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REM CHAPTER 4 - Coggle Diagram
REM CHAPTER 4
Leasing of Residential Properties
URA Rules
Residential property must be approved for residential purpose with accordance to residential zone in the master plan
Renting out must only be on 3 months or more basis
Refrain from constructing partitioning walls for creating more rooms
Maximum allowed occupancy is 10sqm per person subjected to a pax of 6 persons including owner
Leasing Process
View/ Letter of Intent + 1mth deposit cheque
Landlord acceptance/ Letter of Offer
Sign Tenancy Agreement/ Security Deposit
Stamp Duty
Move in/ Renewal
Verification in Private Property
Verifying legal ownership of landlord
Salesperson needs to check due diligence check to verify legal ownership
Bankruptcy search
IRAS e-Valuation List or SLA Integrated Land Information
Service (INLIS)
Verify immigration/employment status of foreign tenants
3 checks required by ICA & MOM before renting out room/flat/house to foreigner.
1) Check original immigration passes / work passes
2) Cross check particulars against original passes / work passes
3) Verify the validity of passes either with ICA or MOM
Factors Affecting Tenant’s Choice
• Locations
• Price
• Conditions
• Furniture/ Furnishing
• Size/ Layout
• View
• Other conditions
Criteria For Tenant Selection
• Credit worthiness
• Profile
• Deposit amount
• Tenancy duration / lease terms
Marketing of Residential Properties
TYPES OF RESIDENTIAL PROPERTIES
Landed
Bungalows/Detached
Free standing/ no houses connected to it
Semi- Detached
Houses with at least one common wall separating the two houses
Terrace
Houses joined on both sides in a row
Strata Landed/Cluster
Strata Titled with common facilities typically in a condominium setup
Good Class Bungalows
The damn atas big expensive ones
Non-Landed
Condominiums
Residential buildings sharing the land with communal facilities
• Min plot size 0.4ha or 4,000 sqm
Apartment
Residential bldgs -minimal communal facilities
• Min. plot size 1,000 sqm
• Facilities provided are usually swimming pool and security, without condominium status
Townhouses
A terrace house within a condo
Maisonettes
A residential unit (within a condo/development) with living spaces built over two floors
Penthouses
A residential unit (within a condo/development) situated on the highest floor which is usually larger in size than the average apartment
Sources of Listing
• Classifieds
• Knocking on neighbours
• Develop contacts
• Walk-in prospective buyers
• Referrals
• Conducting open houses
• Develop public awareness
• Involvement in community organisations
• Previously sold listings
General factors affecting pricing
• Geographic / Address
• Location within location
• Proximity to amenities
• Special Features