Closing Costs On Property Transactions
Costs incurred at closing
- Stamp duties. For new purchases, and based on the purchase price
- 1st $180k – 1%
- Next $180k – 2%
- Thereafter – 3%
- Legal fees. Generally between $1500 to $5000. Factors that affect the fees include the type of property, choice of lawyer. Legal fees can be paid from your CPF account which your lawyer should handle for you.
- Settlement of cash over valuation. When you have purchased a house above the valuation price, you have to pay the difference to the relevant people before the housing loan will be disburse for the proper purchase of the property.
- Fire insurance. Property loan lenders would want you to unsure your property against fire. Usually the insurance is included in your housing loan package for a period ranging from 1 to 5 years.
- Home protection scheme. Subject to eligibility, CPF requires all members to be insured under HPS if they are using CPF funds to pay for the HDB housing loan monthly installments.
- Minimum cash portion for property. 5% for first property, 25% for second property, 25% for third property.
- Additional Buyers Stamp duties (ABSD). For new purchases, and based on the purchase price
- Singapore citizens – 7% on second property, 10% on third property
- Permanent Residents – 5% on first property, 10% on second property, 10% on third property
- Foreigners – 15% on first property, 15% on second property, 15% on third property
- Additional buyer stamp duties (ABSD) does not apply for citizens of the following countries
- America USA
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