MoneySmart Travel Insurance Lucky Draw Winners 2023
June 28, 2023
Discover the answers to your queries here
The glossary serves to provide you with the definition of the keywords you usually see within the industry’s contracts/T&Cs and sometimes within the financial market too.
This commonly visited section can assist you in understanding terms specific that are attuned to the nuances of the real estate world.
- Accrued interest (应计利息)Accrued interest is simply the amount we would have received in interest returns on our CPF OA funds if we didn’t use it to pay for our homes. Source : dollarsandsense.sg Read More
- Additional Buyer Stamp Duties / ABSD (额外的买方印花税)ADDITIONAL BUYER’S STAMP DUTY Depending on your residency status and how many residential properties you already own in Singapore, you may also need to pay ABSD when buying(…) Read More
- Adjudication (裁决)When you seek the opinion of the Commissioner of Stamp Duties on the Stamp Duty amount, you are making an application for adjudication. Source : IRAS Read More
- Administrator (遗嘱认证书管理员)These Letters of Administration serve as a court order authorising a person to be appointed as the administrator to administer the estate and distribute the assets in(…) Read More
- As is Where is (所见所得)The “as is where is” clause stems from an English legal doctrine known as the “caveat emptor” rule which is now part of Singapore law. Source : singaporelegaladvice.com Read More
- Basic Retirement Sum / BRS (基本存款) Basic Retirement Sum (BRS) stands at $88,000 as of 2019. If CPF members own a property with remaining lease that can last them to at least 95 years old(…) Read More
- Build to Order / BTO (预购组屋)On 15 April 2001, the Housing Development Board (HDB) launched its pilot Built-To-Order system (BTO) as the mode of sale for its new flats. The pilot scheme involved 2,500(…) Read More
- Building Under Construction / BUC (尚在建造中私宅项目)These are condos that have yet to receive their Temporary Occupancy Permit (TOP). In short, they are not constructed yet; when you are looking at the condo, you will be(…) Read More
- Building Under Construction Loan (正在建设的屋子的贷款)Unlike a loan for a completed property which is 100% disbursed at one time, a BUC loan has a progressive disbursement schedule. In other words, a certain percentage of the(…) Read More
- Buyer Stamp Duty / BSD (买家印花税)BUYER’S STAMP DUTY BSD is payable on all property you buy in Singapore. The amount of BSD to be paid is based on: The purchase price of the property, as stated in the(…) Read More
- Caveat (买卖禁令)A caveat is a legal document lodged with the Singapore Land Authority by a person with an interest in land or property. Frequently, it is lodged by a purchaser to protect his(…) Read More
- Commisioner for Oaths ( 宣誓官)A Commissioner for Oaths, as the name suggests, primarily administers oaths or affirmations to a person making an affidavit, statutory declaration or other legal document,(…) Read More
- Controller of Housing (房屋总监)The Minister may, by notification in the Gazette, appoint a public officer or an officer of a public authority to be the Controller of Housing for the purposes of the act for(…) Read More
- Conveyancing AccountAs of I August 2011. law firms will not be allowed to hold any conveyancing monies in their client account. Instead, law firms will receive and hold all conveyancing monies(…) Read More
- Decoupling (房产脱钩)In general, decoupling is allowed on the private residential property without much restriction. A case where decoupling may not be allowed is when one of the parties is going(…) Read More
- Decree Nisi Absolute (离婚最终判决)You must wait until the Court has dealt with all the ancillary matters in your divorce, or for three months, whichever is later, before you can apply for a Certificate of(…) Read More
- Decree Nisi (离婚中期判决)The decree nisi is a provisional decree of divorce pronounced when the court is satisfied that a person has met the legal and procedural requirements to obtain a divorce.(…) Read More
- Defects Liability Period (免费维修期)Defects Liability Period The developer is obliged to rectify any defect in the unit, the common property or the housing project which becomes apparent within a period of 12(…) Read More
- Deferred Payment Scheme (延迟付款计划)The DPS enables buyers to first pay a down payment to own a unit. Thispayment is a small percentage of the unit’s purchase price, with the balance deferred to a later date,(…) Read More
- Design, Build and Sell Scheme / DBSS (私人发展商设计、兴建和销售政策)Design, Build and Sell Scheme (abbreviation: DBSS) was introduced by the Housing and Development Board in 2005. Flats built under the scheme were meant for public housing and(…) Read More
