What two kinds of ownership do condo owners have?
In its modern usage, condominium refers to a form of housing involving two elements of ownership. The first is the living space itself, which may be held in common, in joint tenancy, or in any other form of ownership.
What is perpetual ownership in condominium?
Perpetual Ownership means you have every right a condominium unit owner is entitled to as provided in the Condominium Act in the above post; you have full ownership rights to your own unit(s) and a proportionate share of ownership to all the common areas of the building and the land itself where your condo is built on.
What type of ownership does a condominium owner hold?
Condominium: The seller owns the interior of a unit but shares an ownership interest in the land and common areas with other owners in the building. Fee Simple: This is a fancy way of saying the seller owns the entire home and the land beneath it.
How is title to a condominium unit transferred?
By far the most popular form of common ownership is the condominium. Condominium units can be bought and sold individually, each transferred with a separate deed and subject to a separate mortgage, as would be the case if each were a separate single-family home.
Does condo unit have title?
The Condominium Certificate of Title is a documented proof of a person’s ownership over a condominium unit, and is usually issued by the Land Registration Authority.
Is condominium a private property?
A condo is a form of private housing whereby individual portions of this land is owned by different owners. Aside from individually owned apartment units, there are common facilities shared by all unit owners such as the hallway, elevator, lobby and exterior areas like swimming pool, garden and gym.
Can 2 singles buy EC?
An EC is hybrid of high end public housing and private property. Since a new EC can only be purchased by two singles under the JSS (but not a sole single person), both of you will be registered as owners and will not have issues where only one person is reflected as the owner.
Is EC cheaper than private condo?
EC is price relatively cheaper than private condo because of the many criteria imposed by HDB on EC purchases. Price could be as much as 20% lower. And to add to this, EC Buyers can get a grant from HDB, if they are first time applicants to EC, this makes buying EC more affordable.
Can I buy private property if I own EC?
You are eligible to purchase resale EC even though you own a private property. After attaining its MOP, SC or SPR are eligible to purchase resale EC as they considered “private property” (foreigners are only eligible after privatisation).
Can I keep HDB and buy EC?
You can purchase either and still keep your HDB. However if you choose to purchase a BRAND NEW EC, then NO, you will have to sell your HDB within 6 months of collection of your keys to your BRAND NEW EC.
Can I rent out my resale EC?
A resale EC (EC that met MOP) is considered a private property to SC & SPR. All restrictions imposed on buyer by HDB are lifted. Therefore, the answer is ‘Yes’. Your resale EC will be considered a private property for citizens and PR likewise so you can rent it out.
How much does EC cost?
Additional Costs: Beyond the purchase price, you need to pay legal fees of about $2,000 and valuation fees of about $200 for a new EC. There is also the Buyer Stamp Duty, which is 3% of the purchase price or 4% if purchase price is above $1 million.
What is the difference between EC and condo?
The biggest difference between a regular condo and an EC comes in the first 11 years. During this time, ECs count as HDB properties – they are subject to the Minimum Occupancy Period (MOP) of five years. You can’t sell or rent out your EC during this time. If you purchase an EC, it’s a bit cheaper than a regular condo.
Can a divorcee buy EC?
An EC is similar to private condominiums in terms of facilities and amenities, but priced about 60-70% lower than the price of a condominium nearby. Divorcees are able to purchase an Executive Condominium under the “public scheme” with children under legal custody, care and control.
How much does a 3 bedroom EC cost?
And a 3-Bedroom Premium (1,001 – 1,098 SQFT) Executive Condo in the same estate, The Criterion EC, is selling between $740,800 and $836,000. By comparison, the price of an Executive Condo is easily 2 to 3 times that of a BTO.
Who can buy EC after 5 years?
There are also differences between resale ECs of different ages; an EC that is five years old or less can only be sold to Singaporeans and Permanent Residents while an EC in its eleventh year or more can be sold to everyone including foreigners and companies.
Do I need to pay cash for resale flat?
The main payments you need to make for a resale flat purchase are as follows: Deposit to flat seller (option fee and deposit) Cash payment for balance purchase price (if applicable)
How much do you have to earn to afford EC?
Executive condo (EC) — best for the “sandwich class”, eventually becomes private
| Buying an executive condominium | |
|---|---|
| Pros | Cons |
| 25% to 35% cheaper than private condos | Income ceiling of $16,000 |
| Eligible for CPF housing grants | Must qualify under one of the HDB eligibility schemes |
When can I sell my executive condo?
You can sell off your EC after 5 years. But after selling, it does not make sense for you to buy a private condo and a HDB resale flat. If you buy a private condo and then a HDB resale flat, you are required to sell off this condo within 6 months after the completion of your HDB resale flat.
Can I own EC and condo?
You are eligible to purchase a condo provided you have fulfilled the minimum occupation period of 5 years for your new EC (directly from developer). Yes if you have fulfil 5 years MOP, you can purchase another condo. However, if you have an outstanding home loan, your 2nd loan will only be for up to 50%.