1) Frequently Used Terms
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| Properties Under Construction |
Properties under construction and not yet completed and in respect of which the Occupation Permit and Certificate of Compliance or Completion Certificate, if applicable, have not been issued by the government |
| Mortgage of Properties Under Construction |
A mortgage of a property under construction; sometimes called an "equitable mortgage" |
| Vacant Possession |
The state of the property being that there are no occupants or chattels inside the property |
| Confirmor Sale |
A sub-sale of a property by a purchaser before completion of purchase of the property from the owner-vendor |
| Gross Area |
The aggregate of the saleable area of a unit and a share of the common areas, which may include staircases, lift shafts, lobbies or recreational club areas |
| Saleable Area |
The floor area exclusively allocated to a unit, including balconies and other similar features but excluding common areas |
| Joint Tenancy |
A type of co-ownership of property to which survivorship applies, i.e. on the death of one of the co-owners, the ownership of the property automatically passes to the surviving co-owner(s) |
| Tenancy in Common |
A type of co-ownership of property under which the property is divided into a certain number of undivided shares held by each co-owner in the agreed proportion; and the undivided shares held by a co-owner passes to his/her own estate upon his/her death |
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| 2) Legal Documents |
| Occupation Permit (OP) |
The permit issued by the Buildings Department allowing the occupation of a new building upon completion of building works in compliance with the Buildings Ordinance |
| Certificate of Compliance (CC / LC) |
A document issued by the Lands Department to the grantee of a government grant certifying that all positive obligations imposed by the government grant have been complied with. Sometimes also called a "Letter of Compliance" |
| Assignment |
A document through which the whole of the interest in land held under a government lease is transferred |
| Mortgage Deed |
A document through which security is created over land for securing a loan |
| Deed of Mutual Covenant(s) (DMC) |
A document through which the rights, interests and obligations of owners to a building are defined. It usually designates the number of undivided shares allotted to each unit in the building, the rights reserved by the developer, the powers and duties of the manager of the building, and the mutual rights and obligations of the individual unit owners |
Disclaimer: The above is indicative only.
