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 loan secured by collateral to reduce the risk associated with lending. For example, home loan is secured by house mortgage as collateral towards the loan. If the borrower defaults on repayment, the bank seizes the house, sells it and uses the proceeds to pay back the loan.
The distance from a curb, property line or other reference point, within which building is prohibited.
Settlement (Closing) is the final step in executing a real estate transaction when final payment is made by the buyer, sale deed is signed, title is transferred to the buyer by registration of sale deed, loan documents come into effect, costs are paid and the new owner takes possession of the property.
A drawing of an area of land, on a horizontal plane, showing the boundaries and physical extent of the land included in a particular parcel. It may also show any existing buildings or the proposed layout of a development.
A soft launch is the release of a real estate project to a limited audience. In this stage, usually, all approvals are in place for the project but construction is yet to start. Soft-launching is a method for gathering feedback on a project, its pricing and acceptance in the marketplace, before making it generally available as a hard launch or grand opening. Generally, prices offered in the soft launch stage are slightly lower than the actual planned launch.
A power of attorney is a legal document that authorizes another person—called an agent—to act on behalf of the person who created the power of attorney—known as the principal—in the event that the principal cannot make those decision his or herself. A special power of attorney narrows the choices the agent can make. One can even make several different POAs, with different agents for each.
A state tax on conveyance or transfer of real property calculated on the total value of the property or the circle rate of the area, whichever is higher. Stamp duty charges vary from State to State and generally range from 4% to 10% of the property value or the circle rate.
Super Built- Up Area means built up area of a unit plus common areas proportioned to a unit. Common areas that are included in the super built up area are lobby, lift ducts, staircases, pipe ducts/ shafts, air ducts, covered community centres/ clubs, other covered common facilities. It does not include open areas such as parks, gardens, roof terrace etc.
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features