Perform due diligence checks on the land plot using Intereq
Agency: Portal at www.starsinfo.com.sg
Due diligence checks at several agencies can be done on-line through a one-stop portal called ‘Intereq’ (www.starsinfo.com.sg). They include:
- Inland Revenue Authority of Singapore (for Property Tax)
- Land Transport Authority (with respect to Rapid Transit System and Street Works on as to whether property is affected by Public Transport projects)
- National Environment Agency (Environmental Health Department and Pollution Control Department on whether the property is affected by public sewerage or environmental-health related projects)
- PUB-Water Reclamation Network Department (to check whether there are any sewerage regulations/requirement/conditions/outstanding liabilities associated with/affecting the property)
- Urban Redevelopment Authority (planning regulations).
Time and cost: 3 days, SGD 281.99
- Legal Requisition Fees (for transaction through the portal www.starsinfo.com.sg):
- Inland Revenue Authority of Singapore: SGD 37.38 + SGD 2.62 GST = SGD 40
- Land Transport Authority (Rapid Transit Systems): SGD 10 + SGD 0.70 GST = SGD 10.70
- National Environment Agency (Environment Health Department): SGD 7.20 + SGD 0.50 = SGD 7.70
- PUB-Water Reclamation Network Department (Sewerage): SGD 7 + SGD 0.49 GST = SGD 7.49
- Urban Redevelopment Authority: SGD 50 + SGD 3.50 GST = SGD 53.50
- PUB-Catchment & Waterways Department (Drainage): SGD 13.08 + SGD 0.92 GST = SGD 14
- Land Transport Authority (Street Work): SGD 10.50 + SGD 0.74 GST = SGD 11.24
- Building and Construction Authority: SGD 36 (inclusive of GST)
- Land Transport Authority (Road Line Plan): SGD 50 + SGD 3.50 GST = SGD 53.50
- Administrative fees to use the portal, calculated on the following basis:
- Acknowledgment: SGD 0.20 per acknowledgement (Total SDG 1.54)
- Processing fee: SGD 3.50 per legal requisition per Government Agency (9 agency requisitions = SGD 31.5)
Fees for documents obtained from https://www.sla.gov.sg
- Property Title Information: SGD 14.95 + SGD 1.05 GST = SGD 16
- Property Ownership Information: SGD 4.91 + SGD 0.34 GST = SGD 5.25
- Property Encumbrances Information: SGD 10.28 + SGD 0.72 GST = SGD 11
Perform bankruptcy search
As a part of the due diligence process the lawyer conducts companies’ winding up search / judicial management for the seller’s company.
The search is performed to make sure that there is no restrictions or judicial judgments put on a property on sale.
Time and cost: Less than 1 day (online), SGD 6
Perform company search
A companies’ search for the seller’s company is conducted.
The purpose of this search is to check the legal and financial status of the company.
Time and cost: Less than 1 day (online), SGD 5.5
Pay the Stamp Duty via electronic transfer online
Agency: Online at www.estamp.iras.gov.sg
The buyer needs to pay Stamp Duty within 14 days of the date of Contract. The Stamp Duty can be paid via online transfer at https://estamping.iras.gov.sg. The seller of commercial property is exempt from paying Stamp duty. GST is 7%.
Time and cost: Less than 1 day (online), SGD 116,436.84
Buyer Stamp Duty is estimated as follow:
- First $180,000 – 1%
- Next $180,000 – 2%
- Remainder – 3%
File the transfer with the Singapore Land Authority
Agency: Singapore Land Authority
Transfer can be filed online through SLA’s Singapore Titles Automated Registration System portal www.stars.gov.sg. Fast track transfers will be registered within the same day of the filing. The Transfer document has to be filed at SLA for registration together with the original title deed.
Time and cost: Less than 1 day (online), SGD 68.3
File transfer notice with the Inland Revenue Authority of Singapore
Agency: Inland Revenue Authority of Singapore (IRAS)
When the property is sold or transferred, an e-Notice of Transfer has to be filed with the Inland Revenue Authority of Singapore (the “IRAS”) within 1 month after the sale or transfer. Party may incur a composition fee if the time limit is not complied with.
Notice of transfer can only be filed with Inland Revenue Authority of Singapore (the “IRAS”) online at myTaxPortal www.mytax.iras.gov.sg).
Information required for filing of the notice of transfer includes:
- Identification No. and the name of the Transferor / Transferee (based on the transfer lodged with SLA),
- Property Type e.g. Bungalow.
There are no charges when filing the e-Notice of Transfer via myTaxPortal.
Time and cost: Less than 1 day (online), no charge