Invest in Singapore property: Can single person use CPF to buy property in Singapore?
by www.PropertyBuyer.com.sg Singapore mortgage consultants
Text (sms) : 9782 8606
We know that this topic is often asked and searched. The fact that many of our customers ask this question goes to show that this knowledge is not easily searched and found. In fact the answer can be found at CPF's website. So let us broadcast the message a bit wider.
" Q: I am single. Can I jointly use my CPF to buy a property under Residential Properties Scheme (RPS) with my friend/cousin?
A: Yes. You can use your CPF jointly with your friend/cousin to buy the property so long as both of you are single, divorced with Decree Nisi Absolute/Final Judgment(divorce) or widowed and not using CPF for any existing properties currently."
(Source: http://mycpf.cpf.gov.sg/CPF/News/InTouch/NL_082005.htm and http://ask-us.cpf.gov.sg/hybrid/Themes/CPF/related.asp?MesId=6169998&FolderID=0&Selected=2&CSRId=&SourceId=0)
If in doubt, please always check with CPF board and/or your lawyer prior to any property purchase, as regulations do change. We cannot be held responsible for any losses or damages arising from reading this article.
If you do not want to engage a lawyer and still want to find out prior to a property purchase, you can contact us at: -
go to --> http://www.PropertyBUYER.com.sg/contactus.php
Tel: 6100 0608
Sms: 9782 8606
Email: loans@propertyBUYER.com.sg
Thursday, June 24, 2010
What do Conveyance lawyers in Singapore do?
What do Conveyance lawyers in Singapore do?
The lawyer's role in property buying includes but not limited to the following:
The lawyer's role is to review the contracts and terms of purchase. Such as reviewing an Offer to purchase, Option to purchase or a sales and purchase agreement. (Many times, this important process is skipped as people go straight to the show room and sign contracts blindly after listening to property agents without adequate legal advice.)
Conduct title searches on the property which you are buying to make sure that the titles are unencumbered or unchallenged and can be delivered to you upon completion of the purchase of the property.
Check against government policies or regulations which may adversely affect the value of the property that you are buying. Such enquiries may include checks with URA, BCA, SLA, LTA or more.
Once all checks are complete, a caveat on the property title is lodged. This Caveat is then published and made available to the public. This serves to inform the public that you have a vested interest or claim in the property which has the corresponding property title. During this period, if there are other claims or counter claims on the property title, they must be raised at that time. Lodging a caveat increases the protection to the buyer from future legal challenges on the legality of the sale process.
Given that properties are large commitments. Most people will use a bank loan to finance a property buying. During this stage, (you would have already completed exercising option to purchase and already signed a bank's letter of offer for a Singapore bank loan.) your lawyer will liaise with your bank's lawyer to ensure smooth disbursement of the agreed home loan mortgage on your property. Sometimes, the bank's lawyer is also your lawyer. This lawyer will assist in coordinating to disburse your loan. The bank's lawyer will check against terms in the bank's letter of offer and compliance to matters of material facts and report such matters accordingly to the banks prior to funds disbursement.
Liaising with CPF Board (or Lawyers on CPF board). If you intend to utilize Central provident fund (CPF) - A Singapore's version of pension fund, your lawyer will check and ensure that the CPF funds are ready for drawdown in order to complete the property purchase within the completion time-lines. Sometimes, your lawyer may also be a lawyer on CPF panel of lawyers, that makes things potentially easier and faster (but CPF has internal processes for disbursing funds, these things still takes time).
Your lawyer will be responsible for liaising with the Bank and the CPF Board (or their lawyers) to ensure that your Housing Loan and your CPF Funds are in place and ready for drawdown to order to complete the purchase within the agreed completion period.
Completion of sale. This is a legal term which refers to all the payment of the agreed and contracted property sale price where you have fully paid all monies to the seller. The seller hands over to you the signed conveyance of title called the "Instrument of transfer" which effectively transfers the ownership of the titles from the seller to the buyer and hence the ownership of the property from sellers to buyers. At this stage, your Singapore bank loan is fully disbursed. Or in the case of a building under construction, whatever monies which should be paid during this stage of construction is disbursed.
