Dealing With Interests In Land Flashcards
What are the 2 main security instruments provided by LTA?
Mortgage
Charge
How many months in advance must mortgagee give to mortgagor before taking possession?
1 month
How many types of mortgages are there?
2
Floating and Fixed
How many types of floating mortgages are there?
4
Prime rate
Broad rate
SIBOR administered by Association of banks in singapore
SOR USD To SGD
For gift of property, what must be entered between the transferor and transferee?
Deed of gifts
How many years, from the date of the relevant bankruptcy application, would the gift be voidable?
5 years
How are trust created?
Express intention through inter vios trust
Will of the testator
Operation of law : Implied trust
Law would determine the money stole from A to buy an apartment and give the rights of apartment to A
What are the 2 conditions for one to make a will?
At least 21 years of age
Sound mind
What are the qualities of executor or trustee?
At least 21 years of age
Cannot be undischarged bankrupt
What cannot be included in will?
CPF monies, insurance policies, joint assets
For testate cases, what is issued by court?
For intestate cases, what is issued by court
Grant of probate
Letter of administration
What is Muslim intestate law?
Faraid
How many types of possible deductions are there under faraid?
6
Gifts - hibah
Joint matrimonial asset
Vows- nazar
Debts to person
Funeral expenses
Debts to Allah(SAW)
Under Muslim Law, what is the maximum one can will away after dedecutions?
1/3
What are the 2 forms of co-ownership in singapore?
Joint tenancy
Tenancy in common
For joint tenancy, does right of survivorship effects?
Yes
By joint tenancy, how many unites are there?
4
Unity of Possession–Co share
Unity of Interest - Co interest
Unity of title–constitute a single tenant
Unity of time-
Ways to terminate or change the Joint tenancy agreement?
3
By alienation
By partitioning through mutual agreement
Court case Implications, voluntary split
By partitioning via court order
Divorce case- court splits proceedings of home
What is the minimum age for one to sign a lease not exceeding 3 years?
18
Can ur donee still be ur LPA if discharged bankrupt?
No
After divorce, can ur ex spouse still be ur LPA?
No
Can societies hold land?
No.. Only trough trustee
How many trustee minimally should there be for societies?
2 trustee, no more than 4
If one, it must be a trustee corporation
What are properties foreigner (PR included(+) can buy?
Apartments
Condo
Shop houses commercial
Hotels
Industrial and commercial properties
EC, HDB, HDB shops (PR)
Strata landed in condo
leasehold estate in landed residential properties not exceeding 7, years, including OTRenew
Validity of LDAU approval?
6 months from date of approval
Is there extension for LDAU approval?
No
Processing time for LDAU application?
20 working days
Restriction on property foreigner can buy?
1) land area of property not exceeding 1393.5sqm or 15000 sqft
2) not situated in GCB areas
Conditions of approval for foreigners to buy?
1) solely for own occupation and not any form. Of rental
2) shall not dispose within 5 years from date of legal completion of purchase OR
5 years from date of issue of TOL /Certificate. Of statutory completion (whichever is earlier)
3) no subdivision of property without approval
Can foreigner buy vacant land?
Yes. Where approval is granted, require to complete construction within 3 years from date of letter conveying decision.
Requirement to buy another restricted properties for foreigner?
Following conditions.
1) fulfil 5 year non disposal of property
2) if new property is under construction, within 3 months after TOL or Certificate of statutory completion is issued, whichever is earlier
3) if it’s ready property, to dispose within 3 months after vacant possession even if title is not ready
Restriction for foreigners at sentosa cove
Land area of property not exceeding :
1672.3 sq m or 18000sq ft
Penalties for foreigner who breach condition at sentosa cove?
200, 000 fine and /or imprisonment up to 3 years
