Real Estate Due Diligence in Singapore
Real Estate Due Diligence in SingaporeUpdated on Monday 18th January 2016
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One of the most important aspects that should not be omitted when buying a property in Singapore is to perform real estate due diligence procedures; our lawyers in Singapore will verify the financial situation (unpaid bills, mortgages) and documentation situation of the property and of the seller. For a thorough examination of the property, we can also help you find specialists to check the integrity of the building.
Due diligence procedures performed by CEA
In Singapore, the Council of Estate Agencies (CEA) regulates due diligence procedures, as verifications are done through its agents, who are required to check if the properties can be sold.
CEA can apply its due diligence procedures on the following situations:
• due diligence on a developer, in which the agents verify the financial situation of the real estate development site; they also have to check if the owner respects all his contractual rights and obligations;
• due diligence on foreign estate agent – the agent verifies the projects the company has been involved in, to ensure there are no financial litigations on former development sites;
• due diligence on a property – the agents verify the property, its location and amenities;
• due diligence on claims – performed on properties.
Due diligence on real estate in Singapore
Normally, due diligence procedures are performed before the developer starts to market the real estate sale; even so, if you want to ensure that a certain property doesn’t present any liability risks, you can hire our lawyers in Singapore, who can help you choose a risk-free property.
There are three methods to perform real estate due diligence in Singapore:
• commercial real estate due diligence is dedicated to the measures applied at the verification of a commercial property;
• legal real estate due diligence, which handles with the verification of the property’s documents and the seller’s documents;
• technical real estate due diligence – the buyer must be sure that the property respects the health, safety and environmental laws.
If you need further information on the due diligence procedures, please contact our law firm in Singapore.