Terms You Should Know Before Buying Properties

Welcome to the exciting world of purchasing property! Learn all the terms you need to know for making an informed decision about your new home purchase.

As you begin exploring real estate, one thing that may be daunting can be all the jargon often used within it. Without understanding some of these terms, scams could occur because you won’t know their meaning.

The Continuum was built through an exciting collaboration with Hoi Hup Realty and Sunway and established in Singapore in 1983. Since that time, their property developer team has developed extensive expertise in various real estate fields. Over the last four years they have also actively acquired properties through government land sales as well as through an en bloc exercise.

Hoi Hup Realty have completed several developments prior to The Continuum Condo. They include Waterford Residence, The Continuum Showflat, Sophia Hills at Mount Sophia, Whitley Residences and Terra Hill at Pasir Panjang.

CSC

CSC stands for “Certificate of Statutory Completion”. This document serves to verify that your building meets all legally mandated requirements (safety construction design and other). Usually issued by the Commissioner of Building Control upon receiving Temporary Occupancy Permit (TOP).

Downpayment

A down payment is the initial sum you must put down when purchasing a house, representing the balance that your bank will lend you for purchase. Usually made via cash payments and CPF savings accounts.

En-bloc

En-bloc or collective sale involves owners selling their private homes to a developer for redevelopment in bulk. A minimum 80% strata title share must be sold prior to proceeding with this sale; developers often opt for this route over Government Land Sales due to limited supply.

Freehold

When your home is freehold or estate in fee simple, its owner is entitled to keep ownership forever.

Leasehold

Leasehold properties offer less security; only part of their right to live there for an agreed-upon time (such as 99 or even 999 years). At the end of that lease term… the land reverts back to government ownership; that topic deserves its own discussion!

LTV

LTV (Loan to Value) measures the sum you can borrow to finance a mortgage on a home (known as its “mortgage quantum”) relative to its appraised valuation. LTV is among the factors banks use when assessing whether an applicant qualifies for an mortgage loan.

MOP

An HDB flat buyer must remain in their property for five years prior to being allowed to sell (at this point in time it was five).

OTP

An option to purchase (OTP) is granted from the property owner to prospective buyers in exchange for payment during a specified time. In order to fulfill this option, buyers must buy it during this period in order for it to become valid and legally binding.

Plot Ratio

A plot ratio measures the space devoted to structures on any given plot divided by its total area; this provides an idea of how much real estate development there has been on a particular piece of land.

$psf

$/psf is an often-heard real estate search term and refers to “Per Square Foot”, which measures an area. $/psf measures how much an entire property costs per area in square feet.

SIBOR

SIBOR stands for Singapore Interbank Offered Rate and it serves as a daily reference rate that measures interest rates banks can offer other banks when lending unsecure funds to them, similar to international standard LIBOR (London Interbank Offered Rate). What impact will it have on you? Banks forced to increase lending interest rates will ultimately raise home loan interest rates too; as everyone needs income regardless of economic performance.

Strata title

Strata can be defined as an ownership structure in which multiple individuals own condos or apartment blocks together as one group – that is, ownership is divided evenly among all members of the group as opposed to being held individually as it would be with land ownership (over an entire area).

TOP

Top A permit from the Commissioner of Building Control that authorizes tenants and owners to reside in a building when certain conditions have been fulfilled is essential to living there. I can assist in the buying process, however if any confusion or frustration with terms exists for you – don’t worry… You are now ready to get your home!

Subscribe

spot_imgspot_img

Social On

1,000FansLike
1,000FollowersFollow
1,000FollowersFollow

Subscribe

Popular Articles

The Hazards of Electrical Fires

In a number of our earlier electric security articles...

What is microcement? What are the uses, types, applications, and benefits of microcement?

Microcement festfloor, a decorative coating made of cement, water-based...

Ready to Sell Your House Fast? Take a Look at Your Options

Saying to yourself, “I just want to sell the...

The Way to Select The Fantastic Plunger

So, the Trick to utilizing a plunger Is Quite...

Tips to Get Best Property Prices in Norwich 

When you are set and ready to own your...
spot_imgspot_img

Related Articles

Twiford Funeral Home: Honoring Lives with Compassionate Care

When the final curtain falls, and we bid farewell to a loved one, the weight of loss can be crushing. It's a time when...

The Charm of Indian Sandstone Paving: Beauty Beneath Your Feet

Ever walked on a patio and thought, "Hey, what's the story behind these beautiful stones under my feet?" Well, if that patio had a...

The Intricate Psychology of Home Staging: Unveiling the Secrets

Ever walked into a house and felt an immediate connection? Like the space was calling out to you, urging you to make it your...

How Does Trenchless Sewer Pipe Repair Work?

As soon as you discover that you need sewer pipe repairs, it can be daunting. Repairs could require dismantling much of your property; but...

Maximizing Retirement Income with SSAS Pension Investments in the UK

As retirement planning becomes increasingly important, individuals in the UK are exploring various avenues to secure a comfortable post-work life. One investment option gaining...

Tips for Effective Septic Tank Maintenance

Septic systems are used to ensure the safe disposal of household waste generated by households, located beneath the earth. A septic tank can be...

Requirements for Growing Papaya Tree

Location Papaya tree require ample sunlight to maximize their photosynthetic rate, so it's impossible to grow them without adequate illumination. When selecting where to plant...

These are the best DIY tree trimming tips from arborists

DIY Tree Trimming Tips For your own safety, the safety of others and the health of your tree, we recommend that you call a professional....

When is the best time to trim your trees?

When is the best time to trim your trees? We are often asked by arborists when to trim our trees. We know that the answer...