CU02 - Basic Real Estate Terminologies
Land
Boundaries and Survey Map Act (Cap 25)
Real Property
Chattel
- refers to the rights and interests in land
- includes corporeal hereditaments (tangible objects) such as buildings, minerals, trees, air space, underground spaces, fixtures. They may be seen and felt.
- also includes incorporeal hereditaments (intangible objects), such as rights, interests, easements, etc.
- However, subjected to restrictions such as height, set backs from boundary linkes, land use, etc.
Boundaries and Survey Map Act (Cap 25)
- provides for demarcation of land in Singapore
- Singapore is divided in 64 districts comprising 30 town subdivisions (TS) survey districts and 34 Mukim (MK - or Rural) survey districts
- Each district is divided into plots
- Singapore Land Authority (SLA) uses the Lot Base System (LBS) as inventory of all lots numbers. This records the history of lot creation, amalgamation and subdivision of lots.
Real Property
- intangible real properties include rights on land, leases, air rights, easements, restrictive covenants
- tangible personal properties include movable properties which can be easily removed without damage to property
- Intangible personal properties which includes license to use land, as well as beneficial interest under real estate trust
Chattel
- are personal properties that are attached to the land or building so that it legally becomes part of the land itself. This includes fixtures such as built-in wardrobes, bathtubs, etc.
- Fixtures are real properties and are automatically passed to the purchaser of the land or property.
Interests in Land
Type 1: Caveatable or Legal
Type 2: Non-caveatable or Equitable
Property Rights
Note that the property owner's rights is subjected to the government and state's rights to limit land usage as well as property tax liabilities.
Estate
- right over another person's land
Type 1: Caveatable or Legal
- legal interests such as leases which are denied registration (e.g. charge by way of a mortgage)
- beneficial interests under a settlement or trust
- liens created by deposit of instruments of titles as security for loan
- unpaid vendor's lien
Type 2: Non-caveatable or Equitable
- Creditors or licensees who only have license to occupy the property
Property Rights
- Right of possession
- Right of enjoyment
- Right of Disposition
- Right of control
- Right of Exclusivity
Note that the property owner's rights is subjected to the government and state's rights to limit land usage as well as property tax liabilities.
Estate
- RIght to control and use the land for the length of time which the land or property is being held.
- Freehold: owner holds the land forever, subject to the State's rights.
- Grant/Estate in Fee Simple - absolute freehold estate without obligation to pay rent except statutory charges such as property taxes.
- Estate in Perpetuity / Statutory Land Grant - subject to implied terms under the State Lands Act (Singapore)
- Leasehold Estate - has definite duration and comes to and end at specified date, usually 99 years, 999 years or 9999 years as well as for shorter terms such as 30 or 60 years.
Attention: The notes provided are for your general revision and is not to be exhaustive. When in doubt, please refer to the syllabus from the CEA website.
