HOT TOPIC choice to design and build your own house if you buy a readily available bungalow lot.
BUYER’ S MARKET This happens when a majority of people are wanting to sell their properties but the number of buyers is relatively low.
C
CAPITAL APPRECIATION or GAIN Capital appreciation is the increase in property value due to market conditions or supply and demand, etc.
CAPITAL GAIN Capital gain is the positive gain made from the sale of a capital asset.
CAVEAT A legal notice that prevents the re-selling, re-charge, or any other act by any other interest or potential buyers.
CERTIFICATE OF FITNESS( CF) CF is a certificate that allows you to move in after a property has been inspected for safety for human occupation.
COMMERCIAL PROPERTY Properties such as malls, offices, etc., that are mainly used for business purposes.
COMMISSION Remuneration of a REA or REN for service rendered.
CONDOMINIUM Condominiums or condos, usually have extra facilities than apartments like a swimming pool, gym, clubhouse, CCTV, sauna, etc. They are owned jointly by unit owners and are subject to the rules and regulations of the condominium.
D
DEED OF ASSIGNMENT A legal document initiated to assign title, rights, and interest where the title is not yet issued to the property.
DEFAULT Monthly instalments or interest payments that are due or that has not been paid.
DEFECTS LIABILITY PERIOD Is a set period of time that a contractor must return to a site after construction project has been duly completed to do repairs.
DEPOSIT A sum to be paid as an assurance that upon vacating the premises, the tenant will not breach the conditions of tenancy and will leave the property in a state of good repair and order.
DETACHED The same as a bungalow, detached is a term used to describe a property that stands alone.
DEVELOPMENT A newly built or older property which has been refurbished and modernised.
DEVELOPER A person or company that arranges for new buildings to be built, and buys, sells and improves buildings and land. You buy new developments directly from developers upon viewing the plan or show units.
DISBURSEMENT FEES Various types of fees that were incurred by banks and lawyers such as the registration of charge fee, land search fee, bankruptcy search fee in relation to the financing loan. The borrower pays the fees.
DISPOSABLE INCOME The amount of money that’ s left after all expenses, including taxes, have been paid for.
DOCUMENTATION FEE This fee is to pay for the preparation of agreements, forms and other documents that are connected to the loan.
DOWN PAYMENT This is the first payment you make when you buy a property and is usually 10 % of the cost.
E
EXIT STRATEGY A planned approach to terminating a situation in a way that will minimise damage or maximise benefit.
F
FIRST RIGHT OF REFUSAL A contractual right that requires the owner of a property to give a person the opportunity to buy or rent the said property according to specified terms before offering it to someone else
FIXTURES & FITTINGS Non-structural items included in the property, such as lights, furniture, kitchen units, built-in cabinets, etc.
FINANCIAL INSTITUTIONS All commercial banks and finance companies licensed under BAFIA 1989 and Islamic banks licensed under the Islamic Banking Act 1983.
FREEHOLD It means any estate that is“ free from hold”. There is no time limit and the freehold land stays with the title holder until it is transferred to someone else. However, only environmental and town planning controllers limit freehold developments.
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