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How do I buy a house remotely?
Oct 18, 2022
How do I buy a house remotely? Singapore
By   Internet
  • Guide
  • Remote buying
  • bank accounts
  • OTP
  • S&P
Abstract: With a reliable real estate agent and a well-developed internet communication, you can still complete the process of buying a home in Singapore remotely in an efficient manner.

Can I buy a home remotely if I am not convenient to Singapore?


Of course you can, here are the steps to buy a home remotely.


VR Home Viewing


VR Live View is the first step to buying a home remotely, and many overseas buyers have found their ideal home through this method.


But before that, you must check with a real estate agent to see which property types meet the requirements.

Open a local bank account


Buying a home in Singapore requires a local bank account that can be used for the house and other expenses.


Nowadays, all you need to do to open an account in Singapore is to submit the required documents online and wait for the bank staff to qualify.


Home buyers can seek the assistance of a professional property lawyer to oversee the payment process during the purchase of the property to ensure that all transactions go smoothly.


Signing the OTP


This is a legal contract between the buyer and seller on a residential property that gives the buyer the exclusive right to purchase the property from the seller in the future.


In exchange for signing the OTP, the seller cannot sell the property to a third party within a certain period of time and must abide by the pre-agreed price and terms.


Signing the S&P


Next, the buyer will obtain an S&P from the developer, which is subject to a 3-week consideration period.


The real estate attorney will also remotely assist in signing the document online to the developer.


The buyer should note that a down payment of 15% of the purchase price must be made online within 8 weeks of the signing of the document, otherwise it is considered a default.


Payment of Stamp Duty and Additional Stamp Duty


Payment of stamp duty for Singapore buyers is due within two weeks of signing the purchase contract and the tax rate is calculated on the price of the property.


However, overseas buyers, whether they are first or second or third home buyers, are required to pay an additional 30% ABSD on the house price within two weeks of signing each purchase contract.


The higher the price of the house, the higher the tax paid. Neither of these fees are included in the bank's home loan and must be paid in full.


Paying Real Estate Lawyer Fees


Generally, the commission fees for real estate lawyers in Singapore vary depending on the experience of the lawyer and the popularity of the firm, with prices ranging from S$2,500 to S$3,000.


The lawyer will assist the client with all the complexities of buying a property, so that the buyer can buy a Singapore property under the protection of legal security.


Payment according to the progress of the construction of the house


For overseas buyers who are buying a phase home, after completing the six steps listed above, you can wait for your lawyer to inform you of the progress of completion of the house construction and the payment requirements.


Once the house is completed, the purchaser will be able to get the keys to the house without any problems.

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How do I buy a house remotely?