What is OAKS GROUP SA?

OAKS GROUP SA présente ses projets immobiliers suisses, actualités et ressources de marché sur 22 pages, avec FAQ, estimation et détails de projets.

Real estateglossary.

The key terms of real estate and propertydevelopment in Switzerland, explained simply.

A

Acceptance of works: Joint inspection at the end of construction, during which the buyer or client checks the property and records any defects.
Advance on inheritance: Transfer of a property during one's lifetime to a future heir, as an advance on their share of the estate. It is taken into account when the estate is divided.
Affordability: A household's ability to bear the costs of a home. As a rule, notional interest, amortisation and maintenance should not exceed one third of gross income.
Affordability ratio: Ratio between the theoretical housing costs (interest at a notional 5%, amortisation and maintenance) and gross income. Banks require it to stay below one third.
Agreement in principle: Preliminary confirmation, for example from a bank, that it is willing to finance a purchase. It shows intent but is not legally binding.
Alienation: Transfer of ownership of a property to a third party, whether by sale, gift or exchange.
Application for registration: Request filed by the notary with the land register after signing, to enter the new owner and any charges or easements.
Arcade (retail unit): Geneva term for a ground-floor commercial unit in a building, used for a shop or a professional activity.
Architect: Professional who designs the project, draws up the plans, submits the permit application and may manage the works through to handover.
As-built documentation: Set of plans, manuals and warranties handed over at the end of construction, describing the building as built and making maintenance easier.
Assumption of leases: When a let property is sold, the buyer takes over the existing leases. Early termination is only possible for an urgent personal need.

B

Basement: Level below natural ground, usually housing cellars, plant rooms and the underground car park.
Builders' lien: Right of contractors and tradespeople to register a charge on the property they worked on if they are not paid, within four months of finishing their work.
Building permit: Permit issued by the cantonal or municipal authority allowing a building to be constructed, altered or demolished.
Building profiles: Poles and frames set up on site during the public consultation to show the volume and height of the future building.
Building right (leasehold): Easement allowing a building to be constructed and owned on someone else's land for a fixed period.
Building services (MEP): The building's technical installations: heating, ventilation, plumbing and electrical systems. They account for a large share of construction costs.
Building volume: Built volume of a building calculated according to SIA standards, used in particular to estimate construction costs.
Building zone: Area of land designated for construction under the municipal or cantonal land-use plan.
Buy-back right: Right reserved by the seller to buy back the property sold, on terms set in the deed. It can be noted in the land register for up to 25 years.
Buyer's extras and credits: Price adjustments resulting from changes requested by the buyer on a home under construction, such as choosing finishes other than those planned.

C

Cadastre: Set of official survey plans and data that define the boundaries of the plots in a territory.
CECB / GEAK: Cantonal building energy certificate rating the efficiency of a building's envelope and its overall energy performance from A to G.
Certificate of inheritance: Official document naming the heirs of a deceased person. It is needed to register them in the land register or to sell an inherited property.
Change of use: Modification of the use of premises or a building, for example from offices to housing, generally subject to authorisation.
Co-ownership: Form of ownership in which several people each hold a share of a property, which they can in principle sell or pledge separately.
Common parts: Parts of a condominium building owned jointly by all owners: structure, roof, facades, stairwell, lift and technical installations.
Community of heirs: Group of heirs jointly owning the assets of an estate until it is divided.
Completion guarantee: Guarantee, often from a bank, assuring the buyer that the building will be finished even if the builder runs into difficulties.
Completion statement: Document drawn up by the notary detailing the price, deposits paid, costs and the pro-rata split of charges, taxes and rents between seller and buyer.
Condition precedent: Clause making a contract's effect dependent on a future event, such as obtaining a building permit or financing.
Condominium manager: Person or property management firm appointed by the owners' meeting to run the building, keep the accounts and carry out joint decisions.
Condominium ownership (PPE): Form of co-ownership giving each owner exclusive rights to their unit and a share of the common areas.
Condominium regulations: Document setting out the rules for using and managing a condominium: common areas, charges and renovation fund.
Condominium service charges: Running costs shared by the owners of a condominium building, such as maintenance, caretaking, heating, building insurance and contributions to the renovation fund.
Construction cost classification (BKP): Standard Swiss breakdown of project costs, from 0 (land) to 9 (furnishings), used to prepare estimates and track spending.
Construction schedule: Detailed timetable that sequences the work of the various contractors and sets the key milestones up to handover.
Construction specification: Document detailing the materials, equipment and finishes planned for a home. Attached to the contract, it defines exactly what the buyer will receive.
Contractual penalty: Amount set in a promise of sale, often a percentage of the price, payable by the party that withdraws from the sale without valid reason.
Cost estimate: Detailed estimate of a project's total cost, broken down item by item, which serves as the budget reference throughout construction.

