Fees & Commission
You will need to consider the fees and commissions that will be incurred from the transaction such as:
The stamp fee will be payable to Inland Revenue Authority of Singapore within 14 days upon exercising the Option to Purchase or signing the Sales and Purchase Agreement when you buy from a property developer.
see Stamp Duty
For the buyer, the solicitor’s fees are typically 0.3% to 0.6% of the transaction value. In addition, there are extra legal fees if CPF is used to pay for the apartment. The seller pays typically 0.15% of the transaction value to his/her solicitor.
Bank Charges and Fees
Banks charge administration fee and valuation fee for the mortgage, which is usually around S$200.00 to $300.00.
You are also required to purchase an insurance policy on the property. You should get insurance to cover losses and damage to the physical structure of the house. You may also want to get another policy to cover the home contents.
A tax payable by the property owner, based on the annual value of the property, calculated from the potential gross rental the property can generate in a year after deducting expenses for repairs, insurance and maintenance.
see Property Tax Payable
For private residential property, the seller usually pays the agent’s commission. The seller typically pays 1% to 3% of the selling price.
*Please note that information provided is as it is basis, whilst every effort has been made to provide up-to-date information. The author is not responsible for inaccuracies or whatsoever as a result from using this information.