{"id":6945,"date":"2021-05-07T17:05:46","date_gmt":"2021-05-07T17:05:46","guid":{"rendered":"https:\/\/thorsten.qodeinteractive.com\/?page_id=6945"},"modified":"2022-09-10T13:40:02","modified_gmt":"2022-09-10T13:40:02","slug":"faq-page","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/qingjianrealty.com.sg\/faq-page\/","title":{"rendered":"FAQ Page"},"content":{"rendered":"\t\t
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\n\tLegal protection for home buyers in Singapore<\/span>\n\t\n\t\t<\/span>\n\t\t<\/span>\n\t<\/span>\n<\/h4>\n
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  1. A Licensed Housing Developer can only sell the building project before construction after they have obtained the following:\n
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    1. Building Plan Approval from Commissioner of Building Control<\/li>\n \t
    2. Developer\u2019s Sale Licence from Controller of Housing<\/li>\n<\/ol>\n<\/li>\n \t
    3. A Licensed Housing Developer is required to use the standard \u2018Option to Purchase\u2019 and \u2018Sale & Purchase Agreement\u2019 forms prescribed under the Housing Developers\u2019 Rules for the sale of uncompleted housing units.<\/li>\n \t
    4. Once buyer has entered into an agreement, buyer\u2019s lawyer will prepare and lodge a caveat with SLA on their behalf.<\/li>\n \t
    5. A Licensed Housing Developer is required to open and maintain a Project Account for the building project with a bank or financial institution. It is required to:\n
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      1. Deposit forthwith upon receipt all instalments of purchase money (including the booking fee) payable by a purchaser towards the purchase of a unit in a building project prior to the grant of the temporary occupation permit by the competent authority for the unit, including any instalment of purchase money payable by the purchaser towards the purchase of the unit upon the grant of the temporary occupation permit, into the Project Account of the building project.<\/li>\n \t
      2. Deposit any loan for the construction of a building project into the Project Account of the building project.<\/li>\n<\/ol>\n<\/li>\n \t
      3. A Licensed Housing Developer can withdraw monies from the Project Account related to the building project only.<\/li>\n \t
      4. Buyers can move to their new homes after Temporary Occupation Permit (TOP) is obtained by Commissioner of Building Control. There is a defect liability period of 12-month warranty period from the date of notice is served for you to take possession of the property.<\/li>\n<\/ol>\t<\/div>\n<\/div>\n

        \n\tProcedure to purchase a property<\/span>\n\t\n\t\t<\/span>\n\t\t<\/span>\n\t<\/span>\n<\/h4>\n
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        Purchase under the Housing Developers\u2019 Rules for uncompleted condo projects:<\/p>

        1. You will first need to pay a booking fee which is 5% of the purchase price for the exchange of the Option to Purchase.<\/li>
        2. Within 14 days after the buyer has paid the booking fee, Developer will deliver the Sale and Purchase Agreement and title deeds of the Property to the buyer or the buyer lawyer.<\/li>
        3. Buyers have to sign all the execution copies of the Sale and Purchase Agreement and return to developer within 3 weeks from the date of the delivery to the buyers.<\/li>
        4. Buyers who exercises this Option shall pay the developer being 20% of the Purchase Price less the Booking Fee, within 8 weeks after the date of this Option.<\/li>
        5. The buyer has to pay all applicable buyer stamp duties to the Inland Revenue of Singapore within 14 days of signing the Sale & Purchase Agreement.<\/li>
        6. If the buyer does not exercise this Option before it expires, Developer will forfeit 25% of the Booking Fee and refund the balance 75% of the Booking Fee.<\/li>
        7. The buyer is required to pay the remaining 80% of the total purchase price of the property periodically. This will be based on the completion status of the project.<\/li><\/ol>\t<\/div>\n<\/div>\n

          \n\tStamp Duty<\/span>\n\t\n\t\t<\/span>\n\t\t<\/span>\n\t<\/span>\n<\/h4>\n
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          Buyer Stamp Duty<\/h4>\nBuyer Stamp Duty (BSD) is a tax on documents relating to the purchase of property. It has to be paid within 14 days of signing the Sale & Purchase Agreement. Prior to 20 Feb 2018<\/span>, the top marginal\u00a0BSD rate for both residential and non-residential properties was 3%. With effect from 20 Feb 2018<\/span>, there are differentiated BSD rates between residential and non-residential properties. The\u00a0top marginal\u00a0BSD rate for acquisition of residential properties on or after 20 Feb 2018<\/span> is 4%<\/span>.\n

          Additional Buyer Stamp Duty<\/h4>\nIf you buy or acquire residential properties on or after 8 Dec 2011<\/span>, ABSD\u00a0may also be applicable. Buyer has to pay the ABSD in addition to the BSD.\u00a0The ABSD rates have been most recently adjusted on 6 Jul 2018<\/span>\n
          \n\nSingapore Citizens<\/strong>:\n