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A written or visual addendum which is attached to a legal document (not necessarily an agreement), e.
g., floor plan, structural certificate, etc.
73 annual debt service
Amounts of principal and debt repayments due per year.
74 annual sinking fund
A sinking fund where payments and interest accumulated are calculated yearly.
75 Annual Value (AV) (SGP)
AV is used as the basis to compute property tax for properties in Singapore. Currently, the rate of tax is
10%. AV is the gross annual rental value which a property is expected to fetch when let and less what
the landlord pays for expenses of repair and maintenance.
76 annuity
The payment of a certain sum of money to a person annually for life or for a given period of years.
77 annuity method
Method for appraising the present value of a property which takes into account expected future incomes
before depreciation.
78 apartment
A form of property ownership in which each owner holds title to his / her individual unit, similar to
western definition of condominium.
79 apartment hotel
A property offering guests a complete self-contained sole occupancy unit consisting of bedrooms, a
living room, a kitchen with full cooking facilities and dining area. Usually requires a hotel license to
operate as such. Serviced apartments which are let on a daily basis function like an apartment hotel.
80 API (AUS)
Australian Property Institute (professional body).
81 application list (HKG)
List of government lands announced by the government, out of which developers may apply for the sale
of the sites via public auction.
82 appraisal
Alternative term for valuation.
83 appraiser
One who carries out appraisals (valuations). The term is used in the USA for a valuer.
84 appreciation
Increase in the value of a property.
85 arbitrage
The system by which dealing in securities is carried out in order to profit from a variation in the price
quoted in different markets. Often effected by buying and selling in two different markets at the same
time in order to profit from the margin.
86 arbitration
A method of resolving a disagreement between two parties by presenting their different views to an
independent arbitrator. The award is binding on the parties but an arbitrator’s decision can be
challenged in a court of law under certain circumstances.
87 arbitration clause
A clause in a contract providing for disputes arising from the contract to be referred for the decision of a
third party (arbitrator). Common examples are disputes over rent review clauses in leases or the terms
of building contracts.
88 arbitrator
An impartial person who is appointed to settle a difference between two parties.
89 ar-karn (THA)
Building.
90 ar-karn-chud (condominium) (THA)
Strata-title building.
91 ar-karn-soong (THA)
High-rise building with a height of 23 meters or more.
92 ar-karn-yai-pi-ses (THA)
Extra large buildings that have gross floor area of 10,000 square meters or more.
93 arm’s length
Term implying the absence of any special relationship between two parties that could lead to claims of
partiality or impropriety.
94 arrears
1) Money paid after the due date. Thus a debt is in “arrears” if unpaid after the due date. 2) Rent is said
to be paid in arrears where the lease provides for the rent for a particular period to be paid at the end of
that period.
95 ar-sang-ha-rim-ma-sup (THA)
Real estate.