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RES Course Day 3

Course notes for property agent wannabe

Landlord & Tenant Law

  • What can the Landlord do if a Tenant holds over a Tenancy?
    • Ans: Charge double rent
    • Civil Law Act 1909
    • No need to be in TA
  • Police don’t handle such disputes
    • But tip: “they look like terrorist”
  • Privity of Contract
    • is a close, direct, or successive relationship.
    • the doctrine of privity of contract means that the parties are contracting parties and the privity of estate means there is tenure relationship between the 2 parties
  • Privity of Estate
    • Can enforce tenant’s covenants
  • Min lease duration
    • NO airbnb
    • HDB 6m
    • Private 3m
  • Not every lawyer is a litigator
    • Many don’t have gift of the gab, can’t fight in court
  • Sublet clause necessary
    • If not, tenant can sublet without consent
  • Diplomatic Clause
    • 24m lease: 12m + 2m advanced notice (guaranteed)
    • 12m lease: 6m + 1m
  • Remedies:
    • Apply writ of distress
    • Apply writ of possession
  • Right Of First Refusal
    • Eg. Landlord to sell the house, tenant has the rights to buy, or not.

Lease Stamp Duty

0.4% x Average Annual Rent x min(4, lease duration)

  • Cap at 4 years
    • So 5 years pay lesser
  • Usually tenant pays

ABSD

  • 5% on developer buying the land
  • Another 35% remittable upon condition:
    • Sell ALL within 5 years of land purchase
  • Qualifying Certificate (QC)
    • Imposed on foreign developers and listed company, excluding Sentosa Cove
    • Completed within 5 years -> obtain TOP
    • Then must sell ALL within next 2 years
      • Can extend up to 3 years with charges: 8/16/24% of land price
    • Loophole: delist or sale to associate company
  • ABSD supersedes QC
    • More punitive, no pro-rate

Bank

  • Commission for referral 0.15%
    • Agency got cut
    • Except existing client who are HNW
  • Packages
  • Rates
    • Singapore InterBank Offered Rate (SIBOR)
    • Swap Offer Rate (SOR)
    • Singapore Overnight Rate Average (SORA)
    • SIBOR and SOR are deprecated
  • Big 4 Bank
    • DBS, UOB, OCBC, SCB
  • Since 9th Dec 2013 For EC Direct Purchase - 30% MSR
    • EC Resale 55% TDSR
  • Exam can bring calculator
    • No phone of course
    • Casio FC 100V
    • Estate Master 3400
    • Or any calculator, memorize formula