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Saturday, February 20, 2010

Seller to pay Stamp Duty

Anyone who sell their property within a year of buying (from date of purchase) will need to pay Stamp Duty of 3%.

Example:
You bought a property and sell it for $700K, you need to pay stamp duty of $15600. This is on top of the stamp duty you need to pay on purchase.

Bank will also capped the lending to 80% of the purchase price. That mean u need to have 20% of cash ready for purchasing.

The new rule is to curb property speculation.

1 comment:

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