As the country with rapidly developing many industrial branches, medicine, tourism and increasing living standards, Singapore is becoming more and more attractive destination to move to. People from all over the world are flocking here looking for business opportunities and convenient living environment. It, of course, faces them with a serious task to solve: purchasing or renting a real estate. Some general terms of real estate trading apply in Singapore as well as in any other country, but there are some specific terms and terminology that real estate market in Singapore uses particularly often that you should be familiar with before you go ahead looking for your new home or condo in Singapore.
Black and whites and service apartments
Black and white are bungalows constructed in specific style and design that have become almost a trademark of Singapore’s architecture. Outer walls are painted white and wooden supportive construction is painted black. Another term commonly used in the world of real estates in Singapore is “service apartments” or locally known as condos. These apartments are meant for short-term accommodation but provide the quite luxury living environment.
Freehold and lease hold
These two terms refer to some current laws and legislation about ownership of real estates. Freehold status means that you own the property unlimited and leasehold means that you are considered the owner of a given real estate until the lease expires. Singapore’s laws offer an even particular number of years for ownership.
Co-broke deal and escape clause
The co-broke deal is a term used to describe the cooperation between two or more real estate agents linking tenants and landlord during real estate transaction procedure. Escape clause or often stated as diplomatic clause are laws protecting you against undue losses in various troubling situations.