There are basically two ways to look for housing. One is to check out the classified ads in the daily newspapers. Another way is to seek the service of housing agents. The use of internet is very popular, especially if one is outside of Singapore. In almost every case, anyway, the housings you find in classified ads are handled by housing agents. The advantage of using an agent is that, having spelled out all your requirements, he/she can help you source a housing that fits your bill. The agent can also coordinate all your viewings on the same day.

It is strongly advisable not to use the services of several agents at the same time. It is not uncommon for two agents to show you the same housing. This at times can cause a lot of confusion and unhappiness. The question of who gets the commission can become a bone of contention.

POINTERS

If you are looking for housing to lease, consider the following pointers:

• Shortlist several locations with considerations for traveling time from your workplace or children’s schools.
• Accessibility of public transports such as buses and MRT station if you are not planning to drive.
• Accessibility to amenities such as supermarkets, shops, eateries, etc.
• Size of the apartment or house and the number of bedrooms you need.
• For condominiums, consider factors such as age, facilities and size of developments. Generally the bigger the development, the wider the range of facilities.
• Consider your budget, taking into consideration utilities bills, cleaning services, telephone bills, cable TV, broadband, etc.
• Consider if you want the place to be fully, partially or not furnished. Rental rates may vary accordingly. For unfurnished housing, one possibility is for the landlord to give the tenant a monthly budget to lease furniture from a furniture leasing company. This allowance will be factored into the rental. The leasing of furniture is a viable option for shorter term lease.
• Consider the type of housing you are looking for (see the following descriptions of each option). Each of them has its pros and cons.
• Sit down with a reliable housing agent and let him/her know all your requirements. Seek his/her advice on the list of requirements. Entrust the agent with the responsibility with finding a house that fits your bill. If, however, the service of the agent is below your expectations, you may then seek out another agent.

PROCEDURES FOR RENTING

• Once you find a housing you like, make an offer to rent the unit.
• Give a Letter of Intent with a cheque for one-month rental as Goodfaith deposit. In this Letter of Intent, all your requests, such as electrical appliances, repairs, date of handover of keys, etc are spelled out.
• If your offer is less than what the owner originally asked for, it will then be subjected to his/her acceptance. It may entail some further negotiation. For example the owner may agree to a lower rental based on certain conditions, such as not agreeing to certain furnishing requests.
• If the owner accepts the offer, the Goodfaith deposit will be handed to him/her and he/she will countersign the Letter of Intent.
• Should the Tenant backs out the deal after that, the Goodfaith deposit will be forfeited.
• The Tenancy Agreement will then be drafted and subject to mutual agreement by both parties.
• Upon signing of the Tenancy Agreement, the tenant will have to give a one month refundable security deposit if it's a one year lease and two months for two year lease. The Goodfaith deposit will be used as the first month advance rental.
• At this point, the tenant will also pay the commission to the agent, if applicable, for his services.
• The Tenancy Agreement will be stamped, with the owner and tenant keeping a copy each. The stamping fee will be borne by the tenant. The amount of stamping fee is yearly rental/250 x no. of years of lease (rounded up to the highest dollars) + $2 for duplicates.
• When handling over the keys, be sure to go through the Inventory List that every item is accounted for. Any damaged item should be checked with the Owner's acknowledgement. In this way, you will not be liable when the lease matures.

PROCEDURES FOR BUYING PRIVATE PROPERTIES

Please take note foreigners or Singapore PR are NOT ELIGIBLE to purchase Landed Property. However, they may apply to the Land Dealing Unit for approval to buy one. In the Option to Purchase, a statement like this will be included: "The sale and purchase is subjected to the approval of the Land Dealing Unity".

• After finding the house you like, make an offer for the property with a cheque for 1% Option Money payable to the Seller's name.
• If the Seller accepts the offer, he/she will accept the cheque in exchange for the Option to Purchase.
• Ask the Owner to sign the Inventory List if the property is sold with furniture and expensive fixtures.
• Ask for 2 copies of Tenancy Agreement if the property has existing Tenancy.
• Normally the Option to Purchase will expire in 14 days (can be longer if Seller & Buyer are both agreeable). Both the Inventory List and Tenancy Agreement must be attached to the Option to Purchase before submitting to the lawyers.
• During the Option Period, buyer needs to see his/her banker to get his/her bank loan approved. It is very important for the bank to approve the loan before exercising the Option to Purchase. However, it is more advisable to get a principle-in-approval even before hunting for a house.
• To exercise the Option, 4% of the purchased price will then be paid to the seller's solicitor as stakeholders upon completion.
• There is normally a 10-week Completion Period from the date the Buyer exercises the Option. During this period, the Buyer's lawyer will be doing various searches to be sure everything is in good order.
• Having paid the 5% purchase price, the Buyer can finance the other 5% through CPF and up to 90% through bank loan. CPF funds can also be used for Stamp Duty and lawyer's fee.
• Before the legal completion of sale & purchase of the property, the Buyer's lawyer will normally inform the buyer to inspect the property.
• Completion and handling over of keys will be at the Seller's lawyer office.

For procedures of purchasing a HDB flat, go to www.hdb.gov.sg for more information.