- Developer’s Project Account (发展商项目帐户)A licensed housing developer shall deposit any loan for the construction of a building project into the Project Account of the building project. Source: AGC Read More
- E-Notice of Transfer (电子转移通知)Lawyers generally submit the Notice of Transfer on behalf of the seller/transferor of the property using the online service "Update Property Ownership" provided by IRAS. From(…) Read More
- e-Stamping (电子交付印花税)E-Stamping is a computer-based application and a secured way of paying non-judicial stamp duty to the government. The prevailing system of physical stamp paper/franking is(…) Read More
- En-bloc Sale (集体出售)Refers to the sale of all the units within a housing development to a single party or a consortium/joint venture, who has the intention to redevelop the site into a new(…) Read More
- Estate Agency Agreement (地产代理公司与属下经纪的协约)A prescribed estate agency agreement is more than just a commission agreement. It is a binding contract between you and your property agency/agent for the performance of(…) Read More
- Ethnic Integration Policy (HDB) (种族融合政策)Ethnic Integration Policy is implemented – Singapore History. The Ethnic Integration Policy was implemented on 1 March 1989 to promote racial integrationand harmony in(…) Read More
- Executive Condominium / EC (执行共管公寓)A new type of housing introduced by the government in 1995 to meet the housing aspirations of the growing number of graduates and young professionals. It is a strata-titled(…) Read More
- Executor (遗嘱执行人)A person or institution appointed by a testator to carry out the terms of their will. Source: Singapore Legal Advice Read More
- Family Nucleus (家庭核心)Type of Family Nucleus: Nuclear family refers to either: (i) a married couple with or without children; or (ii) a family consisting of immediate related members, without the(…) Read More
- Final Judgement (终审判决)A final judgment, granted at the end of the second stage of divorce, proves that a marriage has been dissolved. This is after, all ancillary matters such as child custody,(…) Read More
- Fire Insurance (防火保险)Without an outstanding loan, fire insurance is optional for property owners. The HDB does not require home owners to buy fire insurance if the HDB loan is fully paid. Still,(…) Read More
- Fixed Rate (固定利率)The interest rate on such loans is fixed for a set period, during which charges are often imposed for early redemption. Being protected against interest rate increases allows(…) Read More
- Floor Plan (楼面平面图)A floor plan is a drawing to scale, showing a view from above, of the relationships between rooms, spaces, traffic patterns, and other physical features at one level of a(…) Read More
- Foundation Works (地基工程)It means that part of a construction immediately below the footings of a building, which is in direct contact with, and through which the weight of a building is transmitted(…) Read More
- Freehold (永久业权财产)A freehold property involves a permanent change in ownership of land or a building that is not time-sensitive and will not revert to another owner unless a new sale is(…) Read More
- Full Redemption / Fully Redeem (还清贷款)When you mortgage your asset to a mortgagee (typically a bank), the ownership of the asset is transferred over to the mortgagee as a form of security for a loan. However, you(…) Read More
- HDB Loan Eligibility (HLE) Letter (建屋与发展局贷款合格书)The HLE letter provides prior information on flat buyers’ loan eligibility quantum and monthly instalment to ensure that flat buyers are able to pay for their home and(…) Read More
- Home Protection Scheme (HDB) (房产贷款保险)The Home Protection Scheme (HPS) is a mortgage reducing insurance which insures CPF members and their families against losing their homes should members become physically /(…) Read More
- In-principal approval / IPA (原则批准)In-principal approval is an approved loan amount given by the Bank based on the credit report and affordability of the borrower. It is not a binding document and is subject(…) Read More
- Inland Revenue Authority ofSingapore / IRAS (国内税务局)The Inland Revenue Authority of Singapore (IRAS) is the main tax administrator to the Government. IRAS collects taxes that account for about 70% of the Government’s Operating(…) Read More
- Integrated Land Information Services / INLIS (国内税务局)INLIS is a service of the Singapore Land Authority (SLA) providing property information conveniently via the Internet. Source: SLA Read More
- Intent to Buy (购买意向)The Intent to Buy replaces the Resale Checklist, which was used prior to 1 January 2018. Like the Resale Checklist, registering your Intent to Buy lets HDB assess your(…) Read More
- Intent to Sell (销售意向)If you intend to sell an HDB Resale flat, you must register your Intent to Sell with HDB at least 7 days BEFORE you grant an Option to Purchase to a buyer. Your resale(…) Read More