D

Defects warranty: Liability of the seller or contractor for defects in the works. Under the SIA 118 standard, defects can be reported at any time for two years after acceptance.
Deposit: Partial advance payment of the price, usually paid into the notary's account when the deed of sale is signed.
Design-and-build contractor: Company that handles both the design (plans) and the construction of a building. The client deals with a single party, but has less independent oversight.
Development zone: In Geneva, a zone where the State controls land, housing and rent prices to encourage housing construction.
Direct amortisation: Regular repayment of mortgage debt directly to the bank, gradually reducing the mortgage amount.
Duplex: Apartment spread over two levels connected by an internal staircase, offering space close to that of a house.

E

Early repayment penalty: Charge made by the bank when a fixed-rate mortgage is repaid before maturity, for example when the property is sold.
Earthworks: Excavation and backfilling that prepare the site before construction: digging the basement, levelling and removing soil.
Easement: Charge on a property in favour of another property or a person, for example a right of way.
Energy retrofit: Works aimed at cutting a building's energy use: insulation, new windows and heating system, installation of solar panels.
Equity: Share of the purchase price financed without borrowing. In Switzerland, at least 20% of the price is generally required for a home.
Exclusive right of use: Right granted to a single condominium owner to use part of the common areas, such as a garden, a terrace or a parking space.
Exclusive sales mandate: Contract by which an owner entrusts the sale of their property to a single broker for a fixed period.

F

Final account: Definitive financial statement of a construction project, setting the initial budget against the actual costs, including all change orders.
Finishing work: Fit-out and equipment work carried out after the structural work: electrics, plumbing, heating, joinery, floor coverings and painting.
Fire protection (VKF): Rules of the Association of Cantonal Fire Insurers setting safety requirements: materials, fire compartments, escape routes and detection.
First-rank mortgage: Portion of the loan covering roughly the first two thirds of the property value, which generally does not need to be amortised.
Fixed-rate mortgage: Loan whose interest rate stays the same for the whole agreed term, making costs highly predictable.
Floor area ratio: Ratio between the buildable floor area and the plot area. It sets the permitted density.
Floor slab: Horizontal reinforced concrete element separating two levels and carrying the floors. Its thickness affects strength and sound insulation between storeys.
Forward mortgage: Fixed-rate mortgage whose rate is locked in today for financing that starts later, for example when a new home is handed over.
Forward sale: Sale signed before a notary where the transfer of ownership and payment of the balance take place later, often on delivery of the home.
Foundations: Buried part of the structure that transfers the building's weight to the ground. Depending on the soil, they take the form of footings, a raft or piles.

G

General contractor: Company that undertakes to deliver an entire construction project for an agreed price and deadline, coordinating all trades.
Geotechnical survey: Analysis of a site's soil and subsoil through boreholes, determining its bearing capacity, groundwater and the right type of foundations.
Geothermal probes: Pipes drilled deep into the ground that capture the earth's heat to feed a heat pump. Drilling them requires a permit.
Gift: Free transfer of a property to another person, which must be made by notarial deed. Depending on the canton and family relationship, it may be taxed.
Gross floor area: Total area of all floors of a building, including walls, used to calculate density and building potential.

