Real Estate Terms

Real Estate Terms

ACRE

A unit for measurement of land equaling 43,560 square feet; or 4,840 square yards; or 160 square rods; or a tract about 208.71 feet square.

ALLOTTED

An individual who has been allotted a property, either by government body / authority or by a developer.
ABANDONMENT

The voluntary surrender of property rights, with no intention of reclaiming them and without vesting interest in another person.

ACCELERATION CLAUSE

A clause in agreement of sale, which gives the lender right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.

For example, the contract was for X to purchase a piece of land from Y for Rs 20,00,000, to be paid in 5 monthly installments. If X makes the first two payments, but fails to make the third payment, an acceleration clause would require that X must immediately pay Y the entire balance, or lose his right to purchase (without getting a refund of his 8,00,000).

ACCEPTANCE

The expression of intention of the person receiving an offer (usually from the seller) is to be bound by the terms of the offer. The acceptance must be communicated to the offered person and must be in documented form to be enforceable.

ACKNOWLEDGMENT

A formal declaration made before an authorized official by a person executing a document, that he signs the document by a free act and deed. The official is usually a notary public who witnesses the signature and verifies the identity of the person.

ACQUISITION

An act of becoming the owner of certain property; used also for the thing or property acquired.

ADMINISTRATOR

A person appointed by the court to manage and settle the estate of a deceased person who has left no will.

AFFIDAVIT

A written statement sworn to be true before someone legally authorized to administer an oath.

AGREEMENT OF SALE

A written agreement whereby the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms and conditions set forth in the agreement.

AIR RIGHTS

The rights vested by a grant of an estate in real property to build upon, occupy, or use, in the manner and degree permitted, all or any portion of space above the ground or any other stated elevation within vertical planes, the basis of which corresponds with the boundaries of the real estate described in the grant.

ALIENATION

The voluntary transfer of real property from one person to another.

BUILT-UP AREA

Built-up area: Built-up area, over and above the carpet area, would include the space covered by the thickness of the inner and outer walls of the flat.

BENEFICIARY

A beneficiary in the broadest sense is a person or other legal entity who receives Property, money or other benefits from a benefactor.

CARPET AREA

The actual usable area of an apartment/office unit/showroom etc. minus Wall thickness. It is that area within the walls where you can actually lay a carpet.

CENTRAL BUSINESS DISTRICT

Commercial area and its immediate radius of 2 – 3 kms, typically located towards the city center, which forms the hub of all major commercial activity.

CLEAR TITLE

A title that is free from claims or legal questions and all other encumbrances about the ownership of the property.

COMMERCIAL PROPERTY

A building / property which is used for the purposes of carrying out commercial activity or trading.

COMMON AREAS

Those portions of a building or land that are used by all of the unit owners, who share the common expenses of the operation and maintenance.

SECURITY

In lending, security refers to the collateral given, deposited or pledged to secure the payment of the loan.

SUPER BUILT UP AREA

Super built up area encompasses the proportionate common areas on the floor, such as the passage, staircase and so on. This would usually be around 25-35 per cent of the carpet area. However, there is a tendency of loading even the common areas of the building / project such as the garden, open area, clubhouse and other recreational facilities.

TENANT

One who holds or possesses land or tenements by any kind of title, either in fee, for ‘life, for years, or at will.

TERM

The extent of time for which an estate is granted. For example, the period which is granted for the lessee to occupy the premises; it does not include the time between making the lease and the tenant’s entry.

VALUATION

The act or process of estimating value; the amount of estimated value.

VENDEE

A purchaser; a buyer; the person to whom a thing is rendered or sold.

VENDOR

The person who transfers Property by sale.

VOID

That which is unenforceable; having no force or effect.

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