In buying a HDB flats whether it is a Build To Order Flat or resale flat, there are a few terms that you would not seem to understand one is property lawyers. So what is a property lawyer? Property lawyer refers to a daily task of negotiating property transactions, structuring arrangements for conveyancing or investment and preparing documentation such as contacts, to finalise the transactions. On the other hand, a housing agency.
The other thing would be conveyancing services. What are conveyancing services? Conveyancing services is a person who provides advice and information regarding the transfer of property ownership, as well as assisting buyers and sellers throughout the selling process. Since you already know these two terms, now we can jump right into the HDB prices on the ascendency.
We all know that HBS price will eventually go up throughout the years but the shocking part is that HDB resale prices rose to 0.1% below peak. The property lawyers in Singapore recorded a high of 26 million-dollar flats sold. Here are some insights on what is happening.
According to Flash data from the real estate portal SRX on Thursday, 9 September 2021, the housing commissions of the resale price rose for the 14th consecutive month, climbing at a faster pace of 1.1 percent in August compared to with July. In July there is an advance of 0.5 percent in July compared to the on in June, according to flash from real estate portal SRX on August 5, 2021. Compared with the same period last year, the resale price was 13.7% higher than in August 2020, and the price last month was only 0.1% lower than the peak in April 2013.
On the other hand this means that September prices will most likely to hit a record high as strong demand continues to outstrip flat supply. Due to expected construction delays, resale flat demand has increased, despite August being the Hungry Ghost month in which sales tend to decline.
A month ago, The Straits Times reported that the five Build-To-Order (BTO) projects are facing an even longer delay as their main contractor Greatearth has gone bust due to financial difficulties. The deadlines for completion of these BTO projects and many other ongoing projects have already been postponed due to disruptions in recruitment (manpower) and supply in the construction sector caused by the Covid-19 pandemic.
The senior vice president of research and analytics at the OrangeTee & Tie, Ms Christine Sun, said that more home seekers could have turned to the resale flats market in the face of the uncertainty in the BTO market. Which has caused the resale flats market to rise 0.1 percent below peak.
We quote her saying, “Some of the affected buyers may have chosen to pay slightly more for resale flats, even if the units are older or are situated in a slightly less ideal location since resale flats are already completed. With a completed home, they have more certainty and can proceed with their wedding or family planning.”
According to SRX data, the prices have increased in both mature and non-mature housing estates and in all types of rooms. Ms Christine Sun said that the broad based price gains show that even though the prices were climbing in many locations, buyers were willing to match the asking prices. She said, “Perhaps the buyers were mindful that with more buyers than sellers in the market now, prices may rise further in the coming months. Therefore, they are willing to match the asking prices to secure a unit quickly.”
In August, 26 resale flats were sold for at least $ 1 million, which is the highest number of million dollar flats that were sold in a month on record. The most expensive flat that was sold in the month of August was at a $1.28 million five room design, build and sell scheme (DBSS) unit at Natura Loft in Bishan Street 24.
The 26 resale flats made up 0.9 percent of August total resale transactions. This brings the total number of such flats to 151 in the first eight months of this year (2021), in which has already been a record year for million-dollar flats.
ERA Realty head of research and consultancy , Director Nicholas Mak said that Singapore’s high vaccination rates may also help to boost the overall market confidence. At the end of August, the nation’s vaccination rate reached a new milestone with 80 percent of the population having to receive two doses of the vaccine. He said, “In the absence of any unexpected government intervention, the rise in HDB resale prices is expected to continue in the coming months. The HDB resale price index could expand by 8 per cent to 12 per cent year on year in the next 12 months.”
Here are the type of conveyancing fee in Singapore
| Type of conveyancing fees | Whom is it payable to? |
|---|---|
| Professional fees | Lawyer |
| Solvency/bankruptcy searches on vendor and purchasers | Ministry of Law |
| MCST Certification | SLA |
| Road line plan search | INLIS via Singapore Land AUthority (SLA) |
| Mortgage stamping fees | IRAS |
| CPF lawyer fees and expenses | CPF Board |
| Title searches | SLA |
| Legal requisitions | Seven government bodies |
| Purchaser and bank caveat lodgement for transfer and mortgage | SLA |
| Transfer registration fees | SLA |
| Mortgage registration fees | SLA |
| Bank’s fee for issuance of cashier’s order | Bank |
Lastly there is 9 simple steps to know the legal process of decided your dream house:
- Find a home on Property Guru
- Offer accepted by seller
- Engage a conveyancing lawyer or a property lawyer
- Lawyer vets OTP and conducts background check
- You exercise the OTP within14 days of issue
- Lawyers perform check to see if title deed is legit
- You do a final inspection of the property
- Day of completion
- Lawyer notifies IRAS of your ownership
For anyone who is planning to buy a resale house this year, do take note about the increasing prices on the flats that you are looking for. There are plenty of property lawyer in Singapore. They will help you with the negotiation of the price, structure arrangement and preparation of documents for an example to finalise the transaction.
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