Two topics in this one:
co-ownership methods and
restrictions to ownership.
Joint tenancy
Parties are treated as one, with no distinct shares, but with separate rights.
Right of survivorship — survivor takes all.
Unity of:
- Possession — all land all together
- Interest — equal division of rent/profit
- Title — all tenants are one tenant and in the same title
- Time — bought at once
Common between family.
Terminated by:
- Alienation
- selling
- to the other joint tenants
- Partitioning
- severed and converted by instrument of declaration into tenancy-in-common
- Partitioning via court order
- divorced and ordered to sell and split proceeds,
- ownership by percentage shares
Tenancy-in-common
Parties are distinct, but entitled to whole property.
Death of co-owner requires a representative to be appointed.
Unity of:
- Possession — all land all together
Occurs when:
- words of severance
- show intention to hold separate shares
- unequal or more than one mortgage
- law
- strata-titled buildings are tenants-in-common
- alienation
- selling
- to a stranger, who becomes tenant-in-common to the other, joint, tenants.
Equal shareholding allows conversion to joint tenancy using a declaration.
Majority age vs minors
Majority age: 21 years old. Singapore citizens may then own land in Singapore.
Minors from 18 to 21 are only allowed to lease land for no longer than three years.
- nothing longer than three years,
- no touching their trust, and
- if the law says they’re under disability on account of age, no.
Minors may only own property subject to the Settles Estates Act, and infants will have property managed by trustees.
Lasting Power of Attorney (LPA)
Lasting Power of Attorney (LPA) is a legal instrument that indicates one’s appointed trusted persons to act on their behalf if they lose mental capacity.
For themselves — personal welfare and/or property — or for others (their kids).
Donors need to be 21 or older, and may use a government form or consult a lawyer.
Donees may be specified to work together or separately.
LPAs and donee powers can be revoked by
- donor revocation [revoke / revocation]
- death of either
- donee loses mental capacity
- bankruptcy of either
- married donor and donee going separate ways, unless specified otherwise.
Mentally disordered persons
The court appoints:
- a committee of the person
- a committee of the person’s estates
The person may be allowed to lease the property for less than three years.
The court may order transactions if necessary.
Partnerships, companies and societies.
Partnerships are not a separate legal entity and cannot hold property, unless the individuals hold the property in trust for themselves and their partners.
Companies, as a separate entity, can own land.
Societies cannot, and must go through two trustees or one trust corporation.
Foreign ownership
Foreigners (including Permanent Residents)
cannot buy or hold property in Singapore
without approval from the
Land Dealings (Approval) Unit.
Restricted — will need approval:
- land — vacant
- landed house
- with land titles
- with strata titles in non-condominium developments
- shophouses
- not strata subdivided
- on non-residential land
- association premises, places of worship, dormitory, service apartment, boarding house
Not restricted — can buy:
- Sentosa landed properties
- landed house
- in condominium
- condominium, executive condominium, HDB, HDB shophouse
- shophouse — commercial
- industrial, commercial
- hotel
- leasehold estate for less than seven years
Approval In-Principle (AIP) can be applied for before a property purchase, and will last for one year. Any contract without a clause for approval will be invalid.
Other restrictions and limitations include:
- when buying land to build a home
- Temporary Occupation Permit or Certificate of Statutory Completion in 36 months (from date of approval)
- Minimum Occupation Period — five years
- unless Sentosa, no MOP.
- land area less than 1,393.5 square metres / 15,000 square feet
- sell current HDB/EC
- before legal completion of new property purchase
- three months from TOP or CSC of property under construction
- three months from seller delivering vacant possession of new home.
- Home, not rental flat.
- No inheriting unless approved.
❤️🌧️
Image of a twisty wrought iron gate by PIRO from Pixabay.
(I used to have a balcony with iron bars like these.)
