Buying a property anywhere always involves long processes and paperwork. When you buy property in Singapore, you have to be prepared to go through and submit many legal documents. The Singapore property market involves these many documents to make sure that this sector is orderly.
For years, the Singapore property market has always been one of the most expensive. This is because many individuals from all over the world want to settle and move here. Who wouldn’t want to move to Singapore when they offer one of the highest qualities of living in the world? Although, this quality of living comes with a price. When you want to buy property in Singapore, you must be prepared to shell out a large sum of money. You should also be ready to go through vigorous processes to acquire a property.
Some many documents and fees must be settled when you buy property in Singapore. For example, stamp duty is required to be settled to make agreements between the seller and buyer legal. When it comes to the developer’s side, there are also many documents that they have to settle to be able; to sell their property. One of those documents is a Temporary Occupation Permit.
What is the Temporary occupation permit?
The Temporary Occupation Permit is given by the Building Construction Authority or BCA. It is given to properties that are still under construction. This permit means that the project is safe to live in as it was already inspected by the proper authorities. Tenants will not be able to move in this project if the TOP is not issued. Your property agent Singapore professional can help you verify if the property you are eyeing has the necessary permits. A property agent Singapore expert will be able to help identify which buildings are safe to live in and was given a go signal by the authorities.
Temporary occupation permit vs Certificate of statutory completion
When you buy property in Singapore that already has a TOP, this means that it is already safe to live in. The buyer can already occupy the unit even if there is still unfinished construction around the area. For example, the unit itself is already ready but the swimming pool or some other amenities is still ongoing. A tenant can already make use of the room while waiting for the other amenities when the developer has acquired a TOP. Finding a place that has TOP can be done by your property agent Singapore specialists.
While the CSC is the certificate that proves that parts of the development have already been done. It usually takes longer for the CSC to be obtained as it requires 100% completion of the amenities. There are also relatively more requirements that need to be met to obtain a CSC. it should also be noted that the TOP is optional for the developers to market the units early on and even before the construction ends. While the CSC is required for the development to be available to the market. The CSC is one of the things that you should ask your property agent Singapore professional to look for.
How to get TOP
The process of obtaining a TOP usually takes at most four weeks after application. The process starts with the developer’s representatives submitting all necessary documents. These representatives are called QP or qualified persons. The request states the request for the BCA to inspect the site. The BCA will then suggest dates on when to start the inspection. This usually takes around two working days. The QP then has to notify the BCA whether the date will push through. If the QP fails to notify the BCA, the request for inspection expires. When this happens, the QP has to submit a request form again. With all this, it takes around four to six weeks for the TOP to be awarded.
Before individuals can buy property in Singapore from a certain developer, they must be shown the documents. This makes a tenant more interested in a certain property. It is also the duty of the property agent Singapore expert that the prospect property is one that complies with all safety building measures.
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Buying property in Singapore is a tricky business. That is why you should be well-informed before investing in one. In SRX Property, we list down all the things you have to know about Singapore’s property market. Visit us today!