Real Estate Terms & Meaning(P)

Aasha Realtors -Neeta Shah 

http://aasharealtor.blogspot.com

Passed In

The highest bid fails to meet the reserve price of a property at an auction and consequently does not sell.

PIM (Project Information Memorandum)

A report giving information on items such as potential erosion, subsidence, hazardous contaminants, storm water. It may also include classifications under organizations such as the Dept. of Conservation or Historic Places Trust, as well as authorizations required by the Resource Management Act.

POA

A pricing method used by some Real Estate companies, meaning Price on Application.

Power-of Attorney

The person who has authority to execute documents on behalf of the grantor of the power. Also a legal document which authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.

Pre-qualification
The process of determining how much money a prospective home buyer will be eligible to borrow before he or she applies for a loan.

Prime Rate
The interest rate that banks charge their preferred customers. Changes in this rate can influence other rates including mortgage interest rates.

Principal

The amount borrowed or still to be repaid. The part of the monthly payment that reduces the balance of the mortgage.

Private Sale

The sale of property by the owner without the services of a real estate agent.

Private Treaty Sale

The sale of property, through a real estate agent, by negotiation.

Proxy

A person who represents another, particularly, in some meeting. Also, the document giving to another, the authority to represent.

Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India

Real Estate Terms and Meaning(O)

Kalpesh Shah 

http://aasharealtor.blogspot.com

Off The Plan
To purchase a property before it is completed after having only seen the plans.

Offer
Conveyed intent by one party to form a contract, which may have conditions and stipulations, with another party.

Offers
A process of calling for offers on the property, usually required by a certain date.

Offset Account
An account linked to a mortgage account so that the interest earned is applied to reduce the interest on the mortgage.

Ombudsman
The Banking Industry Ombudsman is the avenue through which a customer can make a complain about their bank and have it dealt with independently.

Ongoing Fee
A loan maintenance fee charged regularly over the life of the loan.

Open Space
Land which has not had improvements such as buildings and other structures added to it. Such land is often left in a subdivision by a developer or stipulated by a local authority for recreational use or for personal use by the owner.

Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India

DRAFT ELECTION RULES FOR CO-OP HOUSING SOCIETIES.

Neeta Shah - Kalpesh Shah 

http://aasharealtor.blogspot.com

DRAFT  ELECTION  RULES  FOR  CO-OP HOUSING  SOCIETIES.

No fresh elections for housing societies, Maharashtra govt. will hold polls

 Directive for those societies whose executive committees exceeded five-yr term on March 31

MUMBAI: Cooperative housing societies whose executive 

committees have completed or exceeded their five-year term 

on March 31 have been barred from holding fresh elections.

The state government is in the process of setting an independent 

authority to hold free and fair polls before December 31. The 

cooperation department has issued a directive following the passing 

of a new cooperation law that governs and regulates the sector.

The directive said old committees should continue to look after the 

daily administration of societies, but must avoid taking any policy 

decisions. Violations will be dealt with in the form of legal action, 

the department said.

The directive will not apply to the societies that elected new 

committees before March 31.

The authority will conduct the next elections and under new 

regulations, each registered society will have to inform the authority 

six months before the expiry of executive board’s five years term.

So far, societies have been holding elections on their own by 

informing the respective registrars of cooperatives, who in critical 

cases, were authorized   to depute election officers to conduct the 

process. The societies needed to pay a certain amount to the registrar 

to avail of this service to ensure free and fair elections.

The new law is the 97th amendment to the constitution, which the 

state adopted in the form of an ordinance on February 14. The state 

legislature gave the ordinance its approval in the monsoon session, 

which ended in the first week of August.

There are about 80,000 registered housing societies in the state, of 

which about 50,000 are in Mumbai and Thane.

Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India

What Is Tax?

Neeta Shah 

http://aasharealtor.blogspot.com

A fee charged or levied by government on .......

a product, income,or activity. directly on personal or corporate in

come, then it is a direct tax. If tax is levied on the price of a good 

or service, then it is called an indirect tax. The purpose 

 of taxation is to finance government expenditure. One of the 

most  important uses of taxes is to finance public 

goods and services, such as street lighting and street cleaning. 

Since public goods and services do not allow a non-payer to be 

excluded, or allow exclusion by a consumer, there cannot be 

a market in the good or service, and so they need to be provided 

by the government or a quasi-government agency, which tend to

 finance themselves largely through taxes.

2 Bhk On Outright At Borivali West ( AP-1381630300)

Aasha Realtors Neeta Shah

http://aasharealtor.blogspot.com

Location	Devidas Lane
Area	1100 Sqft. B. Up. 750 Sqft. Carpet
Storey	8
Floor	Top
Price	1.93 Cr.
Description	It’s a furnished flat. Entry of the flat is south. Water 24 hours. Soc. is Reg. and has OC. Pipeline gas available. Maintenance Rs. 7000/- for 3 months. Flat is specious. Children play area, CCTV and security in the society. Open parking. School, temple, hospital, market all nearby.

Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India

Converted 2 Bhk On Outright At Malad West (AP-137202217)

Neeta Shah

http://aasharealtor.blogspot.com

Location	S. V. Road, Opp. Telephone Exchange
Area	650 Sqft. Carpet
Storey	7
Floor	5th
Price	1.15 Cr
Description	It’s a converted 2 Bhk flat. Furnished. Soc. is Reg. and has OC. Parking open. Water 24 hours. Flat is as per vastu. Society is 20 years old.

Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India