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Glossary


	Frequently Used Terms


		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


		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 his 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, communal toilets and/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 whole 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


		Mortgage of Properties Under Construction

A mortgage of a property under construction and not yet completed; sometimes called an “equitable mortgage”


	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 of 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


		"Certificate of Eligibility to Purchase" for Sale of Flats under the Home Ownership Scheme's Secondary Market Scheme

A document issued by the Housing Authority certifying a persons eligibility to purchase a flat under the Home Ownership Scheme (HOS) pursuant to the Secondary Market Scheme


		"Certificate of Availability for Sale" for Sale of Flats under the Home Ownership Scheme's Secondary Market Scheme

A document issued by the Housing Authority giving approval to an owner of a flat under the Home Ownership Schemes (HOS) to sell his flat pursuant to the Secondary Market Scheme

Information provided on this web page is for reference only. It should not be considered as professional or legal advice. While Hang Seng Bank Limited has endeavoured to ensure the accuracy and completeness of the information on this web page, no warranty or representation is given by Hang Seng Bank Limited as to its accuracy and/or completeness. Hang Seng Bank Limited does not assume any liability, in contract or tort, by statute or under common law, for any loss or damages, direct or consequential, incurred by any person in connection with or howsoever arising from any inaccuracy or incompleteness of the information. Please also read our Important Message to Readers and Internet Privacy Policy Statement.

If you wish to learn more about purchasing properties, you may visit the "Consumers' Corner" in the following Estate Agents Authority web-site:

http://www.eaa.org.hk/welcome.htm

The above hyperlinks may allow you to leave Hang Seng Bank website. Hang Seng Bank has no control over the linked website and is not liable for your use of it.

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