Property Buyer Mortgage Consultants are experienced in the property buying process and can act as Property Buyer advisors to guide buyers into avoiding dishonest property agents.
Property Buyer Singapore Mortgage Consultants do NOT receive commission from Property transactions of Buying and Selling.
About Property Buyer Mortgage Consultants
Tel : 6100 0608
SMS (text) : 9782 8606
Contact us : http://www.propertyBUYER.com.sg/contactus.php
Email us : loans@propertyBUYER.com.sg
The lawyer's role in property buying includes but not limited to the following:
The lawyer's role is to review the contracts and terms of purchase. Such as reviewing an Offer to purchase, Option to purchase or a sales and purchase agreement. (Many times, this important process is skipped as people go straight to the show room and sign contracts blindly after listening to property agents without adequate legal advice.)
Conduct title searches on the property which you are buying to make sure that the titles are unencumbered or unchallenged and can be delivered to you upon completion of the purchase of the property.
Check against government policies or regulations which may adversely affect the value of the property that you are buying. Such enquiries may include checks with URA, BCA, SLA, LTA or more.
Once all checks are complete, a caveat on the property title is lodged. This Caveat is then published and made available to the public. This serves to inform the public that you have a vested interest or claim in the property which has the corresponding property title. During this period, if there are other claims or counter claims on the property title, they must be raised at that time. Lodging a caveat increases the protection to the buyer from future legal challenges on the legality of the sale process.
Given that properties are large commitments. Most people will use a bank loan to finance a property buying. During this stage, (you would have already completed exercising option to purchase and already signed a bank's letter of offer for a Singapore bank loan.) your lawyer will liaise with your bank's lawyer to ensure smooth disbursement of the agreed home loan mortgage on your property. Sometimes, the bank's lawyer is also your lawyer. This lawyer will assist in coordinating to disburse your loan. The bank's lawyer will check against terms in the bank's letter of offer and compliance to matters of material facts and report such matters accordingly to the banks prior to funds disbursement.
Liaising with CPF Board (or Lawyers on CPF board). If you intend to utilize Central provident fund (CPF) - A Singapore's version of pension fund, your lawyer will check and ensure that the CPF funds are ready for drawdown in order to complete the property purchase within the completion time-lines. Sometimes, your lawyer may also be a lawyer on CPF panel of lawyers, that makes things potentially easier and faster (but CPF has internal processes for disbursing funds, these things still takes time).
Your lawyer will be responsible for liaising with the Bank and the CPF Board (or their lawyers) to ensure that your Housing Loan and your CPF Funds are in place and ready for drawdown to order to complete the purchase within the agreed completion period.
Completion of sale. This is a legal term which refers to all the payment of the agreed and contracted property sale price where you have fully paid all monies to the seller. The seller hands over to you the signed conveyance of title called the "Instrument of transfer" which effectively transfers the ownership of the titles from the seller to the buyer and hence the ownership of the property from sellers to buyers. At this stage, your Singapore bank loan is fully disbursed. Or in the case of a building under construction, whatever monies which should be paid during this stage of construction is disbursed.
Property Buyer Mortgage Consultants are experienced in the property buying process and can act as Property Buyer advisors to guide buyers into avoiding dishonest property agents.
Property Buyer Singapore Mortgage Consultants do NOT receive commission from Property transactions of Buying and Selling.
About Property Buyer Mortgage Consultants
Tel : 6100 0608
SMS (text) : 9782 8606
Contact us : http://www.propertyBUYER.com.sg/contactus.php
Email us : loans@propertyBUYER.com.sg
Monday, June 21, 2010
Invest in Singapore: Be careful of tricks property agents play on Option to purchase
Invest in Singapore: be careful Tricks agents play on Option to purchase in Singapore
Option to purchase OTP in Singapore. An option to purchase is a prelude to buying a property in Singapore. An option to purchase gives the purchaser the right to buy a property within a given time window at an agreed price, but not the obligation to do.
