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R |
|
| Rates |
Are
taxes imposed by local Government based on annual value of
property |
| Real
property |
Property
is traditionally divided in real property, comprising of
interests in land (excepting leasehold interests), and
personal property. |
| Real
property gains tax |
A
tax charged on capital gains realised from the disposal of
real property and shares in real property companies within
five years from the date of acquisition.
The tax varies from 5% to 30% |
| Realty |
see
(Real property). |
| Reddendum |
A
clause in a lease specifying the rent. [Latin: that which is
to be rendered.] |
| Register
document of title |
Main
document evidencing title which is permanently kept at the
Registry of Land Titles or Land Office |
| Registry
title |
Title
for lands under the jurisdiction of the Registry of Land
Titles. Registry Titles cover town and village lands and
agricultural lands of more than 10 acres. |
| Rent |
Payment
by the lessee to the lessor for the right to exclusive
possession of premises for a period. |
| Rent
control |
A
measure to freeze rent and provide security of tenure to
tenants. Rent
control is being phased out. |
| Requisitions |
In
a transaction for sale of find, written questions addressed
to (he vendor's solicitor by the purchaser's solicitor |
| Residual
Method |
A
valuation method used for properties with development
potential |
| Restrictions
in interest |
Limitations
which are imposed on the powers of a proprietor |
| Right
of way |
A
right of passage over another's land. |
|
S |
|
| Search |
An
examination of public registers to verify title |
| Servient
tenement |
Land
subject to an easement |
| Share
value |
Represents
the proportionate share entitlement assigned to each strata
unit. It
determines voting rights, share in common property and
contributions levied by the Management Corporation. |
| Sole
agency |
An
arrangement whereby a single agent is appointed to dispose
of the owner's property, with the owner reserving the right
to do so himself without paying any commission to the agent. |
| Specific
performance |
An
equitable remedy to compel the strict performance of a
contract. |
| Stakeholder |
the
purchaser's deposit is held by the vendor's solicitor as
"stakeholder", i.e. as trustee for both vendor and
purchaser. Upon
completion, the solicitor releases the money to the vendor. |
| Stamp
duty |
A
tax imposed on various instruments (on which a stamp is
impressed or fixed |
| Statute |
An
act of parliament; parliamentary legislation. |
| Statute-barred |
When
legal action cannot be commenced because of the expiry of a
time limit fixed by law. |
| Strata
roll |
A
register of strata unit owners maintained by the Management
Corporation of a development. |
| Strata
scheme |
A
statutory scheme under which a building together with its
land is subdivided into lots, or lots and common property;
the lots, or units, having separate title, and the common
property being used by the occupiers of the lots but owned
by the body corporate |
| Strata
title |
A
title to a unit under a strata scheme |
| Structure
Plan |
Formulates
the policy and general proposals of the local planning
authority for the development and use of land in the area |
| Subject
to contract |
A
clause spelling out the intention of the two parties in any
document that a formal contract will be entered into at a
later stage; an agreement made "Subject to
contract" is generally not binding |
| Sublease |
The
lease of premises by a tenant to someone else. |
| Subordinate
legislation |
Rules,
regulation etc. of' an essentially subsidiary or procedural
nature. |
| Subsidiary
proprietor |
Owner
of a unit in a strata subdivided development |
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