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Real Estate Terms
Glossary of Real Estate Terms
- Acre
A unit for measurement of land equaling 43,560 square feet; or 4,840
square yards; or 160 square rods; or a tract about 208.71 feet square.
- Allotee
An individual who has been allotted a property, either by government
body / authority or by a developer.
- Abandonment
The voluntary surrender of property rights, with no intention of
reclaiming them and without vesting interest in another person.
- Acceleration Clause
A clause in agreement of sale, which gives the lender right to call all
sums due and payable in advance of the fixed payment date upon the
occurrence of a specified event, such as a sale, default, assignment or
further encumbrance of the property.
For example, the contract was for X to purchase a piece of land from Y
for Rs 20,00,000, to be paid in 5 monthly installments. If X makes the
first two payments, but fails to make the third payment, an acceleration
clause would require that X must immediately pay Y the entire balance,
or lose his right to purchase (without getting a refund of his
8,00,000).
- Acceptance
The expression of the intention of the person receiving an offer (
usually from the seller) to be bound by the terms of the offer. The
acceptance must be communicated to the offeror and must be in documented
form to be enforceable.
- Acknowledgment
A formal declaration made before an authorized official by a person
executing a document, that he signs the document by a free act and deed.
The official is usually a notary public who witnesses the signature and
verifies the identity of the person.
- Acquisition
An act of becoming the owner of certain property; used also for the
thing or property acquired.
- Administrator
A person appointed by the court to manage and settle the estate of a
deceased person who has left no will.
- Affidavit
A written statement sworn to be true before someone legally authorized
to administer an oath.
- Agreement of Sale
A written agreement whereby the purchaser agrees to buy certain real
estate and the seller agrees to sell upon terms and conditions set forth
in the agreement.
- Air Rights
The rights vested by a grant of an estate in real property to build
upon, occupy, or use, in the manner and degree permitted, all or any
portion of space above the ground or any other stated elevation within
vertical planes, the basis of which corresponds with the boundaries of
the real estate described in the grant.
- Alienation
The voluntary transfer of real property from one person to another.
- Built-up Area
Built-up area: Built-up area, over and above the carpet area, would
include the space covered by the thickness of the inner and outer walls
of the flat.
- Beneficiary
A beneficiary in the broadest sense is a person or other legal entity
who receives Property, money or other benefits from a benefactor.
- Breach Of Contract
Violation of any of the terms or conditions of a contract without legal
excuse.
- Carpet Area
The actual usable area of an apartment/office unit/showroom etc. minus
Wall thickness. It is that area within the walls where you can actually
lay a carpet.
- Central Business District
Commercial area and its immediate radius of 2 - 3 kms, typically
located towards the city center, which forms the hub of all major
commercial activity.
- Clear Title
A title that is free from claims or legal questions and all other
encumbrances about the ownership of the property.
- Commercial Property
A building / property which is used for the purposes of carrying out
commercial activity or trading.
- Common Areas
Those portions of a building or land that are used by all of the unit
owners, who share the common expenses of the operation and maintenance.
- Security
In lending, security refers to the collateral given, deposited or
pledged to secure the payment of the loan.
- Super Built Up Area
Super built up area encompasses the proportionate common areas on the
floor, such as the passage, staircase and so on. This would usually be
around 25-35 per cent of the carpet area. However, there is a tendency
of loading even the common areas of the building / project such as the
garden, open area, clubhouse and other recreational facilities.
- Tenant
One who holds or possesses land or tenements by any kind of title,
either in fee, for 'life, for years, or at will.
- Term
The extent of time for which an estate is granted. For example, the
period which is granted for the lessee to occupy the premises; it does
not include the time between making the lease and the tenant's entry.
- Valuation
The act or process of estimating value; the amount of estimated value.
- Vendee
A purchaser; a buyer; the person to whom a thing is rendered or sold.
- Vendor
The person who transfers Property by sale.
- Void
That which is unenforceable; having no force or effect.
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