You need to know the legalities involved in purchasing a luxury condo in Singapore. The following are some of the key actions that you should undertake to ensure you don’t have to face any legal hurdles in your condo purchase in Singapore. You can see Dunman Grand showflat for more information.
HDB Approval : All purchases must go through the Housing & Development Board of Singapore. In order to reserve a condo in Singapore, you will need to pay a minimum of 5 percent upfront. This process can take between three and four weeks. After making all the necessary inquiries HDB approves the purchase. You can then proceed. In the event that the HDB denies the sale of your property, the developer will be required to return the entire amount you have paid.
Employing a Law Firm: A lawyer can assist you in the legal aspects of buying a condominium in Singapore. If you have a bank loan and are looking to buy a condominium at NorthPark Residence, banks will refer you to a number of lawyers. You have the option to hire your own lawyer.
Contact the Law Firm of the Builder: Once you have hired an attorney, your lawyer needs to initiate contact the developer’s legal firm. After this initial interaction, the proceedings can commence. The condominium purchase will be authorized by the declaration made by both the law firms. Talk to your lawyer about each clause of settlement declaration in order for you to receive all that the developer promised.
The Final Payment If you are applying to a Singapore bank for a housing loan, the bank can assist you with making the payment. The developer will need you to produce the necessary documents for the bank in order to clear your payment. After payment of final amount, the sale/purchase agreement would be signed. The condominium would then be yours.