Monday, September 2, 2013

Real Estate Terms And It's Meaning (S, T, U, V, W, X, Y, Z)

Aasha Realtors Neeta Shah
Aasha Realtors Neeta Shah 

The frame in which a pane of glass is set to form a window.

Second Mortgage
A mortgage that, on the sale of a property, is paid off only when the first mortgage is paid.

The property that is pledged as collateral.

Seller’s Market
When demand for property is greater than supply. The result is greater opportunities for owners who may find someone willing to offer the asking price or even a figure greater than the asking price.

Also called Duplex. A type of construction where two buildings are attached together by a common wall.

Service (the loan)
The period, normally monthly, collection of mortgage interest and principal repayment and other related expenses, such as property taxes and property insurance.

The sale of a property is finalized by the legal representatives of the vendor and the purchaser, mortgage documents come into effect, costs are paid and the new owner takes possession of the property and receives the keys.

Thin pieces of wood or other material set in overlapping rows to form a roof or wall cladding.

The horizontal section of material at the base of a window opening.

A roof shape consisting of a single sloping surface without a ridge.\

Sole/Exclusive Agency
A sole or exclusive agency precludes all other agents from working on the disposal of the property, although another agent may approach the sole agent if the former has a suitable client. But even then the sole agent would finalize the deal.

Special Condition
A condition that must be met before the contract is legally binding. For example, if buying a home the purchaser may specify that the contract is not legally binding until the purchaser has obtained a building inspection and been satisfied by the report.

Strata Title
A title to a unit or lot on a plan of subdivision associated with townhouses, units and blocks of flats and based on the horizontal and vertical subdivision of air space. Owners have a certificate of title, are absolute owners of a freehold flat and have an undivided share of the common property.

A tract of land divided into individual lots for a housing development.

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.

The right to occupy a property under agreed terms and conditions.

Tenants in Common
A type of joint tenancy in a property where two or more purchasers own a property in unequal shares. If one dies, his or her shares pass to his or her beneficiaries under the terms of the will. The shares can be sold without consultation of the other owners.

A process of selling, calling for purchasers to make their best offers in writing for that property by a given date.

A legal document evidencing a person’s right to or ownership of a property.

Title Search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no other claims or outstanding.

A dwelling unit, generally having two or more floors and attached to other similar units via party walls. Can be Strata or Cross lease titled.

A document registered at the Land Titles Office and noted on the Certificate of Title which verifies the change of ownership of a property.

A person who holds or controls property for the benefit of another.
Unconditional Agreement
The legal contract that binds both the purchaser and the seller to settle on the agreed date at the agreed price. It is either not subject to any conditions or those conditions have already been satisfied. You should only consider entering an unconditional agreement if and when you are absolutely sure you want to buy a particular property and you already have the full purchase price or 'pre-approved' loan finance from a lender. You should also be confident that there are no other issues or requirements that must be satisfied before you are committed to purchase the property. An unconditional agreement commits you to purchasing the property.

Under License
Early possession of the property before settlement with the permission of the vendor. This usually involves the payment of rent.

Supports placed under an existing wall to provide added strength.

Unsecured Loan
A loan that is not backed up by assets or guarantee.

The private or public service facilities such as gas, electricity, telephone, water and sewer that are provided as part of the development of the land.

A written analysis of the estimated value of a property prepared by a qualified valuer.

The person or entity legally authorized to sell a property.

Having no legal force or effect. Unenforceable.
Wall cavity
The space between the inner and outer sections of a wall.

Water Course
A natural stream of running water being fed by a natural source such as a stream or river.

Wish List
Think of a wish list as the criteria for your perfect home. While it’s rare to find everything you’d like in the house you finally purchase, sitting down and making a wish list will help you find the house, which most closely matches your dream.

A notation made by an individual who has not learned to write or physically unable to write, to show intent to sign an instrument such as a deed or will. In regard to the conveyance of real property, such a person would be required to make such a mark or at least a thumbprint as intent to sign and have it witnessed.

The interest earned or return by an investor on an investment, stated as a percentage of the amount invested.

Local authority guidelines for the permitted use of land.

Contact :  Aasha Realtors :
Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363
Mobile :-Neeta- 9821411063 
Skype Id :- neeta.shah30 
Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India