HSN Realty Services India Pvt. Ltd. - Real Estate Terms
A unit for measurement of land equaling 43,560 square feet; or 4,840 square yards; or 160 square rods; or a tract about 208.71 feet square.
An individual who has been allotted a property, either by government body / authority or by a developer.
The voluntary surrender of property rights, with no intention of reclaiming them and without vesting interest in another person.
- Acceleration Clause
A clause in agreement of sale, which gives the lender right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.
For example, the contract was for X to purchase a piece of land from Y for Rs 20,00,000, to be paid in 5 monthly installments. If X makes the first two payments, but fails to make the third payment, an acceleration clause would require that X must immediately pay Y the entire balance, or lose his right to purchase (without getting a refund of his 8,00,000).
The expression of the intention of the person receiving an offer ( usually from the seller) to be bound by the terms of the offer. The acceptance must be communicated to the offeror and must be in documented form to be enforceable.
A formal declaration made before an authorized official by a person executing a document, that he signs the document by a free act and deed. The official is usually a notary public who witnesses the signature and verifies the identity of the person.
An act of becoming the owner of certain property; used also for the thing or property acquired.
A person appointed by the court to manage and settle the estate of a deceased person who has left no will.
A written statement sworn to be true before someone legally authorized to administer an oath.
- Agreement of Sale
A written agreement whereby the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms and conditions set forth in the agreement.
- Air Rights
The rights vested by a grant of an estate in real property to build upon, occupy, or use, in the manner and degree permitted, all or any portion of space above the ground or any other stated elevation within vertical planes, the basis of which corresponds with the boundaries of the real estate described in the grant.
The voluntary transfer of real property from one person to another.
- Built-up Area
Built-up area: Built-up area, over and above the carpet area, would include the space covered by the thickness of the inner and outer walls of the flat.
A beneficiary in the broadest sense is a person or other legal entity who receives Property, money or other benefits from a benefactor.
- Breach Of Contract
Violation of any of the terms or conditions of a contract without legal excuse.
- Carpet Area
The actual usable area of an apartment/office unit/showroom etc. minus Wall thickness. It is that area within the walls where you can actually lay a carpet.