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Leasing property in Singapore
Lease is a term used to describe a grant to own a property on temporary basis, given after accumulating a compensation, for an agreed amount of time, at a specific rate. Singapore is no exception from this form of property deals but the buyer or seller would need to be careful and well informed about the rules of the trade. A property can be leased out for any period of time ranging from 5 years to 99 years, depending upon the requirements of the buyer and seller. Lease and other deals in property in Singapore are commonly done these days. The property business in Singapore has developed a lot. It is a very prosperous business in this business in Singapore. Singapore is a very nice place for investments in real estate business. You will find some really good deals of real estate business here.
Once the property is leased, both parties should stick to the terms and conditions in order to avoid inconvenience during re-transfer of ownership or re selling the property. In Singapore, a property is leased out for period of 1 year, generally and both the parties need to give a two months notice before the lease is terminated. But in 2005 the government also started off with a new law where a property can be leased, even to foreigners for 99 years.
In order to save the interest of the buyer, the buyer should record all his options mentioned in the deal. This serves as a public notice as and when you the recording of options take place in real estate public records. This cannot be used to form a lien but can ‘cloud’ the title. One needs to have an escrow for the deed as it would help the buyer in collection of the deed in case he is not able to reach or contact the seller or the seller is dead. Recording a mortgage also serves a good purpose of protecting the interest of the buyer after the purchase option is duly signed by both parties. In this case if the seller pulls back after the completion of the legal formalities, the buyer has the option to foreclose and the seller would have to seek legal assistance to save his interest.
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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