Real Estate Term & It's Meaning. (P)

Manish Sheth

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 Term & it's meaning (O)

Manish Sheth

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

Real Estate Terms & it's Meaning. (N)

Kalpesh Shah
http://aasharealtor.blogspot.com

Negative Gearing

Where the return on an investment is not 

sufficient to cover the costs on the 

investment,eg: property maintenance and 

interest on the loan

 against income from letting/leasing.

Negotiation

Make an offer and we will attempt to negotiate a 

concluded contract between the parties.

Net Income

Income after taxes are deducted.

Net Worth

The value of a person’s assets minus liabilities.

Nominee

A person who, in a limited sense, acts for or 

represents another.

Notice of Default

A formal written notice to a borrower that has 

occurred and that legal action may be taken.

Notice to Quit

A notice to a tenant to vacate the property.

Null and Void

That which cannot be legally enforced, as with a

 contract provision that is not in conformance 

with the law.

  

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 It's Meaning (M)

Neeta Shah

http://aasharealtor.blogspot.com

Manhole

An opening which permits access to the space between the roof and the ceiling, or below the floor.

Market Value
The price at which a seller is happy to sell and a buyer is willing to buy. This assumes that there is sufficient activity in the marketplace to generate enough buyers and sellers so that neither party controls the price. Establishing the market value is the objective of an appraisal.

Mortgage
A legal document that pledges a property to the lender as security for payment of a debit.

Mortgage Broker
An individual or company that brings borrowers and lenders together for the purpose of loan origination. Mortgage brokers typically require a fee or a commission for their services. Usually paid by the Lender.

Mortgage Discharge Fee
A fee charged by some lending institutions for finalising a loan repayment.

Mortgage Insurance
A policy that insures the lender against the borrower on a loan. Most lenders generally require insurance when borrowing more than 80% of the property value.

Mortgage Life Insurance
A type of term life insurance often bought by mortgagors. The amount of coverage decreases as the principal balance declines. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds.

Mortgage Offset
A non-interest earning account that is offset against a home loan to reduce the total interest payable.

Mortgagee
The lender in a mortgage agreement.

Mortgagor
The borrower in a mortgage agreement.

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 It's Meaning. (L)

Kalpesh Shah
http://aasharealtor.blogspot.com

   

Landlord

A person who rents property to another, a lessor. A property owner who surrenders the right to use property for a specific time in exchange for the receipt of rent.

Leasehold

You buy the right to own the home and lease the land for a certain time. You pay rent to the landlord for the land. You can sell the lease if you want to move on. There may be restrictions on your use of the property.

Lessee

A person leasing a property.

Lessor

The owner of a property that is leased to another person.

Liabilities

A list of debts owned.

Lien

A legal claim against a property that must be paid off when the property is sold.

Life Estate

Also called Tenancy for Life. A freehold interest (in real property) that expires upon the death of the owner or some other specified person.

LIM Report (Land Information Memorandum)

A LIM is a report prepared by the local Council at your request. It provides a summary of property information held by the Council as at the day the LIM was produced.

A LIM provides some or all of the following:

·         Information on special land features or characteristics including potential erosion, avulsion (removal of land by water action), falling debris, subsidence, slippage, alluvion (the deposition of silt from flooding), inundation (flooding), presence of hazardous contaminants which are likely to be relevant to land and is known to Auckland City

·         Information on private and public stormwater and sewerage drains as shown in Auckland City's records

·         Information relating to any rates owing in relation to the land

·         Details of approved building, plumbing/drainage and resource planning permits and consents indicating where further action is required

·         As required by the Building Act 1991 details are included of

o    Code Compliance Certificates: a final certificate of approval for building consents

o    Compliance Schedule: required for certain systems or features of commercial and multi-residential properties

o    Warrant /Statement of Fitness: in conjunction with compliance schedule -issued annually to maintain compliance standard

o    Details of Dangerous Goods, Liquor, Hairdressing and Health Licences (mainly refers to commercial properties)

o    Details of Operative and proposed zoning, road widening, height restrictions, view and tree protection, and any Historic Places Trust listing

o    Any outstanding requisitions or notifications from Auckland City regarding any matters on that property that do not meet Auckland City specifications and which require action within a certain time frame. Satisfying requisitions is the responsibility of the owner of the property.

o     

The Memorandum may also include:

·         Such other information concerning the land which Auckland City considers, at its discretion, to be relevant. Line of Credit

·         An agreement by a lender to extend credit up to a specified amount for a specified time for a specified purpose.

Liquid Asset

An asset, cash or otherwise, that can be converted into cash.

Listing

A written contract between an owner and a real estate, authorizing the agent to perform services for the principal involving the owner’s property. The property so listed.

Loan

A sum of borrowed money that is generally repaid with.

Loan Application Fee

Also called Establishment Fee. A fee paid to a lender for processing a loan.

Loan to Valuation Ratio

The amount of the loan financed as a proportion of the property value, expressed as a percentage.

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