- Intestate Succession Act (无遗嘱继承法令)In the absence of a will, your estate will be distributed in accordance to Singapore’s Intestate Succession Act. This does not apply if you are of Islamic faith. According to(…) Read More
- Joint Tenancy (共同租户契约 / 联名拥有)This is a term that describes joint ownership of a property by two or more owners, without division of the shares. Upon the death of any joint holder, his interest becomes(…) Read More
- Legal Requsition (产业调查书)Legal Requisition is needed when the Property is sold subject to the Purchaser’s solicitors receiving satisfactory replies to all requisitions sent by them to the various(…) Read More
- Lift Upgrading Programme / LUP (建屋与发展局的 ’电梯翻新计划’)HDB blocks built before 1990 were not provided with complete lift access, however, under the Lift Upgrading Programme now, older HDB blocks are upgraded to provide direct(…) Read More
- Loan Quantum (贷款额)The loan quantum or principal is the amount of money that you borrow. Source: Housing Loan SG Read More
- Loan Tenure (贷款期限)The period of time that you may take to fully repay your loan. Source: MAS Read More
- Loan-to-Value Ratio (贷款额与产业市值的比率)The housing loan amount represented as a percentage of the property’s value. Thus, a house worth S$1,000,000 with a mortgage loan of S$500,000 would have a LTV of 50%. Based(…) Read More
- Lock-in Period (贷款合约中’禁止赎回’限制期 / 锁定期)The time period during which you will have to pay an early redemption charge (usually expressed as a percentage of the loan quantum) if you repay your loan in full. Banks may(…) Read More
- Maintenance Fees (每月的保养费 / 杂费)Maintenance and service charges vary with the residential development. Part of the monthly maintenance contribution will be allocated to a sinking fund, which are funds set(…) Read More
- Management Corporation Strata Title / MCST (分层地契管理委员会)MCST, the Management Corporation Strata Title, refers to the managing body of a condominium or any compound which has multiple owners and shared public facilities. MCSTs are(…) Read More
- Manner of Holding ( 股份拥有权方式)If there is more than 1 proposed owner, the proposed owners would need to decide on the manner of holding the flat upon the transfer of flat ownership, either through joint(…) Read More
- Minimum Occupation Period / MOP HDB (政府租屋的最低居住期限)This is the minimum period of time the HDB flat owners must physically occupy their flats before they are eligible to sell their flats in open market. Source: HDB Read More
- Mortgage (抵押贷款)A home loan or mortgage is defined as a loan in which the borrower puts up the title deed to a property or real estate as collateral for the loan. If the borrower is unable(…) Read More
- Mukim (马来文 – 指市外分区)马来文 – 指市外分区 Every land parcel in Singapore is uniquely identified by a lot number. This identifier has two components, namely the survey districts Mukim (MK) or Town(…) Read More
- Accrued interest (应计利息)
- Additional Buyer Stamp Duties / ABSD (额外的买方印花税)
- Adjudication (裁决)
- Administrator (遗嘱认证书管理员)
- As is Where is (所见所得)
- Basic Retirement Sum / BRS (基本存款)
- Build to Order / BTO (预购组屋)
- Building Under Construction / BUC (尚在建造中私宅项目)
- Building Under Construction Loan (正在建设的屋子的贷款)
- Buyer Stamp Duty / BSD (买家印花税)
- Caveat (买卖禁令)
- Commisioner for Oaths ( 宣誓官)
- Controller of Housing (房屋总监)
- Conveyancing Account
- CPF (公积金)
- Decoupling (房产脱钩)
- Decree Nisi Absolute (离婚最终判决)
- Decree Nisi (离婚中期判决)
- Defects Liability Period (免费维修期)
- Deferred Payment Scheme (延迟付款计划)
- Design, Build and Sell Scheme / DBSS (私人发展商设计、兴建和销售政策)
- Developer's Project Account (发展商项目帐户)
- E-Notice of Transfer (电子转移通知)
- e-Stamping (电子交付印花税)
- En-bloc Sale (集体出售)
- Estate Agency Agreement (地产代理公司与属下经纪的协约)
- Ethnic Integration Policy (HDB) (种族融合政策)
- Executive Condominium / EC (执行共管公寓)
- Executor (遗嘱执行人)
- Family Nucleus (家庭核心)
- Final Judgement (终审判决)
- Fire Insurance (防火保险)
- Fixed Rate (固定利率)
- Floor Plan (楼面平面图)
- Foundation Works (地基工程)
- Freehold (永久业权财产)
- Full Redemption / Fully Redeem (还清贷款)
- HDB Loan Eligibility (HLE) Letter (建屋与发展局贷款合格书)
- Home Protection Scheme (HDB) (房产贷款保险)
- In-principal approval / IPA (原则批准)
- Inland Revenue Authority ofSingapore / IRAS (国内税务局)
- Integrated Land Information Services / INLIS (国内税务局)
- Intent to Buy (购买意向)
- Intent to Sell (销售意向)
- Intestate Succession Act (无遗嘱继承法令)
- Joint Tenancy (共同租户契约 / 联名拥有)
- Legal Requsition (产业调查书)
- Lift Upgrading Programme / LUP (建屋与发展局的 ’电梯翻新计划’)
- Loan Quantum (贷款额)
- Loan Tenure (贷款期限)
- Loan-to-Value Ratio (贷款额与产业市值的比率)
- Lock-in Period (贷款合约中’禁止赎回’限制期 / 锁定期)
- Maintenance Fees (每月的保养费 / 杂费)
- Management Corporation Strata Title / MCST (分层地契管理委员会)
- Manner of Holding ( 股份拥有权方式)
- Minimum Occupation Period / MOP HDB (政府租屋的最低居住期限)
- Mortgage (抵押贷款)
- Mukim (马来文 - 指市外分区)