TERMINOLOGY

Build the sell

1. Build then Sell

• This concept requires that the developer builds and completes the building of the house before he can claim the full purchase price from a buyer

• Upon signing the Sale and Purchaser , he is allowed to collect only 10% of the purchase price

• The balance amounting to 90% is collected after notice of delivery of vacant possession supported with a certificate of fitness

1. Sell then build

• After receiving the first 10% of the purchase price upon signing the agreement, the developer then bills for progressive payments according to the stages of completion of the house.

1. Bridging Loan

• A loan given by financier to the developer to fund the cost of developing a housing project

1. Chargee

• The bank or any other body to whom the property is charged as security ( usually for a loan)

1. Parcel

• A parcel is defined under the Strata Title Act as a unit in a subdivided building .

• In partical terms it refers to an apartment , a flat or a condominium ; which constitute a unit of property within a building.

• Such property is called a ‘parcel’ because it represents a parcel of air space above the ground where the boundaries is defined by the four wall , the floor, and the ceiling, the earth and land being totally excluded.

1. Titles

• Block Titles : refers to the title that has a block of building constructed on it , usually building that has been constructed on t would be condominium or apartment

• Separate or Individual Title : it is the title that is issued for the individual lot of land with a building erected or to be erected on it

• It is effectively the Issue Document of Title issued in respect of each individual lot in the property

• Issue Document of Title: title prepared by the land office and issued to the proprietor of the property