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Regulation of Real Estate Agency Industry and Real Estate Marketing (part…
Regulation of Real Estate Agency Industry and Real Estate Marketing (part 2)
Land-related regulations
Planning Act
BMSMA
Sale of Commercial Property Act
RESIDENTIAL PROP ACT
Foreigner excludes SGP citizen, S-Company, S-LLP, S-Society.
Restricted resi prop
Land <15,000sqft/1,393.5sqm:
Foreigners need LDAU approval, undertake that it is only to be used as residential
Vacant resi land, landed prop, strata landed (not condo)
Excludes lease of <7yrs in any of the above
Land > 15,000sqft/1,393.5sqm
Completely out of bounds
Act excludes HDB flat/shophouse/EC
To prevent speculation by foreigners
Foreign developers
Incl listed S-companies
Hold Qualifying Certificate
Conditions: Start building within 2 years, complete in 5 years, sell within 2 years after (Excl GLS)
If conditions not met (also for local developers with Clearance Cert): :red_flag: BG forfeiture (10% of land price).
ABSD 15% (+5%pa int) after 5 years from purchase.
Additional extension charge (8%, 16%, 24%) if don't sell within 2 years TOP for Qualifying Certs :red_flag:
PRs
Only 1 restricted property at a time, MOP 5 yrs
Max $200k fine
Illegal renting - 3x rental income earned/$10k
(higher of the two)
Forced disposal of properties
SC/PRs who lose status
5 yrs: Foreigners who inherit restricted properties
Land Acquisition Act
LAND TITLES (STRATA) ACT
Fair allocation of share value
Reflected in Strata Title Plan (surveyor)
Determines voting rights, quantum of undivided share in common prop and amt of contribution
Allocated based on multiples of 50m2, (</=50m2, 5)
Issue titles (allow subdiv of land)
Provide for SPs to carry out own mgmt and maintenance (thru MCs - distinct legal entity can sue and be sued
Resolve disputes
Town Council Act
Conveyancing and Law of Property Act
Law Society of Singapore's Conditions of Sale 2012
URA planning controls for landed dvt
Min plot width/size (See page 228 of notes)
Building setback control
Envelope control guidelines
Non-land related regulations
Oaths and Declaration Act
False dec penalty
Up to 3 yrs if used for other purposes
Up to 7 yrs if used in any judicial proceeding
Outside Commonwealth Country: Consulate
In Commonwealth country: Notary public/Just of Peace
Bankruptcy Act
Need consent for
purchase
of HDB flat > 5 rm/3 gen/>$500k (after subsidies)
Official assignee takes over all assets, except trust property, HDB flats, CPF contributions, life insurance policies, tools of trade
Declared by High Court: Unable to repay loan of >/=$15k
Sentosa Cove Special Scheme
Must be owner-occupied
LTSVP
Family (spouse, unmarried children, parents/parents in law) can also apply
Renewable, extension up to 5 yrs
Valid up to 3 yrs or as long as applicant is owner, whichever is shorter
Administrator: Sentosa Cove Pte Ltd, agent of Sentosa Devt Corp
1 mth processing time
Foreigners - LDAU fast track approval
Immigration Act
Check original pass
Cross check against passport
Verify with ICA/MOM
Personal Data Protection Act
Data = Identifying personal data, whether true or not
Governs collection, use, disclosure, care
DNC registry
Check unless person has given
clear and unambiguous consent
3 registries:
No voice call/ Text Msg/ Fax Message. Only 8-digit numbers starting with 3,6,8,9.
Bulk filtering results valid for 1 mth
3 key concepts: consent, purpose, reasonableness
9 Obligations: Consent, Purpose limitation, Notification,
Access and Correction, Accuracy, Protection,
Retention, Transfer, Openness
Suspicious Transactions
Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act
(principal anti-$ laundering legis)
3 stages of $ laundering
Placement
Layering
Integration
Up to $500k fine/10 yrs
Member of Financial Axn Task Force (FATF) on $ Laundering
Terrorism (Suppression of Financing) Act
(up to $500k/10yrs)
Suspicious Transaction Reporting Office
(STRO, CAD)
$20k fine if fail to disclose suspicion
$50k fine/5 yrs if fail to disclose information
Fail to tip off: $30k/3 yrs
Spam Control Act
Must have unsub option
SMS adverts Only between 9am - 10pm
SMS adverts
Advertising-related
Singapore Code of Advertising
(legal, decent, honest, truthful)
Outdoor signs
Subject to BCA regs.
Advertisement licence fee:
Up to 1sqm - $20
1 - 5 = $90
6 - 10 = $140
10 = $20/sqm
Need LTA/Town Council approval if by public roads/common property
Signs must display LTA approval ref, BCA licence and serial no., exp date.
URA Guidelines (type, size, height, location, form based on
approved use of building
- see pg 216 of notes
Real Estate Marketing
Market segmentation
Geographic
Demographic
Psychographic
Behavioural
Marketing mix
Product (features)
Price
Place (reach client)
Promotion
Sales process
Attention
Interest
Desire
Action
Listings
Types
Sole
Sole and exclusive
Sub/conjection agency
Multiple agency
Dispute resolution
Consumer Protection (Fair Trading) Act
Direct sales
Arises from unsolicited visit (initial contact occurs outside permanent place of biz)
5 days cancellation period, 60 days to make refunds
Unsolicited goods and services
Can treat as unconditional gifts unless willing to accept and pay (made in writing)
12 mths to claim refund, 60 days to make refund
Key terms
Claim limit = $30K
2 year limitation period for unfair practices
Try for Voluntary Compliance Agreement (VCA)
before injuction is applied for.
Excludes land transactions, except rentals of residential property and services provided by estate agents
Without trial
Mutually agreed third party
Mediation
Arbitration (legally binding)
Via trial: Adjudication
Small Claims Tribunal (up to $10k or
$20k with memorandum of consent)