Lawyers in Singapore
Buying or selling property: How lawyers help to ensure a smooth sale
by Business Listings EditorPhoto credit: iStock
Buying a house is a major decision which should be taken seriously. When buying or selling a house in Singapore, there is more to it than exchanging money and property deeds.
You are required to follow the correct law procedures so that you are assured of legal ownership of the property.
The following are some tips on the legal issues that you may be faced with.
Contact a lawyer as soon as you put out the word
If you want to buy a house, you should appoint a lawyer before making any offers so that you can get legal advice throughout the whole process. He can do background checks for you to ensure that your dream home is being rightfully sold to you. This eliminates any conflicts that may arise and helps you to have a clean transaction.
In case you are selling a house in Singapore, get a lawyer as soon as you decide to make the offer. Your lawyer will help you draft legal documents so that you can transact your business smoothly. You may also consult pricing issue with your lawyer so that you get your properties worth.
You need assistance with pre-contract negotiations
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Sometimes you can stumble upon your dream home, and you have to beat the competition on the sale. Do not be overwhelmed and forget to read the fine print. Consult with a lawyer before signing any contract so that he can explain to you if the conditions are suitable for you.
The same case applies to you if you are trying to sell a house. Consult with your lawyer so that you know how much money to expect from the sale, as well as learn about other rights and liabilities of the seller. Consult a lawyer about taxes, when to vacate the premises and how to draw a fair contract.
Let your lawyer do the running for you
You will be surprised to find out that you have to fill a lot of paperwork to buy or sell a house. Your lawyer can help arrange meetings with bankers and other financiers, Government Authority requirements and requisitions, as well as charges and transfers.
If you are selling a house, let you lawyer deal with serving the notice to your bank, get all Government permits and draft a sale contract. Your lawyer can meet with the clients on your behalf to negotiate a good deal with your consent.
Get your lawyer to help with the tricky fees
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When transacting on your own, you can miss some of the important charges and end up having problems later. This applies to both the seller and the buyer. Some charges could be tricky to understand, especially when buying or selling a residential property for commercial use, or if you are selling a property with both residential and commercial elements.
You may need help in calculating stamp duty, professional fees, disbursements and registration fees. You would be surprised to find out that stamp fees make the biggest portion of legal costs in any property sale. Your lawyer is the best person to advise you on the fees that you are required to honour at different stages of the transaction.
Lawyers indeed offer much assistance to property buyers and sellers. Ensure that your transactions run smoothly by engaging a good lawyer. Check Business Directory for a comprehensive list of lawyers in Singapore that you can contact if you are buying or selling your property.