The purchase of a luxury condominium in Singapore comes with a host of legal considerations. Here are some key activities you can do to make sure you don’t face any legal hurdles when buying a condominium here in Singapore. Come and visit our website search it on Dunman Grand price you can learn more.
HDB Approval – All purchases must be approved and approved by the Housing & Development Board, or HDB of Singapore. If you want to buy a condominium in Singapore you must first pay a minimum of 5% upfront. Once the payment has been received by the HDB, approval is granted. This usually takes 3-4 weeks. Once the HDB has completed the required inquiries, you are allowed to proceed. If the HDB does not approve of the sale, developer will need to refund any advance money.
Engaging a Lawyer: It is crucial that you seek the advice of a lawyer if you are going to negotiate with a developer regarding the purchase of condominiums in Singapore. Banks may recommend that you hire a few lawyers if you plan to purchase a condominium in NorthPark Residence. You can, however, choose your own lawyer to represent.
Contact the Law Firm of the Development: Once your lawyer has been hired, your lawyer must initiate contact with the development law firm. Once this interaction has taken place, you can initiate the proceedings. The lawyers from the two law firms will prepare a declaration to allow the condominium purchase. For you to be sure that everything was as promised, you must discuss each clause with your lawyer.
The Final Payment If you are applying for a Singaporean housing loan, the bank will assist with payment. You will need the documents required by the developer to enable the bank clear the payment. Once the final payment is received, the sale-and/or purchase agreement will be signed and you will become the condo owner.