H

Handover report: Document signed at handover listing the defects found and the deadlines for remedying them. Any defect not recorded is harder to claim afterwards.
Hazardous materials survey: Survey identifying hazardous substances in a building, such as asbestos or PCBs, before renovation or demolition work.
Heat pump: Heating system that draws heat from the air, ground or water to heat the home and hot water, using little electricity.
Heat-recovery ventilation: System that continuously renews the air while recovering heat from the extracted air. It improves comfort and energy efficiency, notably in Minergie buildings.
Hedonic valuation: Statistical valuation method estimating a property's value from comparable transaction prices and its characteristics.
Home ownership promotion (WEF): Option to use pillar 2 or pillar 3a savings, through early withdrawal or pledge, to finance one's main residence.

I

Imputed rental value: Notional income corresponding to the rent an owner would receive by letting the home they occupy, added to taxable income.
Indirect amortisation: Payments into a pension account (pillar 3a) pledged to the bank. The debt stays constant and is repaid later with the savings.
Interim interest: Interest paid on the construction loan during the works, before it is converted into a mortgage.
Irrevocable payment undertaking: Written commitment by the buyer's bank to pay the price to the notary or seller once ownership is transferred. It secures payment for the seller.

J

Joint ownership: Form of ownership in which several people, such as spouses or heirs, together own the whole property and must decide jointly.

L

Land register: Public register kept by the canton recording properties, their owners and the rights and charges attached to them.
Land register extract: Official document showing a property's owner and area, as well as the easements, charges and notations affecting it. It is checked before any sale.
Land register fees: Charges levied by the land register for recording the transfer of ownership and any charges. The amount varies by canton and sale price.
Land-use plan: Planning document that sets, plot by plot, what may be built and for which use: housing, business, public facilities or green spaces.
Latent defects: Defects that could not be detected by a normal inspection at the time of purchase. They must be reported to the seller as soon as they are discovered.
LDTR: Geneva law on the demolition, conversion and renovation of residential buildings, protecting the housing stock and regulating rents after works.
Lease: Contract by which a landlord grants a tenant the use of a property for a given period in return for rent.
Lex Koller: Federal law restricting the acquisition of Swiss real estate by persons abroad, particularly for homes not used as a main residence.
Limitation period: Period during which claims relating to defects can be asserted. For a building, it is in principle five years from handover.
Living area: Interior area of a home that can actually be lived in, measured inside the walls, excluding balconies, cellars and service ducts.
Load-bearing wall: Wall that carries the weight of the upper floors and roof. It can only be removed or opened up with an engineer's approval and often a permit.
Loan-to-value ratio (LTV): Share of the purchase price covered by the mortgage. In Switzerland it is generally capped at 80% for an owner-occupied home.
Local neighbourhood plan: In Geneva, a land-use plan defining the location, size and use of buildings within a given area.
Loggia: Covered outdoor space set back from the facade and enclosed on three sides, extending the living room while staying sheltered.

M

Market value: Price a property would most likely fetch on the open market under normal sale conditions.
Minergie: Swiss building label guaranteeing a high level of comfort and low energy consumption.
Mortgage assumption: Arrangement in which the buyer takes over the seller's existing mortgage, with the bank's approval, instead of taking out new financing.
Mortgage note: Real estate lien certificate entered in the land register, securing a mortgage loan granted by a bank.

N

Notarial deed: Real estate sale contract drawn up and signed before a notary, mandatory in Switzerland for any transfer of property ownership.
Notary: Public officer who drafts and authenticates the deed of sale, checks the property's legal status, handles the funds and applies for entry in the land register.
Notary escrow account: Notary's bank account where the transaction funds are held, paid to the seller only once the conditions of the sale are met.
Notation: Land register entry that makes a personal right enforceable against any future owner, such as a pre-emption, purchase or buy-back right, or a lease.
Notice of defects: Written notice sent to the contractor to report a defect. Since the revision of the Swiss Code of Obligations that came into force in 2026, it must be given within 60 days of discovery.

