Indian Real Estate Glossary
An architectural style pertaining to interiors where the roofline has a steep peak and the ceiling is open to the top rafters.
Unit of Area Measurement. 1 aankadam = 6.70 square metre
A notice warning the occupiers of a property, which is a cause of nuisance to others, stating that others may enter their property if the cause of nuisance is not abated.
Title that is clear of all claims, liens, judgments or disputed interests.
The summary of a court judgment that can be used by an attorney to prevent transfer of property of debtor until judgment has been paid.
A system of depreciation of real estate or personal property based on its recovery period rather than useful life.
A bookkeeping method in which property depreciates faster in the early years of ownership than in the later years when the maintenance costs of the property rises.
A clause in the mortgage that allows lender to demand and collect immediate payment of the outstanding loan balance when borrower violates certain loan provisions, such as missing a payment or transferring title of the property to another individual without informing the lender.
Agreeing to an offer along with its terms and conditions.
Once the bank or loan provider clears loan by way of a sanction letter, applicant has to send an acceptance letter within one to three months to show his willingness to accept the loan.
Means of entering or making use of the property.
Ease and convenience of entering or maneuvering around a building, especially for people with physical disabilities.
A secondary building or structure on the same plot as the main or primary building, meant as an enhancement to the property. For example, a garage, parking space or storage shed.
Rating accommodations, especially hotels, based on consumers' perspectives to give an idea of what quality of living space and services can be expected from the place. However, it is merely for customer's convenience and the company rating accommodations generally does not assume any responsibility for correctness or validity of their ratings.
Gradual addition to the shore or bank of a waterway due to sedimentation.
A written declaration that indicates that person signing an agreement or acted in a certain way of his own free will.
A loan to buy and prepare site for development.
The volume of an acre of land with one-foot depth.
Unit of Area Measurement. 1 acre = 4051.12 square metre
Losses due to natural calamities like floods or earthquakes that are usually not covered by insurance policies.
An electrical system to store or make use of solar energy directly.
Number of years since the building or structure was originally constructed.
The interest on the principal amount of loan payable by the borrower.
A legal document attached to a pre-existing document to add, modify or amend the original agreement.
Paying extra money along with EMIs to reduce the principal amount of loan and shorten loan tenure.
ARM's are tied to certain indices and the interest on such a mortgage changes periodically, based on fluctuations in the respective index.
It is the cost incurred on major renovations or improvements in the property added to the price you paid for it. Adjusted Cost Basis is deducted from the price at which you sell the property to see whether you have made profit or not.
The adjustment period determines how often the interest rate in an adjustable-rate mortgage would change. Adjustment Period of one year would mean change in interest rate once a year.
A one-time fee charged by the bank or financier before disbursement of loan. It is usually non-refundable and can range from 1-2% of the loan amount.
The court appoints administrator (male form) or administratrix (female form) to oversee the estate of a deceased person who left no will.
The document an administrator or administratrix uses to transfer estate or property.
Number of EMIs that one pays out in advance at the time of disbursement of loan in the form of post-dated cheques. For example, Mr. Rajendra paid Rs 10,000 as the down payment and one advanced EMI of Rs 3,000. Thus, he paid Rs 13,000 in total.
A means of acquiring title to a estate or property by occupying it for certain period of time determined by state law openly, exclusively, continuously and without owner's consent.
Using property without owner's permission.
Soil comprising materials transported by wind.
A person who makes an affidavit or sworn statement.
Granting substitution to an oath to people belonging to another religion.
The legal contract between seller or buyers and their agents, where clients engage agents to act on their behalf.
The process where a lender uses another firm or title company to deal on his behalf in order to close on the purchase of a property or refinancing a home loan.
A person licensed by the state to represent seller or buyer in real estate transactions, in exchange for commission.
It is the common boundary put forth by both the parties to resolve a boundary dispute between two adjoining property owners.
A document detailing terms and price of a transaction for lease or sale, which is initiated by the buyer or the leaseholder and is approved by the seller or owner of the property.
Closet sized recess in a room with no door.
A provision that requires the borrower to pay the remaining loan in a lump sum, in case of transfer or sale of property.
In real estate, it refers to basic and ionic mineral salt found in soil.
A narrow street behind or between rows of buildings.
The Allotment Letter contains all the details regarding property transaction such as agreed price, building plans, construction schedule, payment, delivery date and liabilities of the builder in case of delay in completion of the project.
Budget kept aside for unforeseen expenses such as cost of additional items that might be needed such as carpeting and fixtures.
Home loans, other than standard fixed-rate loans, to cater to specific borrower situations, such as adjustable-rate mortgage and interest-only loan.
Proposed uses for a land or a building, other than the existing one.