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Regulation issues for the real estate industry

There are over 30,000 registered real estate agents in the island-state, 10 times the number of monthly property transactions, according to the Institute of Estate Agents. Members of Property Market Insights will know that we are currently in the twelfth quarter of the Early Bear stage of the Property Market Cycle Model.

Scenario the property might be not in a suitable condition to use or cannot be used to earn profits. The share may easily be destroyed once it and the property are owned by the same party. Have air conditioners, curtains and furnishing in the property rather than showing a bare unit.

If you are purchasing commercial property from a GST registered company (which is going to be more common than you think), you will need to factor in the 7% GST. The easement or use-right may easily be destroyed once it and the property are owned by the same party.

Property tax rates for non-owner-occupied residential properties will be based on a progressive scale ranging from 10% to 20%, up from a flat 10% previously. On comparing the resale transactions, we can see a spike in resale transactions for 2015 in CCR and RCR, which suggests that property sellers in those locations are accepting lower prices to move their units.

While the movement of foreign nationals towards buying residential property in that country has not been overwhelming at this juncture, there is an ever increasing number of foreign nationals who are buying residential real estate with each passing month.

With further declines expected this year, Singapore’s industry group for property agents is offering courses and helping agents get trained in other jobs, such as property management, to help them supplement their income. Different societies may have different theories of property for differing types of ownership.

Most have vested interest, e.g KEOs and senior management of Real Estate Agencies will talk up property matters when invited and paid by developers in their showflats or seminars. If you own a GST registered company yourself, you can buy the commercial property through your company, and claim back the amount.

Other types of properties suitable for auction include unique and rare properties, e.g. conserved bungalows; absentee owners or multiple owners, e.g. collective sale; and trustee/liquidator/estate sale. When buying Philippines property via a company, a minimum of five shareholders are required, and the Filipino shareholding must be at least a 60%.

Almost all of the agents operate under brokerages are independently owned and operated. They are not involved in the quoting or setting of fees or commissions.Therefore any discussion of fees can be handled directly with the brokerage or agent in your market.

KPMG Singapore principal tax consultant Leung Yew Kwong emphasised the complexity of the potential legislative changes. Think of purchasing a condo like purchasing a house in the suburbs, the purchaser is given an actual deed to the property purchased. Buyers interested in acquiring the entire AA centre could purchase from Colliers International and the current sale and redevelop the site.

While all this may seem unimportant if you are not superstitious or only want to rent the property out, it could affect your property’s value when you want to sell it off. In any case, you’ll want to consider the next few questions before considering if the price for the property quoted will earn you satisfied, long-term, rent-paying tenants.

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