A notice served on the owner(s) or occupier(s) of a property from which a private nuisance arises, warning them of the intention to enter on the land in order to abate the nuisance. It is a legal order to refrain from carrying out an activity that creates a statutory nuisance such as smoke or noise pollution, parking in unauthorized areas etc.
Title to a property that is free of any encumbrances or deficiencies. Absolute title gives unequivocal right of ownership to the owner, and cannot be disputed or challenged by anyone else. This is opposed to titles with liens, attachments or judgements against them. It is also known as perfect title or clear title. A title search will usually unearth any problems with regard to the title of a property. The search is well worth the cost when someone is considering buying real estate. A title search is usually conducted at the local registry office.
A unit of area equivalent to 43,560 square feet or 4,047 square meters approximately. It is a commonly used term for larger land parcels in India.
A bookkeeping method that depreciates property faster in the early years of ownership.
A clause in the loan agreement that allows a lender to require a borrower to repay all or part of an outstanding loan if certain requirements are not met. An acceleration clause outlines the reasons that the lender can demand loan repayment. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.
The number of usable square feet divided by the number of rentable square feet in a commercial real estate lease. The result of this calculation will be 1 if the two numbers are identical, but it is usually slightly lower than 1 because some square footage in a building will be partly or totally non-unusable. Non-usable square footage includes space shared with other tenants (such as lobbies, hallways, stairwells, elevators and restrooms) or occupied by structural components (such as support poles and interior walls). In a poorly designed building, the usable area may be considerably less than the rentable area. Potential tenants can thus use the add-on factor to help them compare leases and determine which lease offers the best value.
In a sale transaction, it is the amount paid by a buyer to the seller at the time of signing the Agreement to Sell (ATS) to secure the transaction. It usually ranges between 10% and 20% of the transaction amount. It is also known as earnest money. It is not same as token advance. In a renting transaction, it is the amount paid by the tenant to the landlord before signing the rent agreement to secure the transaction. This amount is usually equivalent to one month rent which is adjustable against first month rent. Not to be confused with security deposit or token advance.
The transfer of a real estate property without financing or debt funding. The buyer would produce the appropriate funds at the time of closing; the seller would receive the entire selling price at closing. There may be significant drawbacks to paying cash for real estate, including tax consequences resulting from no loan interest tax deduction or the loss of earning power on the money that is tied up in the purchase.
A document provided by the seller of a piece of property that explicitly states the status of potential legal issues involving the property or the seller. The affidavit is a sworn statement of fact. For example, someone looking to sell a piece of real estate would have to provide an affidavit of title indicating that the property is truly owned by the seller, that the property is not being sold to another party, that there are no liens against the property and that the seller is not in bankruptcy proceedings. An affidavit of title is designed to protect the buyer from outstanding legal issues that might be facing the seller. If an issue arises in the future, the buyer has a physical document made by the seller that can be used in legal proceedings.
An agreement between the buyer and the seller that details the price and terms of the transaction. Should not be confused with Sale Deed/ Conveyance Deed. It precedes the execution of Sale Deed and acts as the basic document on which a Sale Deed is drafted. Also referred to as Agreement for Sale.
The value of land and buildings which reflects a prospective use which is different from that of the current use.
A letter issued by the developer (private or state development agency) allotting a particular plot or unit in an under development or under construction project. It includes all details regarding the unit, payment options and any extra charges that the buyer will have to pay in case of maintenance or additional facilities. It also includes construction schedule, house plans, delivery date and other booking terms. This letter is important in availing loan from banks. It is generally superseded by builder-buyer agreement once that is signed.
Features of real property that enhances its attractiveness and increases the occupant's or user's satisfaction e.g. Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments.
The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.
A table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero.
One or more department or variety chainstores, or supermarkets, introduced into a shopping mall in key positions to attract the shopping public into the centre for the purpose of encouraging other retailers to lease shops in the mall. The larger the developments the more anchors required. Agreements with anchor tenants must be in place before most banks will finance the construction of a mall or shopping centre.
A sum of money paid each year usually as a legal obligation under a contract or undertaking, as through a pension scheme. It may be paid in installments more frequently than once every twelve months.
A written report of the estimated value of a property prepared by a certified Real Estate appraiser or a valuer.
An increase in the value of a property due to changes in market conditions or supply and demand, etc.
A method of resolving a dispute in which a third party renders a decision.
The term 'As Is Where Is Basis' is mainly used by banks while auctioning foreclosed properties. It means that the buyer will inherit all of the physical and legal conditions of the foreclosed property, as is. After purchasing the foreclosed property, the buyer will become responsible for any repairs, liens, liabilities & legal disputes etc., associated with the property and auctioning bank will bear no responsibility. Generally, all foreclosure properties are auctioned on 'As Is Where Is' basis. Therefore, it is in the best interest of buyer to conduct thorough physical and legal due diligence before investing in a foreclosure property.
The listed price of the property but may not always be the selling price. The owner may be willing to negotiate.
The valuation placed on a property for the purposes of taxation by an authority.
A resource with economic value that has the potential to provide future benefits. In simple monetary terms, an asset is something that can generate cash flow, regardless of whether it's a company's manufacturing equipment or an individual's real estate producing rental returns.
A method of assessing the worth of a company, real property, security, antique or other item of worth. Asset valuation is commonly performed prior to the sale of an asset or prior to purchasing insurance for an asset. Common methods for determining an asset's value include comparing it to similar assets and evaluating its cash flow potential. Acquisition cost, replacement cost and deprival value are also methods of asset valuation.
A person in whose name the rights and interests of a property are transferred.
The transfer of a property interest, especially a lease, from one party to another by signing a deed of assignment.
A person, usually owner, who transfers rights and interests of a property.
A public sale of a property or real estate that is sold to the highest bidder.
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