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.
A certificate issued by the concerned local authority that the plans are in order and conform to the guidelines and rules in force. In other words, the authority concerned has NO OBJECTION to the commencement of construction.
A formal written notice to a borrower by the lender that a default has occurred and that legal action may be taken. If the borrower does not pay, the lender may initiate foreclosure process by issuing public notice of default followed by notice of sale for the property.