Some of the Property Terms That You Should Know (Part 4)

Property Posted on April 3, 2016

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

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

Part 1 | Part 2 | Part 3 | Part 4

  • 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.