Acre: Unit of measurement of land. One acre is equal to 4,048.32 square meters and 43,560 square feet.
Allottee: The person who is allotted a property, either by a government authority or by a builder.
Basement: The lowest story of a building – it might be partially or entirely below ground level and might be finished, unfinished or a mix of the two.
Basic Sales Price ( BSP): Price of an apartment excluding the charges for amenities like car parking, clubhouse, etc.
Beneficiary: A person/persons or an institution designated to receive an income from a trust, estate, or a deed of trust.
Built-Up Area: It includes the carpet area plus the thickness of the outer walls and the area of balcony/balconies.
Capitalization rate (or cap rate): A rate that helps in evaluating a real estate investment. The cap rate equals the net operating income divided by the current market value (i.e. sales price) of the asset. The cap rate shows the potential rate of return on the real estate investment.
Covered parking: A covered parking structure that multiple cars can park under (e.g. a multi-level parking garage).
Commercial lease: The same as any other lease but the commercial part specifies that this is for business activity and not housing. In other words, it’s a contract for a business to rent an office space or a commercial property.
Deed: The legal document conveying title to a property.
Depreciation: A decline in the value of a property due to changes in market conditions or any other issues.
Disbursement: A cash expenditure did 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.
Duplex: A property where two units have attached either side by side (like a townhouse), or above each other (like apartments)
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.
Exclusive right-to-sell: An agreement between a seller and a REALTOR®, real estate agent or real estate broker that gives the agent exclusive rights to sell and market the seller’s home.
F S I Or Floor Space Index / F A R Or Floor Area Ratio: The maximum amount of construction allowed on a given plot of land. It is calculated as the ratio of a building’s total area to the piece of land upon which it is built.
Flex Space: A building providing its occupants the flexibility of utilizing the space. Usually, flex space provides a configuration allowing a flexible amount of office or showroom space in combination with manufacturing, laboratory etc.
Flexi Payment Plan: Flexi-plan gives buyers the flexibility to pay the price of a property over a time period but the payments are time linked rather than construction linked.
Floor Plan: Pictorial representation that shows how an apartment would look after completion. It includes the placement of rooms in the flat, their dimensions, and a super built-up area of the flat.
Freehold: A property that is free from the hold of any entity.
Gated Community: It is a modern residential community or housing estate having strictly controlled entrances for pedestrians and automobiles, and often characterized by a closed perimeter of walls.
Greased Lease Back: The disposal of the interest on a property by a freehold or leasehold owner where the rent is geared to a fixed percentage of some variables.
Green Field Site: An underdeveloped area of land away from urban areas, which is now proposed for development.
Gross Building Area: The total floor area of the building starting from the outer surface of exterior walls and windows including all vertical penetrations (e.g. elevator etc.) and basement area
Guarantor: A person who agrees to indemnify the holder of a loan all or a portion of the unpaid principal balance in case of default by the borrower.
Heir: The person who is the lawful inheritor of an estate or a property.
High Rise: In the Central Business District, it means a building higher than 25 stories above ground but in suburban areas, it generally refers to buildings 7 or 8 stories high.
Holding Deposit: An initial sum of money given to show interest in or confirm the sale of a real estate property before the full deposit is paid.
Home Improvement Loan: A loan made to a homeowner in which the home is used as collateral for the loan.
Indenture: A deed including two or more parties, each party having its own copy.
Indian Stamp Act 1899: The act regulates the payment of stamp duty to the local government for real estate transactions.
Inventory: The total amount of rentable square feet of existing and any forthcoming space (whether it be a tenant vacating space or new buildings coming on the market), in a given category, for example, all warehouse space in a specified submarket.
Joint Agent: Here one /two or more agents are jointly instructed by a principal to act on his behalf. In the case of real estate agents, this is normally on the basis that if any one of the agents affects the sale, letting or other joint agents will share the remuneration in agreed proportions.
Joint Ownership Agreement: An agreement between owners holding the same property, defining their rights, ownership, monetary obligations, and responsibilities.
Khata: It is a legal document that records property tax payments done by a resident to the municipality. Khatas are prominently used in Bangalore.
Kick-Out Clause: A clause in a sales contract allows the seller to accept one buyer’s offer and then back out without penalty if a second buyer makes a better offer to him.
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 land or house or real estate, which is rented or leased to an individual or a business organisation.
Lease: A contract detailing the terms of a rental property agreement between a landlord and a tenant.
Listing agent (also called a seller’s agent): A real estate agent or REALTOR® who works on behalf of a property owner to help them get the most out of their sale.
Leasehold: The right to use and have exclusive possession (but not ownership) of real estate for a specified period and subject to the fulfillment of certain conditions as recorded in a lease agreement.
Loan: The amount a buyer can borrow from a bank, private lender or third-party lender for market interest rates to purchase property available for sale.
Maintenance Charges: Charges payable by the owners or occupants of a development complex ( residential/commercial / plotted) towards upkeep of all common areas and facilities. It is generally a monthly charge.
