Tuesday, 20 August 2013

Language - FreeHold

The largest interest any person can own is an estate in fee simple, which is commonly called "Freehold"

The two forms of freehold estates in Singapore:

1)Estate in fee simple aka Grant-In-Fee-Simple (GFS),Grant or Indenture -absolute freehold estate; no need to pay ground rent or quit rent except statutory charges eg. Property Tax.

2)Estate in perpetuity aka Statutory Grant (SLG) - freehold but subject to implied terms and conditions under State Land Act eg. right of gov't to have free access to land, take mineral oil etc; implied duty by freeholder to maintain boundary marks; need to pay a nminal ground rent or quit rent of $12pa without demand to the state(waived since 1 jan 1992)

(Updated since 20/08/2013)