Annual Value (AV): This is used as the basis to compute property tax for properties in Singapore. The tax rate for owner-occupied residential properties is
4 per cent a year. The tax rate for all other properties is 10per cent.
AV is the gross annual rental value that a property is expected to fetch when rented out, less what the landlord pays for expenses related to repairs and maintenance.
Caveat: A document that any person who claims to have an interest in the property may lodge against the title of property at the Registry of Land Titles.
Caveat emptor: Latin for 'buyer beware'. It is a legal term meaning the risk in a transaction rests with the buyer, unless specifically stated otherwise or unless fraud or deception can be proven. Most countries now have strict laws protecting buyers from shoddy workmanship, finish and quality.
Cluster housing: Cluster housing is a hybrid development that combines conventional housing with the features of condominium housing, with strata titles, shared facilities such as swimming pools, landscaped gardens and other amenities. The buildings should not exceed four storeys.
Common property: Any premises not included in the strata lot but within the strata-titled development. Examples of common property include communal facilities such as the swimming pool and clubhouse, as well as areas like lift lobbies and staircases.
Detached houses/bungalow: A type of landed housing that comprises a detached dwelling house, usually not more than three storeys high. The minimum plot size is 400 sq m and the frontage is 10m.
Management corporation or MCST: A body established under the Land Titles (Strata) Act that consists of all the owners of the units in a strata-titled development. The management corporation owns, controls and manages the common property.
Plot ratio: Plot ratio determines the maximum gross floor area (GFA) allowable on a plot of land. A plot ratio of two means that the GFA allowable is two times the site's area.
Townhouse: A residential building designed as a single dwelling house unit on the ground level, and forming part of a row of no fewer than three residential units with common ownership of land.
Vacant possession: Vacant possession is delivered when the buyer is allowed to use the property immediately without anyone else still living in it or using it.
Source: Jones Lang Lasalle
Source: Sunday Times, 12 July 2009