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Questions and Answers
What is a limitation for societies when it comes to property ownership?
Which type of property is subject to specific rules under the JTC?
What requirement is essential for companies to own land under the Companies Act?
Which act prohibits foreign persons from acquiring certain types of residential property?
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What is a prerequisite for an individual to enter into a property transaction?
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Which property type is exempt from GST?
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What is a requirement for contracts for the sale of land according to the Civil Law Act?
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When GST is applied to commercial properties, who is typically responsible for paying it?
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What are the three main categories of zoning mentioned?
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What aspect of law does conveyancing NOT primarily involve?
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Which of the following is NOT a formal requirement for a conveyancing contract?
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What implication does zoning have on properties?
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What is one type of conveyancing transaction not governed by a contract?
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What must occur if a property owner passes away concerning the sale of their property after 6 years?
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Which of the following factors affects the liability to pay Additional Buyer’s Stamp Duty (ABSD)?
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What is the outcome if a buyer pays deficient Seller’s Stamp Duty (SSD) or ABSD?
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In relation to CPF monies, what is a condition that must be met for their use in purchasing residential property?
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Under the Conveyancing & Law of Property Act, which section specifies the conditions for selling property belonging to a deceased person's estate?
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How do Free Trade Agreements influence the payment of ABSD?
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What is the maximum timeframe for a legal personal representative to sell a deceased person's property without requiring court involvement?
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What document must be provided by both the seller and purchaser concerning stamp duties?
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Study Notes
Systems of Land Registration
- Two main systems: Register of Deeds (Common Law) and Land Titles Register (Torrens System).
Parties
- Individuals must be 21 years old, sui juris, and not bankrupt to hold land.
- Companies registered under the Companies Act generally have the capacity to own land, but approval may be required for certain acquisitions.
- Societies cannot hold land in their name, only through trustees.
Types of Property
- HDB flats are subject to HDB rules.
- Non-residential properties include commercial and industrial properties.
- JTC industrial properties are subject to JTC rules.
- Residential properties have citizenship requirements under the Residential Property Act.
- Foreign persons are subject to restrictions on purchasing certain types of residential property.
- Strata properties are governed by the Building Maintenance and Strata Management Act (BMSMA) and the Land Titles (Strata) Act (LTSA).
Regulations Affecting Transactions
- Power of sale under the Conveyancing & Law of Property Act (CLPA) for deceased persons' estates.
- Sale of a deceased's property within 6 years of death unless sanctioned by court or permitted by the will.
- CPF monies can be used to purchase residential property but are subject to valuation and withdrawal limits.
Stamp Duty
- Seller’s Stamp Duty and Additional Buyer’s Stamp Duty (ABSD) apply to property transactions.
- Citizenship and previous residential property ownership affect ABSD liability.
- Free Trade Agreements may impact ABSD for certain nationalities.
- IRAS website provides updated rates and guidelines for BSD and ABSD.
- Penalties for deficient or unpaid duty apply.
- Declarations from the seller and purchaser are required by IRAS.
GST
- Residential property is exempt from GST.
- Commercial property is subject to GST (9%) for taxable vendors under the GST Act.
- Parties can agree to pass on the GST to the purchaser.
Nature of the Transaction
- Various transaction types exist, including purchase, sale, mortgage, lease, license, charge, subdivision, partition, and amalgamation.
- Zoning and use of the property are crucial considerations, affecting stamp duty and permissible activities.
Conveyancing Contracts
- Contracts for sale of land must be evidenced in writing under the Civil Law Act.
- Email correspondence can be sufficient.
- Law Society’s Condition of Sale 2020 should be considered.
- Non-contractual transactions involving land include distributions under intestacy, matrimonial proceedings, and statutory rights like MCST under the BMSMA.
Recap
- Conveyancing involves various aspects of land law, regulations on zoning and use, company and contract law, succession and probate law.
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Description
Explore the intricacies of land registration systems, including the Register of Deeds and Land Titles Register. Understand the regulations affecting various types of properties, such as residential, commercial, and industrial. This quiz covers essential knowledge for individuals and entities involved in property transactions.