Continuing what we left off from the previous post, here goes.
Please note that this is part 4 of 4 series of property terms.
- Fogging – It is a term for mosquito prevention technique, usually conducted to control mosquito spreads in residential places.
- Pest Control – Service that aids homeowners from insects and keeping the home healthy.
- Neg (negotiable) – It means that you can haggle the amount lower.
- TOP (Temporary Occupation Permit) – An approval document that marks the date when owners or tenants are permitted to stay in a property.
- PSF (Price per Square Foot) – The price of the property divided by the land area.
- Leasehold – Is a tenure which held by a lessee under a lease conducted.
- Freehold – A form of tenure where the estate is being held for life.
- Stamp Duty – Fees chargeable to the government after a successful property transaction.
- CSC (Certificate of Statutory Completion) – Indicate that a particular building has been completed in accordance with all regulations.
- Foreclosure – It is when a court determine that a party default in a property mortgage, followed by seizing the right of the property.
- Default – When a party has not met their obligations to pay the mortgage, debt, or loan. Either on an unwilling basis or unable to do so.
- Fixtures – Personal property that has become attached to a property and naturally becomes part of the property. e.g. escalator.
- CMA (Competitive Market Analysis) – Is a report on the market value of a property in comparison to others in the current market.
- Restricted Property – Where you need to have approval from relevant authority before making a purchase.
- Non-restricted Property : Where you do not need to have approval from relevant authority before making a purchase.
- Property Tenure – States the time of which the owner of the property has the legal right to use. it is usually set to 99 years from the date of construction.
- Bankruptcy Search – A background check whether a buyer / borrower has / been / is or is about to be declared bankrupt.