April 27, 2008
FINANCIAL QUOTIENT
When do I have to pay stamp duty?
Where do you see this?
Mostly when you sign a sale & purchase agreement, an option to purchase or a tenancy agreement.
What does it mean?
Stamp duty is a tax you pay for the stamping of documents relating to properties and shares, for instance, leases or mortgages.
Property buyers are required to pay stamp duty based on the transacted price of the property or its market value, whichever is higher. The duty must be paid within 14 days of the date of execution if the document is signed in Singapore.
Why is it important?
Stamp duty is a substantial payment that buyers have to consider before they buy a property.
Penalties are imposed on you if the documents are stamped late or if the duty is underpaid. Also, the court considers only stamped documents as evidence.
So you want to use the term. Just say...
'If I get a stamp duty rebate, I can get that cabinet I always wanted.'
Joyce Teo
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EastLiving - Singapore Property and Real Estate DB
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