Below, is a comprehensive list of Real Estate terms, which will be updated regularly. Readers are encouraged to become familiar with the terminologies used in context of Real Estate Transactions.
Charges payable by the owners / occupants of a development (apartment complex / commercial complex / plotted development etc) towards upkeep & maintenance of all common areas and facilities. It is normally a monthly charge and the amount payable is dependent on the kind of amenities that are part of the project. Also called Common Area Maintenance (CAM) charges.
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 written instrument creating an interest in real estate and that provides security for the performance of a duty or the payment of a debt. The borrower (i.e., mortgagor) retains possession and use of the property.
Mutation is the process of recording the transfer of title of a property from one person to another in the revenue records. The documentation procedure to be followed and the fee payable vary from State to State. The mutation in the municipal records is for the purpose of payment of property tax, and it does not mean a legal title for the person in whose name the property has been mutated in the municipal records.