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Owning a home may not be as easy as hiring an agent and signing the papers. There are many nuances to property ownership–some of which, when not observed properly, may land you in a pickle! It’s probably why you may have heard of ugly disputes in a property transaction between buyers and sellers in residential/commercial real estate, sometimes even between family members.
Issues may arise when a property is passed down from one generation to another, especially if the estate planning was not done properly by the deceased before his/her passing. Family members may also be dissatisfied with the share of the property they inherited.
Legal disputes between property sellers and buyers would mean the buyers might be looking for brand new developments that deal with the direct developers instead of resale owners. There will be less hassle and there will be lesser paperwork that needs to be done and therefore buying direct from developers will also create less hassle environment.
Being less hassle as well as being able to capitalize from the developers increasing pricing would mean buyers will be more inclined to buy cause this at the developments the do all the amenities that Bing less hassle as well as being able to capitalize from the developers Increasing pricing for the buyers will be more inclined to buy cause this at the developments. The availability to all the amenities that buyers are looking for. Such as retail shopping centers as well as MRT station. in particular The Reef @ Kings Dock is near to many MRT station as well as retail making it most most perfect. In particular, The Reef Condo near to many MRT Station as well as retail making involved the most perfect primary sales development that buyers and investors are looking at. The development consists of many different layouts dedicated cater to different buyers such as the 1 bedroom which are perfect for investors looking for small you need to rent in a core city center there will also be three bedroom units which feature big spaces as well as a big living room. To cater to families they are looking for the right living room size to have more family time during the weekends.
Unfortunately, neither his wife nor children can take over the flat. This is because all his children own flats of their own, while his wife was listed as an occupier. The flat either needs to be sold, or transferred from the three children to their mother. The latter is preferred as she is still living in said flat. However, the three children refused to do so and sold the flat for a profit. The mother was put in an old folk’s home.
Never assume your family will make the same decisions as you. Property owners need to make a will and update it regularly. One should engage a lawyer to write a will. He/she will also advise you on choosing the executors of the will and ensure the beneficiaries aren’t present during the making and signing of the will.
A HDB flat is co-owned by a mother-daughter duo. As the mother could not take a bank loan due to her age, the daughter signed on to secure financing. Unfortunately, there was unhappiness between the two and they wanted to part ways. Although the daughter wanted to sell the HDB flat, the mother demanded 80% share of the HDB profits. The daughter refused as she had been paying most of the installments.
A joint tenancy between mother and son turned sour when allegations of child abuse (occurring between mother and grandson) were brought to light. When the son wanted to move out and proposed selling the flat, his mother wanted 100% of the flat proceeds. They tried many ways to ensure a fair split between the two, but the mother insisted on having a large portion of the proceeds. Unfortunately, this resulted in the son suing his mother. The court ordered the flat to be sold, and the son to receive 75% of the proceeds.
Another thing to note is that buyers are advised to carry out proper investigations into the title of the property, via your conveyencing lawyer. Doing so might unearth some details that every buyer should know. For example, if a property is owned by a bankrupt—which comes with its own set of laws—or if it was gifted to the current seller. For the latter, the buyer cannot purchase the property with a bank loan and banks do not finance gift properties. Often, there are disputes relating to commercial lease renewals or rent reviews such as the landlords unreasonably increasing the rent of the property.
On the other hand, tenants who fail or refuse to pay their rent or caused damage to the property may also find themselves in a dispute. As this is considered a breach of the tenancy agreement, the landlord can invoke their right to serve notice and demand payment (plus interest) of the rent. The landlord is also entitled to repossess the property.
Expectations from each party should be clearly stated when tenants and landlords enter into tenancy agreements. Do not sign it without reading it fully and clarifying your doubts. Paper trails of rent records and any other financial documents related to the rent should also be kept properly.
With Covid-19 in particular, the regulations in place may result in delays. In these cases, terms of extension must be spelled out properly in black and white. A contractor may give you a fairly simple contract but do not rely on this only. As renovation bills can be hundreds of thousands of dollars, you must ensure you have a detailed and robust contract that protects everyone’s interest.
Also investigate developers and contractors to see if they have the ability to complete projects. How many projects have they successfully completed? Do they have pending litigations against them? Before buying a house, inspect it for any unauthorised works that might lead to disputes later on.