These Are The Terms You Must Know In Vertical Housing Business

Vertical housing is perfect for those who live in cities with little land. Flats are multi-story buildings that are divided into small parts, each of which can be owned or used separately for occupancy. This building has shared parts, shared objects, and shared lots of lands. In the meantime, if you need the best condo in Singapore, you just need to check out the Parc Clematis condo showflat.

Here are the terms in the vertical housing business that you must know:

Joint Section

Joint parts are all parts attached to flats, including lifts, corridors, mechanical and electrical equipment, roofs, outer walls, columns of structures, foundations, and others.

Shared objects

These are objects that stand alone and located on shared land, including guard posts, garden landscapes, traffic signs, sports fields, swimming pools, and others. Additionally, if you’re looking for a great condo, you may buy a Parc Clematis condo showflat.

Joint Land

It is the land where the apartment is located.

Joint Rights

The joint rights are jointly owned by the owners of flats, which consist of shared parts, shared objects, and shared land.

Meeting

The meeting is a picture and description that is ratified by the Provincial Government which details the separation of units of flats, shared parts, shared objects, and shared lots of lands.

The defense is the basis for the issuance of ownership rights to flat units as well as the calculation of proportional comparison values.

Service Charge and Sinking Fund

The owner/occupant is charged a fee for the maintenance of the entire apartment building. Service charge is the responsibility of the owner, except if the owner transfers responsibility to the occupant (tenant). The service charge includes the cost of usage, maintenance, and repairs to common property, taxes, insurance, consultant fees, and auditors, including employee costs and administrative costs of the management body. Meanwhile, if you want to buy a condo with a fair price, you may check out the Parc Clematis price.

Another form of cost is a utility charge or sinking fund which is intended as a reserve fund to replace/repair various utility components that need to be replaced or repaired.

Leave a Reply

Your email address will not be published. Required fields are marked *