Lim and Kate’s Apartment Purchase Case Study Assignment 2, Singapore

Assignment Brief (100 marks)

Individual Assignment

Lim and Kate intend to buy an apartment on the West Coast for $450,000. They have agreed that Kate will pay $75,000 as a deposit, and Lim will take out a mortgage in his name for the remaining $375,000. Lim has convinced Kate that it is better if the property is registered solely in his name.

Advise Lim and Kate based on the following circumstances:

a. Kate wants to understand the differences between joint tenants and tenants in common.

b. Kate has promised to pay the mortgage payments and maintain the property once she moves in. Can she assert her rights in the property through equity by way of a resulting trust or a constructive trust?

c. Assuming that the apartment is registered in Lim’s sole name, can Kate live in the property as a licensee? What type of license will she have?

d. Lim and Kate would like to know if the bank has the right to take possession of the property if they default on the mortgage payments.

Word Count Limit – 2000 words (+/- 10%)