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Serangoon, Singapore Attorneys in related practice areas.
Serangoon, a residential town in Singapore, follows the general laws and regulations of the Singapore Property Market. The real estate law primarily revolves around three areas: Property rights, comprising the Leasehold and Freehold estates; the Sale and Purchase of properties, and the leasing/rent of properties. Ranging from residential buildings to commercial businesses, all are subject to several specific rules and laws. There are specific laws addressing aspects of land ownership, property transactions, housing loans, and property taxation.
Real Estate transactions involve substantial financial interests and often complex legal documentation. Misunderstandings or neglecting the smallest details can lead to significant liabilities. You may require a lawyer when buying or selling property, contesting a property transaction, dealing/addressing disputes related to property or if you have trouble understanding the terms of a mortgage or lease. Lawyers can help provide clarity about real estate documentation, conduct expert negotiations, ensure the transaction complies with all local real estate laws, and protect your interests.
The primary legal framework for real estate in Serangoon, Singapore, lies within the Housing Development Act, Conveyance and Law of Property Act, and Residential Property Act. The Housing Development Act oversees developers and property transactions. The Conveyance and Law of Property Act looks into the legal aspects of property ownership, rights, and transfers. The Residential Property Act controls the ownership of restricted residential properties.
Yes, foreigners with Permanent Resident status can buy apartments without the need for government approval. But, for landed properties or condominiums, approval from the Land Dealings Approval unit is mandatory.
Freehold property means the owners have unlimited tenure ownership, while Leasehold properties are bought for a term of 99, 999, or a few years lease period from the date of the lease commencement.
In Singapore, all buyers must pay a Buyer's Stamp Duty (BSD) which depends upon the purchase price or the market value of the property, whichever is higher.
Under the Residential Property Act, foreigners aren't allowed to acquire and own freehold landed residential properties in Singapore without prior approval.
The sale and lease of residential properties in Singapore are exempted from GST. However, the sale and lease of commercial properties are subject to GST at the prevailing rate.
The Urban Redevelopment Authority (URA) and Council for Estate Agencies (CEA) are excellent resources for gaining more in-depth information. For legal research, one can refer to the Singapore Statutes Online.
When dealing with real estate transactions, it is highly recommended to seek advice from a real estate lawyer. They should ideally be familiar with Singaporean law, especially local laws affecting Serangoon. They can get you informed about your legal responsibilities, potential liabilities, and help you navigate through the law. Ensure the chosen lawyer has a strong background in 'real estate law.' Before hiring, ask about their charges, the process of working, and the expected timeline.