O

Occupancy permit: Authorisation issued after a compliance check, allowing a new or converted building to be lived in or used.
Off-plan sale: Purchase of a home before or during construction, based on plans and specifications, with payment as work progresses.
Official gazette: Official cantonal publication announcing, among other things, building permit applications and auctions.
Official surveyor: Licensed professional who carries out official surveying: plot boundaries, cadastral plans and the areas entered in the land register.
Owner's representative: Independent expert acting solely on behalf of the client: reviews contracts, monitors quality, budget and schedule, and defends the client's interests towards all parties involved in the project.
Owners' meeting: Supreme body of a condominium, bringing together all owners to decide on the budget, works and management of the building.
Ownership shares (thousandths): Share of each unit in a condominium, expressed in thousandths, determining the split of costs and voting weight.

P

Parcel of land: Area of land with clearly defined boundaries, entered as real property in the land register.
Penthouse (attic floor): Top floor of a building, often set back from the façade with a terrace, usually offering an open view.
Pledge of pension assets: Using pension savings (2nd or 3rd pillar) as collateral for a mortgage without withdrawing them, which allows a larger loan.
Plot subdivision: Splitting one plot into several separate parcels, drawn up by an official surveyor and entered in the land register.
Power of attorney: Document by which a party authorises another person to sign the deed on their behalf. For a property sale it generally has to be certified.
Pre-emption right: Right allowing a person or public body to buy a property first, on the same terms as a third-party buyer.
Price per m²: Price of a property divided by its area. A common benchmark for comparing homes, it depends heavily on location, quality and condition.
Project designer: Professional, usually the architect or engineer, responsible for designing the project and supervising its technical execution.
Project owner (client): Person or company on whose behalf a building is constructed, who defines its brief and bears its financing.
Promise of sale: Notarised contract in which seller and buyer commit to completing the sale later, often used for off-plan purchases.
Property developer: Company that runs a building project from start to finish: buying the land, design with the architects, permits, financing, construction and sale.
Property tax: Annual tax levied by some cantons or municipalities on the value of real estate located in their area, regardless of the owner's income.
Public inquiry: Period during which a building project is made public so that third parties can review it and, if necessary, object.
Purchase costs: Notary fees, transfer tax and land register fees related to a purchase, to be budgeted in addition to the price.
Purchase costs: All costs added to the purchase price: transfer tax, land register fees, notary fees and the cost of creating mortgage notes.
Purchase offer: Written proposal from a buyer stating the price and conditions at which they wish to buy a property. Only the notarial deed makes the sale final.
Purchase option: Right to buy a property at a set price within a limited period (ten years at most). It must be established by notarial deed.

R

Raft foundation: Reinforced concrete slab poured under the whole footprint of the building, spreading its load across the ground and forming the basement floor.
Real estate capital gains tax: Cantonal tax on the gain made when selling a property, whose rate generally decreases with the length of ownership.
Reference mortgage rate: Rate published quarterly by the Confederation, used as the basis for adjusting rents in Switzerland.
Reinforced concrete: Concrete strengthened with steel bars, combining concrete's compressive strength with steel's tensile strength. The core material of modern structures.
Render: Finishing coat applied to exterior or interior walls, protecting the surface and giving it its appearance and texture.
Renovation fund: Financial reserve built up by condominium owners to pay for major future works, such as renewing the roof or the facades.
Rent deposit: Sum paid by the tenant into a blocked account in their name as security for their obligations. For housing it is capped at three months' rent.
Rent roll: List of an apartment building's rents, unit by unit, with areas, tenants and lease terms. It is the basis for valuing an income property.
Reservation agreement: Agreement by which a buyer reserves a unit in a development, often against a deposit, before the deed of sale is signed at the notary.
Retention: Portion of payments held back by the client until acceptance and the correction of defects, often replaced by a bank guarantee.
Rezoning: Amendment to the land-use plan that changes a plot's zone, for example from agricultural to building land, or vice versa.
Right of residence: Personal right to live in all or part of a home owned by someone else, without being able to let or transfer it.
Roof frame: Timber or steel structure supporting the covering of a pitched roof. Its completion traditionally marks the end of the structural work.

