Real estate laws vary from one country or state to another. In Singapore, it is regulated by the government and it may be changed as necessary. When buying a property from the real estate industry, you must be able to be knowledgeable of these laws and keep yourself updated about them so that you won’t be able to encounter various problems that pertain to its ownership.
What the Real Estate Law is about
• Real Estate Property
Rules and regulations governing real estate property are sated in Singapore’s real estate law. It stipulates how the property should be used, bought, and sold accordingly. It will state the definitions of the terms you will encounter as you go along through the various articles found in the act. It will illustrate the procedures on the buying and selling of the property. Licenses and certification procedures will also be stated for those who are real estate agents and brokers.
• Usage of Property and Contracts
The contracts used in real estate and the manner in which the property is used are stipulated in the real estate law. These things will be advised to you by real estate attorneys as you buy or sell a property. This ensures the efficiency of the transactions wherein an agreement shall be arrived at before the final transactions are done. Attorneys are responsible for notarizing contracts and tracking down the titles of the property, as well as information that neither of the parties is aware of. They serve as a guide from the beginning up to the end of the transaction making sure everybody’s getting their part of the bargain. Attorneys are also the ones who will provide information about insurances, property taxes, and regulations on the property. Basically, they are the ones who will ensure that the transactions of their clients are within the boundaries of the law.
• Ownership and Relationships
The real estate law serves as a protection for both the tenant and the lessee. It stipulates the ownership and the relationship between the people involved in the transaction. It contains the rights and responsibilities of the landlords and tenants to ensure that there is fairness in their relationship. It regulates the rules of hybrid ownership, such as cooperatives, and establishes guidelines on how businesses can operate. Aside from that, the real estate law also stipulates the circumstances wherein the government will take away the property from the owner. This will be done through a legal process that is also stipulated in the law.