Market Value: The price at which a seller is happy to sell and a buyer is willing to buy.
Mid-Rise: A building with between four and eight f; above ground level although in a Central Business District, this might extend to buildings up to twenty-five stories.
Negotiation: Dialogue between two or more people/parties intended to reach a common agreement.
Net Present Value Method: The method used for the evaluation of investment proposals.
Net Worth: The value of a person’s assets minus liabilities.
No Objection Certificate Or NOC: Certificate issued by the concerned local authority that the building plans submitted by the developer are in order and conform to the guidelines. Simply put, the authority has NO OBJECTION to the commencement of construction.
Nominee: A person who acts for or represents another person.
New listings: The number of properties that became available during a reported period.
Offer: A document outlining the proposed terms and conditions of a real estate transaction. This is where a skilled REALTOR® can negotiate the best outcome for their client.
Off-street parking: It means you can probably skip the parallel parking! Off-street parking is any parking spot not on the side of the road. This includes private lots, garages and driveways.
Patwari: An individual appointed to maintain and update land ownership records as well as a collection of land taxes
Possession Linked Plan: Payment under this plan is made in 2 – 4 phases. About 20 – 25 percent of the payment is made at the time of booking, 30 – 35% is paid in the next installment after a fixed time period, another 30 – 35% after another fixed period and the remaining amount is paid after possession of the property.
Property tax: A tax based on the value of property owned. Colorado has some of the lowest rates in the nation!
Purchase and sale agreement (PSA): The document which indicates an agreement has been made between buyer and seller. This outlines the final price and terms of the transaction.
Qualified Covenant: A legal document that restricts the rights of a person on the interest in a land/property.
REALTOR®: A REALTOR® helps you navigate a tough market and guides you in making smart, informed decisions whether you’re looking to buy or sell. Only REALTORS® voluntarily subscribe to a Code of Ethics that is founded on professional service and fair treatment. When you’re working with a REALTOR®, you can trust their personal and professional commitment to ensure an agreement that is equitable and fair to all parties involved. SouthDelhiPrime with its three decades of experience & strong network can be your trusted realtor in South Delhi for all your residential requirements in all the posh colonies of South Delhi.
Registration: The legal documentation and subsequent recognition of a transaction under the State. This can either be a rental or capital transaction.
Sale Deed: The sale deed is governed by the Registration Act and is the most important document for the purchase or sale of a property. No property buying or selling is complete without signing the sale deed by both the buyer and the seller in front of at least two witnesses.
Site Plan: A detailed plan which depicts the location of improvements on a parcel of land which also contains all the information required by the zoning ordinance.
Stamp Duty: Tax paid on the legal documents during the transfer of any asset or property.
Stilt Parking: A housing complex where the ground floor is reserved for parking.
Tax Base: The assessed valuation of all the real property that lies within the jurisdiction of a taxing authority, which is then multiplied by the tax rate or mill levy to determine the amount of tax due.
Title Deed: A legal document constituting evidence of property ownership
Trustee: A person who holds or controls property for the benefit of another.
Under-Valuation: A value of the property that is lesser than the fair market value. The registration fee for a property is based on the value of the property in case of capital transaction or rent in case of a rental transaction.
Underconstruction Property: A property whose basic structure is being built.
Utilities: The private or public service facilities such as gas, electricity, telephone, water, and sewer that are provided by the government agencies as part of the development of the land.
Vaastu Shastra: A traditional architecture system that specifies the methodology of building a structure or buying land, etc
Valuation: A written analysis of the estimated value of a property prepared by a qualified valuer.
Villa: A large single-story attached residence.
Warehouse: A building for storage of goods and raw materials
Working Drawings: The set of plans for a building indicate the manner in which a project is to be built. It also includes a set of specifications for the building or project.
Written Down Value: Making deductions for depreciation against capital cost or present value of an asset.
X: A notation made by an individual who doesn’t know how to write or physically unable to write, to show intent to sign an instrument such as a deed or will. In regard to the conveyance of real property, such a person would be required to make such a mark or at least a thumbprint as intent to sign and have it witnessed.
Yield: The interest earned or return by an investor on an investment, stated as a percentage of the amount invested.
Zoning Ordinance: Refers to the set of laws and regulations, generally, at the city or county level, controlling the use of land and construction of improvements in a given area or zone.
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Southdelhiprime.com a Digital Venture of SanD Advisory Pvt Ltd. is a boutique real estate advisory & transaction company, having advised the who’s who of South Delhi on their real estate assets. We have special expertise in high value transactions & dispositions in South & Central Delhi. With over 500+ clients, SanD has done transactions worth millions. DoctorProperty.in, our online expert will respond to some of the common questions we’re receiving regarding buying a house during this pandemic.
Disclaimer: This above write-up is a collections of from online and offline information sources put together to make a sequence of events in no intended order, by the writer for purely for informative purposes. Hence the writer makes no claims and is purely reproducing events with intent of data-sharing only thus cannot be deemed legal.