Continuing what we left off from the previous post, here goes.
Please note that this is part 3 of 4 series of property terms.
- GST (Goods and Services Tax) – is a tax for sale and lease of properties (except residential).
- URA (Urban Redevelopment Authority) – it is a planning authority for national lands of Singapore. You will hear these in many local area’s short and long term plan.
- HDB (Housing & Development Board) – it is the public housing authority in Singapore.
- SLA (Singapore Land Authority) – Is a government body that responsible for land and building management, as well as land sales.
- Condo – Another word for a condominium. Let’s just say it is a more premium and private in comparison to HDB flat.
- LOI (Letter of Intent) – is a written offer from a landlord to a tenant. Which cover most of the agreements like rent, duration and commencement date (to name a few).
- Funds Payable – Amount that you need to pay.
- Diplomatic Clause – When a tenant wants to terminate his/her tenancy, he/she is obliged to let the owner an early notice. Usually 30 days before. Usually, this will be written in Tenancy Agreement.
- Tenancy Agreement – It is an agreement with the name of landlord and tenant. Which cover things like payment, agreeable terms, expected period of stay, what to do and don’t, etc.
- Security Deposit – Is the amount of money you need to put in advance (usually 1 month of rent) that act as a security deposit. You can choose if you want to use this money for your final month or a refund.
- Proof of Immigration Status – Most of the time you will need to provide proof to the landlord that you are a legal citizens / expat in Singapore. These will include things like passport, employment pass, birth certificate, green card, employment letters, or naturalization certificate.
- Partly Furnished – You will be given half of the necessities.
- Fully Furnished – You will be given full of the necessities.
- 2+1 – Stand for 2 bedrooms and 1 study room.
- 4+1 – Stand for 4 bedrooms and 1 study room (generally located in a premium area).
- Level 1 – Usually referred to the ground floor of a building.
- Semi – When there are 2 places that joined together with walls as their separator.
- Shop House – A type of accommodation or place where the bottom floor (ground) is used for shop and the upper floors for living space. The maximum floors are usually 3.
Continue to part 4