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Buying HDB Resale Properties

If you are looking to buy a private property or HDB flat in Singapore, make sure that you know all the pitfalls before you sign on the dotted line. Here are some of the major things you should look out for to avoid getting into a legal or financial tangle during the transaction.

Selecting an Real Estate Agent

You need to select an agent to service you. Find one who is familiar with the location and type of property you have in mind. Make sure the agent is from a Listed Housing Agency and also a member of the Institute of Estate Agents (IEA). Discuss your requirements with him and be specific. This will allow him to advise and service you in a professional manner.

Ownership

Always ensure that the seller is the actual owner of the property. You may wish to request for proof when you are making the purchase.

Eligibility to sell

Ensure that the seller of the property is eligible to sell the property. For a private property that is mortgaged to a bank, if the seller has lost money on the sale, and is unable to top up the shortfall on his bank loan, the bank may not allow the seller to go through with the transaction.

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