Some of the Property Terms That You Should Know (Part 3)

Property Posted on April 3, 2016

Continuing what we left off from the previous post, here goes.

Please note that this is part 3 of 4 series of property terms.

Part 1 | Part 2 | Part 3 | Part 4

  • 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