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Dealings with Interests in Land - Part 3 (Basic Guidelines facilitating…
Dealings with Interests in Land - Part 3
Interests
Future Interests
Reversionary interest
Reversion is thus the right to occupy and use land sometime in the future
Interests in Land
Characteristics
They are binding on third parties
They are assignable
They are irrevocable
Forms
freehold interests
leasehold
mortgages
Property Rights
Right to alienate
Right to enjoy
Right to possess
Right to transmit after death
Right to exclude others from enjoyment or possession
Undivided Share in Land
Definition: a parcel of land is owned by all the owners jointly or in common
Concurrent Interests
many and varied type of interests
The licensee does not have an interest in property, but mere possession
Remainder (Life Estate)
Having interest in property for the remaining period of a person's life
Does not arise automatically
Created by express agreement between 2 parties
Co-Ownership
Joint Tenancy
Right of Survivorship: On the death of one joint tenant, his interest passes to the surviving tenants and until on survivor holds the land as sole tenant
The 4 Unities (PITT)
Unity of
I
nterest
Unity of
T
itle
Unity of
P
ossession
Unity of
T
ime
Tenancy-in-Common
50% to 50%
Right of survivorship does not apply
DIFFERENCES BETWEEN JT AND TIC
Restrictions on capacity to hold land: Capacity to Contract
Corporations: the Companies Act
Mentally Disordered Perons
Minors: below age 21 yo
Basic Guidelines facilitating LPA by 3rd Parties
Lasting Powers of Attorney
voluntarily appoint others to act on his behalf should he lose mental capacity
Note: only for >21yo
Donor can specify them to act
Jointly: donees must always act together
Jointly or severally: donees can act together or separately
Note: If no LPA - COP (Committee of Persons)
Types
LPA Form 1: grants broad, general powers to the donee(s)
LPA Form 2: allows donor, with lawyers help, to craft specific requirements & restrictions
Facilitating LPAs: 1) original copy of LPA 2) www.publicguardian.gov.sg to check LPA number