Safeguarding confidential information – Singapore real estate agent

Safeguarding confidential information – Singapore real estate agent

Estate Agent/Salesperson shall not disclose or otherwise use any confidential information of or relating to the client unless the disclosure or use is made with the consent of the client, or is otherwise required or allowed by the law. Disclosure may be made only to the appropriate person and only to the extent authorised. Singapore real estate agent. Continue reading

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Duty to avoid conflict of interests – Warehouse for sale in Singapore

Duty to avoid conflict of interests – Warehouse for sale in Singapore

Must not accept an appointment by or continue to act on behalf of a client where to do so would place the agent’s or salesperson’s interests in conflict or potential conflict with those of the client, including the following. Warehouse for sale in Singapore: Continue reading

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General duty to clients and public – Factory for sale in Singapore

General duty to clients and public – Factory for sale in Singapore

Shall render professional and conscientious service to their clients and shall act with honesty, fidelity and integrity, including the following. Factory for sale in Singapore:

  • Must act according to the instructions of the client and protect and promote the interests of the client, unaffected by the interests of the estate agent, salesperson or any other person;  Continue reading
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Interpretation or translation if necessary – Apartment for sale in Singapore

Interpretation or translation if necessary – Apartment for sale in Singapore

Shall ensure that any information or explanation is conveyed to the client in the language or dialect that the client understands. Apartment for sale in Singapore. Continue reading

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Obligations in respect of agreements – Condo for sale in Singapore

Obligations in respect of agreements – Condo for sale in Singapore

Must ensure that all agreements concerning financial obligations and commitments in respect of any transaction are in writing, and record the exact agreement between the parties concerned. Condo for sale in Singapore.

  • Shall comply with the following requirements:
    • must procure signatures of all joint vendors or landlords for the sale or lease of property, and those of all joint buyers or tenants for the purchase or rental of property; Continue reading
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Duties of a salesperson – House for sale in Singapore

Duties of a salesperson – House for sale in Singapore

The duties of a salesperson to his clients are as follows. House for sale in Singapore:

  • Act in the best interest of the client
  • Act in accordance with the lawful instructions of the client
  • Act only within the scope of the authority given by the client
  • Advise the client to seek independent professional advice on matters outside the expertise of the salesperson Continue reading
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Non-landed housing type – Room for rent in Singapore

Non-landed housing type – Room for rent in Singapore

APARTMENT – not strata titled. Room for rent in Singapore.

  • Apartment owner only owns the airspace without any share in land or common property

APARTMENT – strata titled

  • Land size is usually less than 0.4 hectares (about 43,000 sq ft)
  • May have recreational facilities like swimming pool, security etc. Continue reading
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Townhouse in Singapore – HDB flat for sale

Townhouse in Singapore – HDB flat for sale

Townhouses are similar to a row of Terrace houses with not less than 3 units. HDB flat for sale.

Each Townhouse is a strata-titled property with each unit having an undivided share of the common property like access road, garden, etc. An individual unit may also have a car park lot attached to it as an accessory lot and must be sold together. Continue reading

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Landed housing types – Property for sale Singapore

Landed housing types – Property for sale Singapore

There are 58 designated Landed Housing Areas. The different housing types in the 58 designated Landed Housing Areas are – property for sale Singapore:

  • Good Class Bungalow (GCB)
  • Detached
  • Semi-Detached
  • Terrace
  • Town house
  • Cluster house Continue reading
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GST implemented – House for sale in Singapore

GST implemented – House for sale in Singapore

GST implemented from 1 April 1994 – house for sale in Singapore

  • Tax on consumption in Singapore including imports of goods
  • Business with annual turnover of more than S$1 million – must be registered as “taxable person” (need not be a company)
  • Any person/company can volunteer to be a taxable person but must remain registered for at least 2 years. Continue reading
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Rental expenses – Singapore real estate agency

Rental expenses – Singapore real estate agency

For an expense to be deductible from rental income derived in Singapore, the expense must be incurred: Singapore real estate agency.

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Rent from property – Singapore real estate agent

Rent from property – Singapore real estate agent

Rent received from the letting of property in Singapore is subject to income tax, while property is subject to property tax. Rental income includes rent of the premises, maintenance, furniture and fittings. After deductions for allowable expenses (such as property tax), the net amount is taxable. Singapore real estate agent. Continue reading

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Tax resident and non-resident – Shop for sale Singapore

Tax resident and non-resident – Shop for sale Singapore

Different tax rates apply for tax residents and non-residents. A person will be treated as a tax resident for a particular Year of Assessment (YA) if he is a, shop for sale Singapore:  Continue reading

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Obligations of property owner – Office for sale in Singapore

Obligations of property owner – Office for sale in Singapore

  • Owner is required to notify Chief Assessor within 1 month of the sale of property.
  • Owner owns the property through succession is to notify the Chief Assessor within 1 year from the death of the deceased. Continue reading
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Annual value of land and land under construction – Warehouse for sale in Singapore

Annual value of land and land under construction – Warehouse for sale in Singapore

  • AV = 5% of est. value of land
  • Calculation: Vacant land with area of 1,000m2 sold at market value of $2,000/m2. Calculate property tax payable. Continue reading
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Property Tax Act – Singapore property for rent

Property Tax Act – Singapore property for rent

Under Property Tax Act, everyone who owns property needs to pay property tax to IRAS (Inland Revenue Authority of Singapore) Singapore property for rent. Continue reading

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Claim for refund on other rescinded or cancelled documents – Warehouse for sale in Singapore

Claim for refund on other rescinded or cancelled documents – Warehouse for sale in Singapore

  • The instrument was found absolutely void from the beginning
  • The instrument was found unfit for the original purpose intended by reason of any error or mistake Continue reading
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Effect of non-stamping – Factory for sale Singapore

Effect of non-stamping – Factory for sale Singapore

  • Document cannot be used as evidence in court.
  • Late stamping penalty:
  1. Minimum of S$10, if less than 3 months from due date
  2. Minimum of S$25 or up to 4 times duty payable, whichever is the higher, if more than 3 months from due date.

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Mortgage stamp duty – Apartment for sale Singapore

Mortgage stamp duty – Apartment for sale Singapore

With effect from 22 February 2014, the mortgage stamp duty rate is 0.4% of the loan subject to a maximum of S$500.00. Apartment for sale Singapore. Continue reading

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Who is to pay stamp duty? – Condo for sale Singapore

Who is to pay stamp duty? – Condo for sale Singapore

General rule – purchaser, tenant or mortgagor pays stamp duty. Rule may be varied by special agreement between parties. Condo for sale Singapore.

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