TOP means the date you get your keys to your unit and can move in.
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Temporary Occupation Permit (TOP) is a temporary permit issued by the authorities to allow owners to occupy the building. This permit is only issued upon key regulatory requirements for the development are met and approved by the authorities.
However, the development still need to obtain Certificate of Statutory Completion (CSC) in order to be cleared completely by authorities.
Upon TOP, Owner’s Mortgage loan will be payable at the TOP stage (85% of the loan) only. This mean lower monthly instalments till CSC is cleared (Full 15% amount to the developer by the bank).
Do note that there are cases that the CSC is issued together with the TOP.
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TOP = Temporary Occupation Permit.
This is one of two official key checkpoints for the completion of building.
The other and subsequent check point being the CSC = Certificate of Statutory Completion.
The TOP signifies that the building is certified as safe and meets the codes for humans to occupy it, to live in it.
These 2 checkpoints are used as clear and convenient markers in the progress of payments and the progress of ownership transfer.
Feel free to contact me if you have more questions.
OrangeTee Real Estate
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Means you can move in to your unit while waiting for actual completion..
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Receiving the TOP is a significant milestone for new developments, as it indicates that the units can be handed over to buyers for occupation. However, it's worth noting that while residents can move in once the TOP is issued, there might still be some minor construction or rectification works ongoing in the development.
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Propnex Realty Read More
“TOP is an official document issued by the Building and Construction Authority (BCA) of Singapore. It signifies that a construction project, such as a residential or commercial building, has been completed in accordance with approved building plans and has passed the necessary safety and regulatory inspections. When a property or building receives its TOP, it indicates that it is safe and legally ready for occupancy.”
On top of this, couple of other interesting things to note (written by myself):
- TOP is not the final step to building completion. The final step is Certificate of Statutory Completion (CSC), which certifies that the building has met all regulatory requirements set out by governmental agencies such as PUB, LTA, SCDF, to name a few.
- For homebuyers under Progressive Payment Scheme, upon TOP and before CSC, their mortgage payments will be based on 85% on the purchased price, rather than the full 100%. Hence you enjoy a lower monthly mortgage before CSC is obtained.
- Developments tend to TOP earlier than their slated date by developers (although not always). As the builders are required to complete building by then or they are likely penalised to pay liquidated damages to various parties. Hence TOP date is set with a slight buffer for delays in construction or unforeseen situation such as Covid pandemic.
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