Buying Property or real estate is every man’s dream. It is an important goal ticked off his list of to-dos during his working years. The reasons for buying the real estate are just as varied as its cost & locality. People may be looking for a home or shop floor or a new business address. Also, with the new GST system, there is all the more interest in knowing its effect on real estate prices.
However, for such an important thing in our lives, there is hardly a decent real estate terminology & glossary sheet available. So we have created a Real Estate Dictionary. The aim is simply to help the common man understand the Real estate terms & real estate concepts! Have a look:
- Buyer:
These are the customers interested in buying the commercial or residential property on sale. Buyer’s interest in the property is dependent on a plethora of set parameters like locality, costs, amenities and more. These may be individuals or a group of friends or business entities buying the real estate.
- Client:
- Closing:
This is the final step where both “parties” enter into an agreement & the property title deed is handed over to its new owner. Closing is a happy occasion for the buyer & the seller (who finally has liquidated some assets). Closing a deal is also a respite to the real estate agent who has put in considerable efforts bringing the buyer & the seller to an agreement.
- Commission:
These are the fruits of labour of the real estate agents who help the buyers to find that perfect home with the correct specifications. The agent works tirelessly until he finds you the perfect match, and truly deserves the commission.
- FSI:
FSI or the Floor Space Index is the ratio of a building’s total floor area to the size of a piece of land upon which it is built. This is a very important aspect for those who wish to buy a plot or those considering reconstruction of their property. This is usually expressed as a number.
- Home Loan& EMI:
The question which haunts most buyers is not just if they will get a home loan but also how much EMI will be deducted from their salary each month? EMI forms the basis of most people’s buying decisions & thus making it the ultimate deciding factor above all others. Applying for a home loan is the best option these days with so many banks providing finance for the properties.
- Possession:
This magical date is the culmination of many dreams & long waits. The buyer is always eager to get an early possession while a later possession makes the seller prone to not just threats but even lawsuits! Possession is defined as the date on which the seller hands over the completed property to its new owner for occupancy.
- Real estate agent:
These entrepreneur personalities are powerhouses of knowledge & stamina to keep up with the mood swings of buyers & sellers in the real estate market. They may be licensed practitioners or brokers depending on the property & locality.
- Seller:
Sellers are the owners of the property they wish to sell &value their real estate properties at the best possible scenario. Of course whether their expectation is met or not is the only measure of the true value of the property to the buyer.
- Title Deed:
A title deed as defined in the dictionary is a legal deed or legal document constituting evidence of a right, especially to ownership of property.
These are some of the concepts that a layman might not have heard about or is unaware about. If you still have any doubts contact Propbuying the best real estate broker in Pune they will be happy to answer all your queries related to real estate.
