PROPERTY TRANSACTIONS

Buying a House/Apartment/Condo/Shop/Factory/Land »

It is essential to note the following points when buying a property:

Is it a freehold or leasehold property.

Is there any restriction-in-interest.

For leasehold property, what is the remaining period of the lease.

To request a copy of the issue document of title from the Vendor or the real estate agent.

To read the Letter of Offer prepared by the real estate agent as it forms the basis of your contract with the Vendor.

To list down (and inform your lawyer) the details of all movable properties or items that come with the purchase.

To apply for a loan as soon as possible.

When you see a lawyer, to bring along the following documents:

A copy of your NRIC.

A copy of the issue document of title.

Your income tax number and the issuing branch.

A copy of the letter of offer from the real estate agent, if any.

Selling a House/Apartment/Condo/Shop/Factory/Land »

It is essential to note the following salient points when selling a property:

To engage a lawyer as it is a standard conveyancing practise that the balance purchase is paid to your lawyer as stakeholders. Therefore you need a lawyer you can trust.
To read the letter of appointment prepared by the real estate agent that you engage to sell the property. This appointment letter will determine who the purchaser will pay the ernest deposit to. In most letter of appointment, you authorise the real estate agent to receive the ernest deposit and the same ernest deposit it paid to the real estate agent's company.
To furnish to your lawyer the following documents:

A copy of the issue document of title.

A copy of the sale and purchase agreement when you bought the property.

The current year quit rent and assessment receipts.

Your income tax number and issuing branch.

A copy of the latest bank statement if your property is charged to the bank.

For property without title, the developer's latest address, telephone and fax number.

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