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Underneath the brand new regulatory regime administered by CEA, one of the registration criteria for property brokers (or particular person salespersons) is that they have to move the CEA's Real Property Salesperson (RES) examination or have equal qualification. This ensures that agents aspiring to do property agency work are well qualified and professionally competent to work successfully in the actual estate business.

The rule mandates that developers ought to full a mission and obtain the Non permanent Occupation Allow (TOP) inside 5 years from the date of issuance of the QC which needs to be obtained by overseas developers to acquire non-public residential land in Singapore.

There are presently more than sixteen banks in Singapore all with different loan packages and interest rates. Once we get the choice to buy (OTP) for the property, do take be aware that we solely have 2 weeks to supply the letter of provide to exercise the OTP. This can be a very quick time to get the loan accredited though it is doable but it can lead to plenty of nervousness and stress due to the tight timeline. Thus, before buying a property, you will need to do an Approval In Principal (AIP) in order that we know our loan eligibility and get the approval for the mortgage as well.