REAL ESTATE RELATED INFORMATION
1. URBAN REDEVELOPMENT AUTHORITY (URA) - Singapore's land use planning and conservation authority.
a. For sale transactions, you will be able to find key information such as (i) Tenure, (ii) Price, (iii) Area, (iv) $psf, (v) Floor level range and (vi) Date of Sale.
b. For rental transactions, you will be able to find key information such as (i) No. of Bedrooms, (ii) Floor area range and (iii) Lease Commencement Date.
2. URA SPACE - A centralised integrated map portal by URA to deliver location-based services and information.
In addition to transaction information, URA SPACE also provides information such as the Master Plan, which is useful in understanding future land use plans in Singapore and how they may affect you.
Other information that can be found includes Development Charges Rates, Plot Ratio, Building Height limit, Planning Decisions as well as the prices of land sold under the Government Land Sales (GLS) programme.
3. URA REAL ESTATE INFORMATION SYSTEM (REALIS) - comprehensive and detailed property data on the private residential and commercial and industrial property sectors in Singapore. Includes Timeseries, Transaction, Rental, Developers' Sales, Project and Stock databases. Subscription service by URA.
4. ONEMAP.SG - the authoritative national map of Singapore with the most detailed and timely updated information developed by the Singapore Land Authority. Street-level geospatial information, land ownership and tenure details amongst other information can be found here.
5. COUNCIL FOR ESTATE AGENCIES (CEA) - a statutory board under the Ministry of National Development (MND) with the mission of raising the professionalism of the real estate agency industry and safeguarding consumers interest. While CEA mainly deals with real estate agents, you can find various checklists and standardised agreement templates to use for your transactions thanks to an initiative by the Digitalised Property Transactions Workgroup (DPTWG).
Some of these templates can be found below, but for a more comprehensive list (covering HDBs and various Checklists), please click here.
6. PROPERTY PORTALS - the major property portals in Singapore where there are many property related reports, analysis and articles you can access for free.
DOCUMENTS REQUIRED FOR RENTALS
1. Letter of Intent (LOI) - preliminary agreement on key terms (i.e. if repainting or repair works needed to be done, if pets are allowed, rent amount, lease term etc...) between the prospective tenant and landlord before the TA is finalised. Usually comes with a Good Faith Deposit (GFD) equivalent to one month's rent and landlords are required to indicate acceptance of the LOI within 7 days.
Landlords will also usually not look for other prospective tenants once the LOI together with the GFD is received. Upon signing of the TA, the GFD gets converted to the first month's rent.
If subsequent to the acceptance of LOI and GFD, if the prospective tenant decides not to proceed with the lease, the landlord may forfeit the GFD. If the landlord decides not to proceed with the lease, or that the terms of the TA cannot be agreed upon between the landlord and prospective tenant, the landlord will return the GFD back to the prospective tenant.
2. Tenancy Agreement (TA) - document that states the terms and conditions of the lease that has been agreed by both the tenant and landlord. All rights and responsibilities of the tenants and landlords are also found in the document. An inventory listing all the fixtures and fittings of the property is also documented as an annex to the TA. The Security Deposit is usually one month's rent per year leased. For example, a two year lease will have two month's rent as it's Security Deposit.
3. Checklist for Lease of Residential Property for Compliance with the Immigration Act and Women’s Charter - New requirement from 7 August 2020
To show that landlords have done the proper checks on their tenants, and are reasonably satisfied the premises will not be used for prostitution-related activities.
*IMPORTANT*: Landlords will be guilty of an offence under the Women's Charter if they cannot prove they had performed "reasonable diligence" when screening tenants who are eventually guilty of prostitution-related offences. Convicted landlords could be jailed.
4. Certificate of Stamp Duty (CSD) - Stamping of the Tenancy Agreement.
Usually paid by the tenant and 0.4% of the total rental value, rounded down to the closest dollar. For more information, please refer to IRAS' website here.
For the rental procedure and process guide, please refer here.
DOCUMENTS REQUIRED FOR SALE/PURCHASE
1. OPTION TO PURCHASE (OTP) - an agreement between the buyer and seller of a property.
Key details contained in the OTP are (i) Particular of Vendor(s), (ii) Particulars of Purchaser(s), (iii) Details of the Property to be Sold, (iv) Sale Price, (v) Option Fee, (vi) Option Period, (vii) Manner of exercising the OTP, (viii) Conditions on when will the Option Fee be forfeited.
The seller grants the buyer an option to purchase the property based on the terms and conditions in the OTP for an option fee.
The option fee is typically 1% of the sale price and option period is typically 14 days. If the OTP is not exercised within the option period, the seller get to forfeit the option fee. During the option period, the seller is also not allowed to sell the property to anyone else.
To exercise the OTP, the buyer would usually have to sign the OTP and make payment for 5% to 10% of the sale price, less the option fee (i.e 4% to 9%).
The solicitors will take care of the rest, though it is market practice for completion to take place within 8 to 12 week from exercising of the option by the purchaser.
*NOTE*: For resale properties, usually SPA is not used.
For the sales procedure and process guide, please refer here.
2. SALE AND PURCHASE AGREEMENT (SPA) - a private contract between a developer and yourself when buying directly from a developer, where the project is still under development. Usually delivered to the buyer two weeks from when the OTP is exercised and has a three week period.
Key details contained in a SPA includes (i) Date of Vacant Possession, (ii) Specification of the Unit, (iii) Progressive Payment Schedule and (iv) Defect Liability Period
In Singapore, all SPAs are governed by the Housing Developers (Control and Licensing) Act.
*NOTE*: For resale properties, usually SPA is not used..
For the sales procedure and process guide, please refer here.