Bad Property deal Practices by dishonest Property agents regarding OTP Option to purchase
We treat any act that puts the interest of the buyer and seller last as unethical and bad practices.
Some Bad Singapore Property agents want the seller to sign an Option to Purchase document leaving out the date and the price unfilled. This puts the seller at risks of selling accidentally below cost and gives a potential dishonest property agent a chance of a quick sale which could costs the Owner hundreds of thousands of dollars.
On the buying side , the unethical property agents trick the property buyers into making an offer, believing that the price is agreed.
In this scenario , Dishonest agent dupes buying into believing that the deal is sealed at $1.23m, and this is the agreed asking price.
So the Property buyer makes an offer and pays a deposit for the option to purchase of $12,300 for the property. The Dishonest property agent then banks this cheque into the property owner bank account . He/she forces or sweet talk the Seller into agreeing to the deal.
In case the Property seller refuses, the property buyer is stuck while his/her cheque is already cashed by the property seller. Then the Property agent uses delay tactics to delay returning the money.
This causes buyers much worry. When they are most anxious , the dishonest property agent will offer a solution to help negotiate with the seller.
Be really angry if you will because , during this time, the crooked property agent may ask for some fee for "doing you a favour".
In case this does not work, he/she may come back telling you that the property selling wants $1.31m instead of $1.23m. And since your Option to purchase money is stuck and the Dishonest property agent has no intention of returning you the money easily (even if it is not them who kept the money), some buyers may be tricked into paying more. BINGO, the deal is done! The deal is closed!!!
We are no match for the Dishonest Singapore Property agent, they are smooth
The common man or woman on the street is usually no match for the dishonest property agents as even very senior executives get cheated. Nothing to be ashamed of, because these people have an innocent face and are genuinely cunning. But of course, there are a small fraction of honest singapore agents out here, you just have to look very hard.
A new bad development in our opinion. This practice stems from a botched deals where smart buyers discovered last minute that something is not quite right and cancelled the cheque.
Since these buyers actually do outsmart the property agents and agencies, something needs to be done to protect the interests of the Property agencies and property agents.
So they came up with a document called OFFER TO PURCHASE. An offer to purchase may hold legal weight or it may simply function more like an acknowledgement slip. But the terms of the offer needs to be carefully evaluated.
Do check through on the terms and make sure that they are reasonable for an Offer to purchase and that you have the right to rescind the offer should it not be accepted within 3 days. If possible, post date your cheque. And that you must also specify your rights such as "the offer is valid upon a reasonable and satisfactory terms stated within the Option to purchase" or words to that effect.
What if a Buyer offers to purchase and it is accepted and the subsequent Option to purchase comes, but with terms that are UNFAIR and not acceptable? Does that mean that the Property Buyer has also accepted the terms and conditions of the Option to Purchase?
Will Dishonest property agents show you an Option to purchase OTP document for your review?
Try asking them to provide you a copy of the Option to purchase, 9 out of 10 will be most reluctant to show you. Since the agencies drafted the Option to purchase documents, it usually favours the agencies and the agents and sometimes to the detriment of the Property seller and buyers. Those rare agent who may be willing to show you may be new to the trade.
So if a Singapore Property agent asks you to offer a cheque and sign an OFFER to purchase, ask them to send you both documents for your review first. And have the terms and conditions of an Option to purchase included in the offer to purchase. Otherwise you may be signing a blank cheque.
If worried , you can sms Property Buyer Singapore Mortgage Consultants at +65 - 9782-8606 in Singapore or email them at loans@propertybuyer.com.sg to guide you through the minefield of Dishonest Singapore Property agents. They have crossed swords with property agents in protecting buyer's and seller's interests in many occasions.
Should the Property Buyer sign the Option to Purchase?
Only the rightful sellers needs to sign the option to purchase. There is no need for property buyers to sign the Option to purchase. The property buyer only needs to have the original signed copy of the option to purchase in their possession. Do not leave the original copy with the Property agent!!!
