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.
An agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a loan over a specified time period. Generally, such locked-in interest rate is slightly higher than the floating market rate.
A property, which is complete in all respects including all utility connections and has received completion certificate and is ready to be occupied.
A loan where the borrower can make additional payments to reduce interest amount and then access those funds when required. There may be a minimum redraw amount.
The process of paying off one loan with the proceeds from a new loan using the same property as security.
A legal documenting and subsequent recognition of a transaction at the regional sub registrar’s office of the local municipal authority.
A renovation loan is a loan taken to cover the repairs and/or renovation of residential property.
Generally referred to an under construction property which is put in the market for sale by the investor.
Revenue department of a state carries out diverse variety of functions including magisterial matters, revenue courts, issue of various statutory documents, registration of property, conduct of elections, relief & rehabilitations, land acquisition and various other tasks.
A type of mortgage (loan) in which a homeowner can borrow money against the value of his or her home. No repayment of the loan (principal or interest) is required until the borrower dies or the home is sold. This product is particularly useful for retired people who can convert the equity in their home into cash and use that cash to meet their expenses. The loan is called a reverse mortgage because the traditional mortgage payback stream is reversed. Instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower.