper sell. Property lawyer has a responsibility to check the background and history of the property as well.
Foreigner has to pay up to 3% of stamp duties on his first purchase with respect to the value of the property. Buy have to pay 1%v to the agent of real estate along with registration fee for the transfer of ownership. As growth has been increasing since 2018 beginning, many investors are opening their pocket to invest in real estate market. They are come up with innovating marketing ideas like property launch or condo launch, where many exciting offers are introduced among the people interested in buying the property.