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P2 > Transaction Process > Flashcards

Transaction Process Flashcards

1
Q

Caveat emptor means?

A

“Let the buyer beware”- seller has no obligation to disclose any defects. EXCEPT:
1. 被賣家問了就要回答，如果不回答，可能liable for misrepresentation, 買家就可以rescind the contract and claim damages for the loss.
2. Latent (=hidden) defects of title. 檢查房子也發現不了的，比如encumbrances like Restrictive Covenant.

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2
Q

“Repudiated” by the purchaser?

A

Refusal to perform the duty or obligation owed to the other party.

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3
Q

Forthwith

A

Immediately

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4
Q

SSD
Seller has __ business days before the scheduled completion date to provide the certificate of stamp duty to buyer.

A

5

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5
Q

Delay in completion is due to the default of the Vendor, interest (liquidated damages) is calculated based on the purchase price at __% per annum.
Default of the Purchaser也是一樣。

A

8

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6
Q

All “quit” and other rents

A

Quit is a form of rent

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7
Q

If the sale is not completed on the Scheduled Completion Date, either party may give Notice to Complete. Upon service of Notice to Complete, parties have __ days to complete.

A

21

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8
Q

URA regulations on leasing of residential properties, min lease is __ months.

A

3

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9
Q

Under which act, an individual found guilty of engaging in short term accommodation will face minimum $__.

A

$5k

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10
Q

Under Conveyancing and Law of Property Act, lease exceeding __ years will have to be made by way of a deed in English to be valid.

A

7

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11
Q

Private properties can rent to max __ unrelated persons.
新規定到2026年底：>90sqm, max __ unrelated persons.

A

6; 8

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12
Q

Leasing documentation
LOI is NOT contractual. Could indicate “___ to __” to express yet to create legal relation until the __ __ is agreed and signed.

A

Subject to contract; Tenancy Agreement

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13
Q

Sale of uncompleted property-
Controller of Housing restricts the developers on re-issuing the same unit within __ months after the expiry of the earlier OTP.
Can extend the validity of OTP up to __ weeks from the OTP date, provided that both parties are agreeable.

A

12 months;
12 weeks

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14
Q

Sale of uncompleted property-
On the OTP:
-Booking fee: $ (5-10% of Purchase Price)
-Date of Approval of Building Plans
-No. of Building Plans Approved by __ of __ __: BP No.
- __ Possession Date
-Latest Date of giving Notice to Complete sale and purchase: write down a date OR __ years after the date of delivery of vacant possession of the Property, which ever is earlier.

A

Commissioner of Building Control;
Vacant Possession;
3 years

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15
Q

Sale of uncompleted property-
Under OTP, Vendor will send the original or copies of the title deeds and execution copies of the Sale and Purchase Agreement within __ days after the Option date. After the date of delivery of OTP, the option will expire in __ weeks. (CAN extend 12 weeks)

A

14 days;
3 weeks

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16
Q

Sale of uncompleted property-
Sale and Purchase Agreement will be in the form as prescribed under the __ __ Rules and as modified WITH APPROVAL in writing of the __ of __.

A

Housing Developers Rules;
Controller of Housing

17
Q

Sale of uncompleted property-
After buyer signed and return the Sale and Purchase Agreement, seller has __ days to sign and return 1 signed copy to the buyer or buyer’s solicitor.

A

14 days

18
Q

Sale of uncompleted property-
Buyer who exercises the Option shall pay the seller __% of the Purchase Price minus the Booking Fee (5-10%) within __ weeks.

A

20%;
8 weeks

19
Q

Sale of uncompleted property-
If buyer doesn’t exercise the Option, seller will refund __% of the Booking Fee within __ weeks after the date of expiry of this Option/ date of receiving written notice of not exercising Option

A

75%;
4 weeks

20
Q

Sale of uncompleted property-
If the buyer is not SC or an approved purchaser as defined under the __ __ Act, need approval of the __ of __ under the __ __ Act being obtained by the buyer from the Controller of Residential Property. Must grant approval for the purchase within __ weeks after the date he exercises his Option.