Beware of letting your agent handle your original option to purchase document. They can easily sub-sale your property without you knowing about it, simply by filling in the name of the buyers if it is not filled in.
During property hype , we have heard that some agents who held copies of the original option to purchase managed to flip the properties for higher price making the difference. When the original buyers wanted to exercise option, they did not want to HAND OVER the ORIGINAL option to purchase. The buyers have no recourse as they do not have the original OTP and cannot exercise the option.
Some of the option to purchase contains a section called "And / or nominees". If the names of the buyer and the and /or nominee section is NOT filled up, then the BUYER needs to hold the original copy of the option to purchase OTP.
Some crooked Singapore Property agents may take your original OTP , make copies and then submit it to many banks to try and secure property loans from their favourite bankers and lawyers from which they have an under-table deal. These rogued lawyers then over-charge you and pay the dishonest agent a commission , which is illegal.
Is your Singapore Property agent too eager to introduce to you a bank, a banker to you? RUN for your life.
Is your property realtor too eager to recommend a lawyer or law firm? RUN for your life.
Is your Singapore property agent too keen to recommend you a contractor? RUN for your life.
Singapore property agents don't do things for free, just try asking them to give you some comparisons and some paperwork, they will try all ways to turn it away. Many are lazy and yet want to make money. If they are too keen, something's fishy. Just tell them firmly, NO thank you. We will find our own contractors, our own bankers, our own mortgage consultants and our own lawyers. Check with your close friends who are not agents to find out.
Many people in Singapore do not buy property regularly , so naturally, you may need a Singapore Mortgage Consultant at loans@propertyBuyer.com.sg who has no stake and no commission in property buying. Propertybuyer.com.sg offers free mortgage advice and property buying guidance for free. They offer their services for free to property buyers in selecting home loans as they fill the role of independent and unbiased outsourced bankers. Banks would need to incur staffing cost if not for mortgage consultants, therefore this service is offered to you free of charge at sms (text) +65 9782 8606.
Option to purchase OTP in Singapore. An option to purchase is a prelude to buying a property in Singapore. An option to purchase gives the purchaser the right to buy a property within a given time window at an agreed price, but not the obligation to do.
Bad Property deal Practices by dishonest Property agents regarding OTP Option to purchase
We treat any act that puts the interest of the buyer and seller last as unethical and bad practices.
Some Bad Singapore Property agents want the seller to sign an Option to Purchase document leaving out the date and the price unfilled. This puts the seller at risks of selling accidentally below cost and gives a potential dishonest property agent a chance of a quick sale which could costs the Owner hundreds of thousands of dollars.
On the buying side , the unethical property agents trick the property buyers into making an offer, believing that the price is agreed.
In this scenario , Dishonest agent dupes buying into believing that the deal is sealed at $1.23m, and this is the agreed asking price.
So the Property buyer makes an offer and pays a deposit for the option to purchase of $12,300 for the property. The Dishonest property agent then banks this cheque into the property owner bank account . He/she forces or sweet talk the Seller into agreeing to the deal.
In case the Property seller refuses, the property buyer is stuck while his/her cheque is already cashed by the property seller. Then the Property agent uses delay tactics to delay returning the money.
This causes buyers much worry. When they are most anxious , the dishonest property agent will offer a solution to help negotiate with the seller.
Be really angry if you will because , during this time, the crooked property agent may ask for some fee for "doing you a favour".
In case this does not work, he/she may come back telling you that the property selling wants $1.31m instead of $1.23m. And since your Option to purchase money is stuck and the Dishonest property agent has no intention of returning you the money easily (even if it is not them who kept the money), some buyers may be tricked into paying more. BINGO, the deal is done! The deal is closed!!!
We are no match for the Dishonest Singapore Property agent, they are smooth
The common man or woman on the street is usually no match for the dishonest property agents as even very senior executives get cheated. Nothing to be ashamed of, because these people have an innocent face and are genuinely cunning. But of course, there are a small fraction of honest singapore agents out here, you just have to look very hard.
