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Real Estate Glossary
A measurement of land comprising of 4,840 square yards or 43,560 square feet.
A person licensed by the state to conduct real estate transactions
- Agreement of sale
A document the buyer initiates and the seller approves that details the price and terms of the transaction.
A one-story house, cottage or cabin. Bungalows are generally small in terms of square footage, but it is not uncommon to see very large bungalows. Bungalows were originally designed to provide affordable, modern housing for the working class.
- Assured Return
When the builders get the license to start the construction they invite the Investors and give them an assurance that they will get 12% return on the amount they will invest in their projects. This assurance is called assured return. Brand Realty does not deal with Assured Return cases. Generally it varies from 10-12%.
- Rented Property
Once a property is given to a tenant the sale price of that property increases in this case the owner is also willing to sell the property as he is getting more price for the same property. Property price and returns are related. The more the return the less will be the price of the property. Incase of banks the return is 6-7%. Maximum return is 9-10%. Properties which are on rent and are available for sale are called rented option.
- Loan to Valuation Ratio
The amount of the loan financed as a proportion of the property value, expressed as a percentage.
- Investment Property
A property that is not occupied by the owner but leased to produce income.
- Holding Deposit
An initial (goodwill) sum of money given to register interest in or bind the sale of real estate before the full deposit is paid.
- Building Code
Based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.
Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments.
Infrastructure Development Charges
External Development Charges
Interest Bearing Maintenance Security
Interest Free Maintenance Security
Common Area Maintenance
In modern architecture, an atrium (plural atria) is a large open space, often several stories high and having a glazed roof and/or large windows, often situated within an office building and usually located immediately beyond the main entrance doors. Atria are popular with companies because they give their buildings "a feeling of space and light.
It is the difference between the sale price and the original booking price. It is the profit you charge on the basic allotment price of the apartment.
- Preferred location charges(PLC)
The buyer has to pay additional for preferred locations e.g. floors, park facing, corner, pool facing, direction facing, golf course facing & river facing etc. The price will be higher for these properties.
- Transfer charges
Every builder charges a certain percentage to transfer a flat from one person to another.
- Registration charges
Whenever we buy a property, we have to register ourselves and to get the registration we have to pay certain percentage of the property price to respective area authority. Theses charges are called registration charges.
- Circle rate
These are the rates decided by the development authority of a particular area at which property registration is done.
- Pent house
An apartment or other house like structure built on the roof of a building. A luxury apartment on an upper floor, esp. the top floor of a building. A penthouse that has two floors is called as duplex pent house.
- Transfer of ownership
Any legal means by which a piece of real estate changes hands
- Return on investment (ROI)
The amount of profit a property generates
- Power of attorney
A document that authorizes an individual to act on behalf of someone else.
- Mixed-use development
A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential and public accommodations.
- Letter of intent (L.O.I)
A formal statement that the buyer intends to purchase the property for a certain price on a certain date.
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.
A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions
- Leasehold estate
An arrangement in which the borrower does not own a specific piece of property but possesses a long-term lease.
Any building higher than six stories
- Floor Space Index (FSI)
It means the quotient of the ratio of the combined gross floor area of all floors excepting areas specifically exempted under these Regulations to the total area of the plot.
- Floor area ratio(FAR)
The calculation of the floor area of all homes or buildings in a project. It is used in the planning and development of a site.
- Down payment
The amount of money a buyer agrees to give the seller when a sales agreement is signed. Complete financing is later secured with a lender.
Money given by the buyer with an offer to purchase property. Also called earnest money.
The legal document that transfers ownership of a piece of property.
- Capital gains tax
A tax placed on the profits from the sale of real estate or investments.
- Clear title
A property that does not have liens, defects or other legal encumbrances.
- Capital gains
Profits an investor makes from the sale of real estate or investments.
- Carpet Area
The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid.
- Covered/Built-up area
When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area.
- Super built-up area
The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
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