1. Appoint a real estate agent
The first step in a real estate transaction is to appoint a real estate agent. As your representative during the buying and selling process, he needs to have knowledge and experience in the market. If you want to buy the best property in Singapore then you can visit Pullman residences website.
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2. Define properties
Depending on the need, real estate agents look for suitable accommodations. After narrowing it down to a selected few, you are welcome to review the units. During the inspection rounds, pay attention to furniture, fixtures and fittings, and other special conditions, if any.
3. Opportunities to Buy / Offer to Buy
After viewing the property, you need to prepare 1% of the purchase price in exchange for a possible purchase from the seller. You then have 14 days to decide whether to buy it. If you choose to do so, you must exercise the option by signing it and passing it on to the seller's attorney along with another 4% to 9% of the purchase price.
4. Complete the transaction
Leave the problem to your lawyer. He will close the sale in 8-10 weeks by filing real estate notices and coordinating with financial institutions if necessary. You can check the property one last time before closing the sale if you have permission in the option to buy.
5. Apply for a bank loan
As a foreigner earning in foreign currency, you can get a loan from a Singapore bank with a maximum of 80% of the purchase price. It is important to note that the loan amount needs to be assessed by creditors.