Singapore Property Guide For Beginners Part 4: Know Your ...

The real-estate market has its own jargon and acronyms that may be confusing to the newbie. No fear, the terms below will cover the most generally used language you'll hear when people talk about the market, and will face if you're buying a property.

CSC

The Certificate of Statutory Completion (CSC) is issued by the Commissioner of Building Control once the building works have been finished and all needs have been gone along with. It involves legal completion and is usually specified after the Brief Occupation Permit is issued.

Downpayment

This is the initial upfront portion of the total amount due when you buy a place. The downpayment can generally be paid in part in notes and in part using your CPF.

Enbloc

Enbloc is the combined sales of a bunch of owners of separate units in a personal residential or commercial building. Units sold in an enbloc sale sometimes get bigger price versus what the market price would be, as the developer needs to offer a premium to persuade all of the owners to sell.

Freehold

Freehold is a kind of property tenure where you own the property for an indefinite period of time.

Leasehold

Leasehold is a form of property reign where one party buys the right to absorb land or a building for a given period of time. Frequent lengths of the lease for home property are 99 years and 999 years.

LTV

Loan To Value (LTV) is the mortgage quantum divided by the total appraised cost of authentic property. LTV is one of the risk factors that banks assess when certifying borrowers for a mortgage.

OTP

The Option To Purchase (OTP) is a right given by the seller of a property to a customer to buy the property at a specified price within a mentioned period of time (the validity period of the choice). The purchaser must shell out a booking fee to obtain this right, and has to exercise the OTP inside its validity period if he decides to purchase the property.

MOP

The Minimum Occupation Period (MOP) is the period of time a buyer of an HDB flat has to remain in it before he can sell it.

Plot proportion

The plot ratio is the total sheltered area on all floors of all buildings on a definite plot divided by the area of the plot. The plot ratio informs the density of the development on that piece of land.

PSF

Per Square Foot is a unit of measurement of area, and $/psf is the total cost of the property divided by the land area (in sq. feet).

SIBOR

The Singapore Interbank Offered Rate (SIBOR) is a daily reference rate based totally on the IRs at which banks offer to loan unsecured funds to other banks in the Singapore wholesale cash market (or interbank market). It is comparable to the globally used LIBOR (London Interbank Offered Rate).

Strata title

Strata title is a kind of ownership often used for loft blocks or condominiums. Typically a project is divided into lots (units or residences), and each lot will have a share of the complete project. This is distinct from landed property where typically the owner will have title to the land.

TOP

A building can only be occupied by the owner or renters when it receives the Transient Occupation Permit (TOP), which is granted by the Commissioner of Building Control once certain wants are met.

Hope that you enjoyed reading this Singapore property market article!

Propwise.sg, a top Singapore property blog, is dedicated to helping you understand the real estate market and make better decisions. Visit us to read more Singapore property market articles.

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Source: http://southjerseyrealestateagent.com/?p=8705

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