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Agreement for sale or which is also known as Real Estate Sale Contract is a legally binding agreement that relates the two parties (buyer-seller) at the time of property purchase or transfer
An addition or change in a legal contract.
Alloteee in relation to a real estate project, means a person to whom a plot, apartment or building, has been allotted or sold or otherwise transferred either by a government authority or by a builder, and also includes the person who subsequently acquires the said allotment through sale but does not include a person to whom the plot or apartment is given on rent.
Title to a property that is free of any encumbrances or deficiencies. Absolute title gives unequivocal right of ownership to the owner, and cannot be disputed or challenged by anyone else. This is opposed to titles with liens, attachments or judgement against them. It is also known as perfect title or clear title.
A broker is a person or a company who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.
Basic Sales Price. It can be arrived at by multiplying basic per square feet rate with the area of the property in square feet. To arrive at the final price of a property, the buyer should add all other charges such as parking charges, preferential location charges, registration charges, common area maintenance, EDC, IDC etc.
Violation of any of the agreed-upon terms and conditions of a binding contract. This breach could be anything from a late payment to a more serious violation, such as failure to deliver a promised asset. A contract is binding and will hold weight if taken to court; however, proof of the violation is imperative.
Built Up Area or Plinth Area is the total covered area of the apartment or commercial property unit i.e. area within & including outside walls of the unit. It can be calculated by adding carpet area, areas of utility ducts within property unit and internal & external walls of the unit.
Building contract is an agreement or contract between two parties which specifies the various terms pertaining to construction of a building, the scale of remuneration, time period, etc.
Capitalization rate refers to the rate of return on any property investment depending upon the future income that a property can generate, as expected.
Comparative market analysis (CMA) is a report on comparable homes in the area that is used to derive an accurate value for the home in question.
Developer in real estate refers to the entrepreneur or company that has interest to plan, initiate and develop property which can find uses such as residential, commercial and retail
A sum of money given to bind the sale of Real Estate or a sum of money given to ensure payment or an advance of funds in the processing of a loan. Deposit could also be the deposit paid to a landlord as part of a rental transaction.
Effective rent is the actual amount of gross rent that a tenant is obliged to pay to the land lord every month. It does not include the concessions on the base rent.
Equity is ownership. In homeownership, equity refers to how much of your home you actually own—meaning how much of the principal you've paid off. The more equity you have, the more financial flexibility you have, as you can refinance against whatever equity you've built. Put another way, equity is the difference between the fair market value of the home and the unpaid balance of the mortgage.
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.
There are two types of conventional loans: the fixed-rate and the adjustable-rate mortgage. In a fixed-rate mortgage, the interest rate stays the same throughout the life of the loan.
A certificate covering matters of safety required under the legislation for hotels, boarding houses, factories, offices shops and railway premises, excluding those buildings containing less than a minimum number of employees.
A power of attorney is a legal document that authorizes another person—called an agent—to act on behalf of the person who created the power of attorney—known as the principal—in the event that the principal cannot make those decision his or herself. A general power of attorney gives broad authorizations to the agent. The agent may be able to make medical decisions, legal choices, or financial or business decisions. Also check special power of attorney.
Refers to the heating, ventilation and air conditioning system installed in a building to regulate temperature.
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.
Includes land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of land, and things attached to the earth or permanently fastened to anything which is attached to the earth, but not standing timber, growing crops or grass.
This is the cost of borrowing money for a home. Interest is combined with principal to determine monthly mortgage payments. The longer a mortgage is, the more you will pay in interest when you have finally paid off the loan.
An agreement between owners holding the same property, defining their rights, ownership, monetary obligations and responsibilities.
A lease agreement is a signed contract between a lessor and a lessee which that puts down the terms of agreement on which the lessee is given the property and the control rights the lessor has over the tenant. It also allows the lessee to change or modify the property according to his/her needs.
A property "bought" for a certain period of time. The "owner" of such a property will have "bought" the property from the original landlord and is entitled lawfully to rent, lease or "sell" the property to a third party during the period of leasehold. After the leasehold period, the property goes back into the original landlord's possession.
When a buyer books an under construction property with a builder, some builders put the lock-in clause which means that the buyer cannot sell the property for a particular time period or till the handover. Such time period is known as lock-in period.
In the context of real estate, maintenance refers to the upkeep of an infrastructure, be it a building or any other physical structure protecting it from weather conditions, erosion, etc. to keep it in a good condition. The cost involved in maintenance can be deducted from income tax.
A Master Plan is the long term perspective plan for guiding the sustainable planned development of a city, an area or an infrastructure project. This document lays down the planning guidelines, policies, development code, layouts and infrastructure & space requirements for various socio-economic activities during the plan period.
A verbal and written discussion between two or more than two parties which aim to reach to a common agreement about any property.
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.
A property which is ready to occupy i.e. which is complete in all respects including all utility connections and has received completion certificate.
The legal documentation and subsequent recognition of a transaction under the State. This can either be a rental or capital transaction.
Super Built Up Area is the built up area plus the proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.
Suites or rooms where the landlord provides a range of services within the individual premises extending beyond the traditional ones associated with the maintenance and management of the building itself or the operation and maintenance of the installation or plant therein e.g. furniture, telephone, fax machine, room cleaning, and/or provides centralized specialized services, such as a receptionist and secretarial and communication facilities.
Town and Country Planning is name of the authority that determines policies for development and use of land in urban and rural areas.
Zoning is a process wherein the local planning authorities of a region divide that region into different zones for the purpose of different activities or utility.
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