S

SARON: Swiss money market reference rate, used as the basis for variable-rate mortgages.
Screed: Layer of mortar poured over the slab to create a level surface before the floor covering is laid. It often contains the underfloor heating.
Second-rank mortgage: Portion of the loan beyond the first rank, up to 80% of the value, which must generally be amortised within 15 years.
SIA 112 phases: Division of a building project into six phases: defining objectives, preliminary studies, project design, tendering, construction and operation.
SIA Standard 118: General conditions for construction work issued by the Swiss Society of Engineers and Architects. Frequently incorporated into contracts, it notably governs handover and defects.
SIA standards: Standards issued by the Swiss Society of Engineers and Architects, the reference in Switzerland for the design, contracts and execution of construction work.
Site management: Role entrusted to the architect or a specialist who coordinates contractors on site and controls quality, deadlines and costs.
Snagging list: Record drawn up at acceptance listing the defects found and the deadlines within which the contractor must fix them.
Spatial Planning Act (SPA): Federal law governing land use in Switzerland. It limits the extension of building zones and encourages densification of already built-up areas.
Spouse's consent: Written approval required from the spouse or registered partner to sell or mortgage the family home, even if they are not its owner.
Start of works: Official start of construction, which must be notified to the authority once the building permit is final and any conditions are met.
Statutory tax lien: Charge the canton may register on a property to secure taxes linked to the sale, such as property gains tax. The notary often withholds the amount from the price.
Structural engineer: Specialist who designs the building's load-bearing structure (foundations, slabs, walls, beams) and ensures its stability and safety.
Structural work: Works that form the building's structure: foundations, load-bearing walls, floor slabs and roof frame. They come before the finishing work.

T

Tax value: Value of a property used by the tax authorities to calculate wealth tax. It is usually lower than the market value.
Tender: Request for bids sent to contractors for a package of works, based on a precise specification, in order to compare prices and timeframes.
Thermal insulation: Materials installed in walls, roof and floors to limit heat loss in winter and overheating in summer, reducing energy use.
Topping-out ceremony: Traditional Swiss celebration held when the building reaches its full height, to thank the workers and mark the end of the structural work.
Transfer of ownership: Moment when the buyer legally becomes the owner. In Switzerland it takes place on entry in the land register, not merely on signing the deed.
Transfer of possession: Date on which the buyer takes possession of the property and assumes its costs and risks. It often coincides with the handover of the keys.
Transfer tax: Cantonal tax levied on the transfer of ownership of a property, usually paid by the buyer.
Turnkey: Delivery method where the property is handed over fully finished and ready to live in, at a price agreed in advance.

U

Usufruct: Right to use a property and receive its income, such as rent, without owning it.

V

Variable-rate mortgage: Mortgage without a fixed term whose rate moves with the market. It can usually be terminated at short notice.
Ventilated facade: Facade whose outer cladding is separated from the insulation by an air gap, which removes moisture and gives the building envelope lasting protection.
Vertical extension: Adding one or more floors to an existing building to create new space without using additional land.
Visible defect / Latent defect: A visible defect can be seen at handover; a latent defect only appears later. Both must be reported to the contractor promptly once discovered.

W

Warranty exclusion clause: Common clause in the deed of sale by which the seller is not liable for defects in the property, unless they were fraudulently concealed.
Waterproofing: Layers and membranes that stop water from entering the building, especially on flat roofs, terraces and basements.
Weighted floor area: Living area plus balconies, terraces and private gardens counted with a coefficient, used to compare prices.
Windows and exterior doors: A building's windows, French windows and entrance doors. Their quality, triple glazing in particular, is key to thermal and sound insulation.