A

Residential Property Act;
Minster of Law;
Residential Property Act;
3 weeks

21
Q

Purchase price $1.5M, discount $100k, what’s the amount bank calculate loan basis of?

A

1.5M- 100k= 1.4M

22
Q

Sale of uncompleted property-
If buyer wants to
1. add someone as a co-purchaser
2. drop one of the name from the purchase, buyer should notify the developer in writing of the proposed changes and that the purchaser named in the OTP does not wish to exercise the OTP.
What will developer do?

A
  1. existing OTP will lapse immediately
  2. if developer agrees with the changes, a new OTP with amended names will be issued, CANNOT backdate.
23
Q

Sale of uncompleted property-
If developer fail to deliver vacant possession by the date stated; and 21 days from the date of receipt of 25% of the purchase price (due when TOP), they will have to pay liquidated damages at __% per annum on the portions of the purchase price already paid.

A

10%

24
Q

Sale of uncompleted property-
Upon taking over possession, buyer needs to pay:
1. __ fees
2. __ tax
3. __ __ fees

A

Maintenance fees;
Property tax;
Title survey fees

25
Q

Defects liability period is __ months upon TOP.
Developer should rectify within __ month of notification.
If not done after 1 month, applicant can approach his own contractor for a price quotation. Give developer written notice.
If developer fails to carry out rectification works within __ days after receiving the written notice with quotation, applicant can get his own contractors to carry out the works. Costs incurred by applicant in carrying out this work can be claimed from the sum held by the __ __ of __ as stakeholder.

A

12 months;
1 month;
14 days;
Singapore Academy of Law

26
Q

Payment Schedule for sale of uncompleted property-
1. Grant Option to Purchase: __%
2. Signing the S&P/within 8 weeks after the date of Option: __%
3. Completion of foundation work: __%
4. Completion of reinforced concrete framework of unit: __%
5. Completion of partition walls of unit: 5%
6. Completion of roofing/ ceiling of unit: 5%
7. Completion of door frames, electrical wiring, internal plastering and plumbing of unit: 5%
8. Completion of carpark, roads, drains serving the housing project: 5%
9. TOP or CSC; building and all roads and drainage completed, water, gas and electricity supplies have been connected: __%
10. Legal completion: 15%

A

5-10% (=booking fee)
20% minus booking fee
10%
10%
9. 25%

27
Q

Legal Completion payment progress to Developer.
-15% of the purchase price is held by __ __ of __ as stakeholder. Defects liability period of __ months from:
-the date deliver vacant possession to buyer or
-15th day after buyer receives notice the TOP has been issued
THEN developer can ask SLA to release __% of the 15%.

When all building works completed, BCA will issue CSC. CSC has to be obtained within __ months from TOP. __% paid when achieved CSC.

Developer must execute a proper conveyance (SSCT) to buyer within __ years from Notice of Vacant Possession. __% paid when legal title transferred.

A

Singapore Academy of Law;
12 months;
5%;
12 months;
8%;
3 years;
2%

28
Q

Buyer shall pay instalments within __ days of receipt of service of the notice, if failed to do so, interest is added on the unpaid amount at __% above base rate.
Developer must give more than __ days notice in writing for his intention to treat the agreement as having been repudiated by the buyer. Upon annulment, developer may forfeit and keep __% of the purchase price from instalments, in addition to recovering interest and other expenses unpaid.

A

14 days;
2%;
21 days;
20%

29
Q

repudiate

A

reject

30
Q

annulment

A

like the contract has never happened

31
Q

A purchaser who decides not to proceed with the signing of the Sale & Purchase Agreement with a licensed housing developer will receive a refund of __% of the Booking Fee?

A

75%

32
Q

A purchaser who decides not to proceed with the signing of the Sale & Purchase Agreement with a commercial property developer will receive a refund of __% of the Booking Fee?

A

50%

33
Q

A purchase of a unit under construction may re-sell the unit by making a Deed of Assignment with the sub-purchaser after signing the __ & __ __ with the developer.

A

Sale & Purchase Agreement

34
Q

When does buyer starts paying property tax?

A

from the date of completion of sales and purchase

35
Q

What is the option period for buyers to exercise the option when buying an uncompleted housing project?

A

21 days

P2 (9 decks)

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