A new bad development in our opinion. This practice stems from a botched deals where smart buyers discovered last minute that something is not quite right and cancelled the cheque.
Since these buyers actually do outsmart the property agents and agencies, something needs to be done to protect the interests of the Property agencies and property agents.
So they came up with a document called OFFER TO PURCHASE. An offer to purchase may hold legal weight or it may simply function more like an acknowledgement slip. But the terms of the offer needs to be carefully evaluated.
Do check through on the terms and make sure that they are reasonable for an Offer to purchase and that you have the right to rescind the offer should it not be accepted within 3 days. If possible, post date your cheque. And that you must also specify your rights such as "the offer is valid upon a reasonable and satisfactory terms stated within the Option to purchase" or words to that effect.
What if a Buyer offers to purchase and it is accepted and the subsequent Option to purchase comes, but with terms that are UNFAIR and not acceptable? Does that mean that the Property Buyer has also accepted the terms and conditions of the Option to Purchase?
Will Dishonest property agents show you an Option to purchase OTP document for your review?
Try asking them to provide you a copy of the Option to purchase, 9 out of 10 will be most reluctant to show you. Since the agencies drafted the Option to purchase documents, it usually favours the agencies and the agents and sometimes to the detriment of the Property seller and buyers. Those rare agent who may be willing to show you may be new to the trade.
So if a Singapore Property agent asks you to offer a cheque and sign an OFFER to purchase, ask them to send you both documents for your review first. And have the terms and conditions of an Option to purchase included in the offer to purchase. Otherwise you may be signing a blank cheque.
If worried , you can sms Property Buyer Singapore Mortgage Consultants at +65 - 9782-8606 in Singapore or email them at loans@propertybuyer.com.sg to guide you through the minefield of Dishonest Singapore Property agents. They have crossed swords with property agents in protecting buyer's and seller's interests in many occasions.
Should the Property Buyer sign the Option to Purchase?
Only the rightful sellers needs to sign the option to purchase. There is no need for property buyers to sign the Option to purchase. The property buyer only needs to have the original signed copy of the option to purchase in their possession. Do not leave the original copy with the Property agent!!!
Beware of letting your agent handle your original option to purchase document. They can easily sub-sale your property without you knowing about it, simply by filling in the name of the buyers if it is not filled in.
During property hype , we have heard that some agents who held copies of the original option to purchase managed to flip the properties for higher price making the difference. When the original buyers wanted to exercise option, they did not want to HAND OVER the ORIGINAL option to purchase. The buyers have no recourse as they do not have the original OTP and cannot exercise the option.
Some of the option to purchase contains a section called "And / or nominees". If the names of the buyer and the and /or nominee section is NOT filled up, then the BUYER needs to hold the original copy of the option to purchase OTP.
Some crooked Singapore Property agents may take your original OTP , make copies and then submit it to many banks to try and secure property loans from their favourite bankers and lawyers from which they have an under-table deal. These rogued lawyers then over-charge you and pay the dishonest agent a commission , which is illegal.
Is your Singapore Property agent too eager to introduce to you a bank, a banker to you? RUN for your life.
Is your property realtor too eager to recommend a lawyer or law firm? RUN for your life.
Is your Singapore property agent too keen to recommend you a contractor? RUN for your life.
Singapore property agents don't do things for free, just try asking them to give you some comparisons and some paperwork, they will try all ways to turn it away. Many are lazy and yet want to make money. If they are too keen, something's fishy. Just tell them firmly, NO thank you. We will find our own contractors, our own bankers, our own mortgage consultants and our own lawyers. Check with your close friends who are not agents to find out.
Many people in Singapore do not buy property regularly , so naturally, you may need a Singapore Mortgage Consultant at loans@propertyBuyer.com.sg who has no stake and no commission in property buying. Propertybuyer.com.sg offers free mortgage advice and property buying guidance for free. They offer their services for free to property buyers in selecting home loans as they fill the role of independent and unbiased outsourced bankers. Banks would need to incur staffing cost if not for mortgage consultants, therefore this service is offered to you free of charge at sms (text) +65 9782 8606.
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