17/03/2024
*Some Real Estate Terminologies*
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Abatement Notice
It is a legal notice served on the owner or occupier/tenant of a property to inform them of the violation of local laws pertaining to maintenance of the property. The notice also indicates actions that are needed to address the violation and notifies them of the consequences in case they fail to take corrective measures.
Acre
Unit of measurement of land. One acre is equal to 4048.32 square meters and 43560 square feet.
Addendum
An addition or change in a legal contract.
Agent
A person authorized by the state to conduct real estate transactions.
Alienation Clause
A provision that requires the borrower to pay the balance of the loan amount in a single large instalment after the property is sold or transferred.
Alley
A lane behind a row of buildings or between two rows of buildings.
Allottee
The person who is allotted a property, either by a government authority or by a builder.
Appraisal
Official valuation of a property carried out by a certified Real Estate appraiser or valuer.
Appreciation
An increase in the value of a property due to changes in market conditions or any other causes over a period of time.
Assessed Valuation
The value that a taxing authority places on real property for the purpose of calculating the amount of tax on that property
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Balloon Payment
A loan payment (EMI) that is at least the double the amount of previous payments (EMIs), done to clear a debt.
Basic Sales Price ( BSP)
Price of an apartment excluding the charges for amenities like car parking, clubhouse etc.
Bayana
It is a hindi term used to denote the token money given by a buyer for a particular property after negotiations are done. The payment indicates the buyer's interest in the property and is usually offered to seal the deal.
Beneficiary
A person/persons or an institution designated to receive an income from a trust, estate or a deed of trust.
Building Code
Based on the notified safety standards within a specific area, a building code is a regulation that defines the design, construction and materials used in a building.
Built-Up Area
It includes the carpet area plus thickness of the outer walls and the area of balcony/balconies
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Deed
The legal document conveying title to a property.
Dejure Possession
Also known as Juridical Possession, it means possession in the eyes of the law.
Depreciation
A decline in the value of a property due to changes in market conditions or by any other issues.
Disbursement
A cash expenditure done for the purpose of settling a debt.
Down Payment
Payment term used in the context of the purchase of expensive items ,where a portion of the total amount due is usually given in cash upfront before finalizing a transaction.
Dual Occupancy
A block of land which is zoned in a way that there two separate residences are permitted to be constructed there.
Duplex
It refers to a house with two units while sharing a common wall
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Earnest Money Deposit Or EMD
A nominal sum of money given as a token to the vendor, signifying the assent to a contract of sale. It affirms that the parties have made up their minds to purchase the said property.
Elevation
Artist's impression of the final look of a project.
Encroachment
Part of a house or establishment illegally overhanging the street or a neighbour's property.
Encumbrance Certificate
A report issued by Registrar or Sub-Registrar's office after due verification of the relevant documents certifying that the property in question is free from mortgages, leases, easements or any other kinds of restrictions.
Equity
It is the actual amount of an asset actually owned by you.
Eviction
Expulsion of an occupant or tenant from a real property( lawful).
Executor
A person named in a will to take care of an estate.
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Land Tax
It is the state tax based on the value of a property (not the place of residence) paid by the owner.
Landlord
The person who owns a land or house or real estate, which is rented or leased to an individual or a business organisation.
Lease
A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.
Leasehold
The right to use and have exclusive possession (but not ownership) of real estate for a specified period and subject to the fulfilment of certain conditions as recorded in a lease agreement.
Load Bearing
An element in a building structure( usually a wall) with the capacity to support the weight resting on it in addition to its own.
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Land Tax
It is the state tax based on the value of a property (not the place of residence) paid by the owner.
Landlord
The person who owns a land or house or real estate, which is rented or leased to an individual or a business organisation.
Lease
A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.
Leasehold
The right to use and have exclusive possession (but not ownership) of real estate for a specified period and subject to the fulfilment of certain conditions as recorded in a lease agreement.
Load Bearing
An element in a building structure( usually a wall) with the capacity to support the weight resting on it in addition to its own.
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