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RES Course

Competency Unit 2B - Dealings with Interests in Land

Gift

  • Transfer without monetary consideration
  • Must by fully paid up, CPF returned
  • Within 3 years, if grantor is adjudged bankrupt, the gift is voidable
  • During benefactor lifetime: inter vivos gift
  • Stamp duty payable at market value
    • No need for inheritance (by will)
  • Joint tenancy cannot gift away a part

Trust

  • Trustor (Settlor) -> Trustee (legal owner) -> Beneficiaries (equitable owner)
  • Appoint trustee(s) to hold and administer for a beneficiary
  • Max 4 trustees
  • Stamp duty has to be paid
  • If Will and Trust conflict, Trust will prevail
  • Living Trust = while trustor living, usually in secrecy

Succession

  • Testate = has a will
    • Home-made is fine
    • 2 witnesses present; cannot be spouse of beneficiaries
    • Executor apply Grant of Probate
  • Intestate = no will -> Intestate Succession Act
    • 50% to spouse, 50% split among children
    • Apply Letters of Administration
  • CPF Nomination
  • Muslim has “Faraid”
    • Max One-Third of Estate = to non-kins
    • 2 male witness, or 2F + 1M

Divorce

  • 3 years -> file writ
  • Interim, then final judgement
  • Muslim in Syariah Court

Interests in Land

  • Undivided Share in Land = owned by all owners jointly or in common
  • Joint Tenancy
    • Right of survivorship
    • 4P: Unity of Possession, Interest, Title, Time
  • Tenancy-in-Common
    • Each has definite share
    • Unity of Possession only

Land Development

  • Master Plan: guide 10-15y, reviewed every 5y
  • Long Term Plan: guide 40-50y, reviewed every 10y
  • Harmonisation 2023
    • Measure to middle of wall
    • All strata included as GFA
      • Previously, aircon ledge <1m not counted, yet counted in PSF
    • Voids excluded from strata
      • Previously, high ceilings voids not counted, yet counted in PSF
  • Plot Ratio = floor area : site area
  • Conservation
  • Preservation more stringent
  • B1 zone
    • Quantum control: Max 40% for ancillary eg. offices
  • URA for change of use