Maintenance and service charges vary with the residential development. Part of the monthly maintenance contribution will be allocated to a sinking fund, which are funds set aside for periodic repainting, replacement of electrical and mechanical installations and other major repairs and improvements to the development. Source: Value Champion
In the absence of a will, your estate will be distributed in accordance to Singapore’s Intestate Succession Act. This does not apply if you are of Islamic faith. According to Section 7 of the Intestate Succession Act, the priority of distribution is as follows: (1) Spouse, children (2) Parents (3) Siblings (4) Grandparents (5) Aunts …
MCST, the Management Corporation Strata Title, refers to the managing body of a condominium or any compound which has multiple owners and shared public facilities. MCSTs are usually associated with private residential developments. Source: Property Guru
If you intend to sell an HDB Resale flat, you must register your Intent to Sell with HDB at least 7 days BEFORE you grant an Option to Purchase to a buyer. Your resale application will not be accepted by HDB if you do not register your Intent to Sell or grant an Option to …
If there is more than 1 proposed owner, the proposed owners would need to decide on the manner of holding the flat upon the transfer of flat ownership, either through joint tenancy or tenancy-in-common. Source: Singapore Legal Advice
This is a term that describes joint ownership of a property by two or more owners, without division of the shares. Upon the death of any joint holder, his interest becomes vested in the survivor(s). Source: HDB
A home loan or mortgage is defined as a loan in which the borrower puts up the title deed to a property or real estate as collateral for the loan. If the borrower is unable to repay the loan on time, the lender can seize the property and sell it off to pay for the …
INLIS is a service of the Singapore Land Authority (SLA) providing property information conveniently via the Internet. Source: SLA
The housing loan amount represented as a percentage of the property’s value. Thus, a house worth S$1,000,000 with a mortgage loan of S$500,000 would have a LTV of 50%. Based on the latest guidelines imposed by MAS, the maximum LTV limits for borrowers who have one or more outstanding housing loans (whether from HDB or …
The Intent to Buy replaces the Resale Checklist, which was used prior to 1 January 2018. Like the Resale Checklist, registering your Intent to Buy lets HDB assess your eligibility to purchase an HDB resale flat. Source: Carousell
