S
Sash
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.
Security
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.
Semi-detached
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.
Settlement
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.
Shingles
Thin pieces of wood or other
material set in overlapping rows to form a roof or wall cladding.
Sill
The horizontal section of
material at the base of a window opening.
Skillion
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.
Subdivision
A tract of land divided into
individual lots for a housing development.
Survey
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.
Tenancy
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.
Tender
A process of selling, calling
for purchasers to make their best offers in writing for that property by a
given date.
Title
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.
Townhouse
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.
Transfer
A document registered at the
Land Titles Office and noted on the Certificate of Title which verifies the
change of ownership of a property.
Trustee
A person who holds or controls
property for the benefit of another.
U-V
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.
Underpinning
Supports placed under an
existing wall to provide added strength.
Unsecured Loan
A loan that is not backed up
by assets or guarantee.
Utilities
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.
Valuation
A written analysis of the
estimated value of a property prepared by a qualified valuer.
Vendor
The person or entity legally authorized to sell a property.
Void
Having no legal force or
effect. Unenforceable.
W-X-Y-Z
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.
X
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.
Yield
The interest earned or return
by an investor on an investment, stated as a percentage of the amount invested.
Zoning
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
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