The new percentage of
interest that a housing loan or mortgagor must pay on the principal of an
adjustable rate (Floating) mortgage when the reset date arrives & the
prescheduled interest rate change goes into effect. It is also called Floating Rate or Adjustable rate T…
Showing posts with label Real Estate Terms. Show all posts
Showing posts with label Real Estate Terms. Show all posts
Definition - Asset
Any
item of economic value owned by an individual or / corporation, especially that
which could be converted to cash. Examples are cash, securities, accounts
receivable, inventory, office equipment, real estate, a car and other property
etc.... On
a balance sheet, assets are…
Definition: Testamentary Will
A testamentary will is a traditional will, sometimes
referred to as just a will. A will is a legal document that is used to transfer an
estate to beneficiaries after the death of the testator (the person that makes
the will). Testamentary wills are also used to appoint guard…
Definition: Transfer of Mortgage
A transaction where either the borrower or / lender
assigns an existing mortgage (bank loan to purchase a residential property )
from the current holder to another person or / entity. Houseowners who are
unable to keep current on their mortgage payments may seek a transfer …
'Not In My Backyard' : Does Nimbyism Exist In Indian Real Estate Sector...?
By Kishor Pate, Amit
Enterprises Housing NIMBY is not a term
we often hear in India, though it is quite a popular word (and a dynamic
concept) in the West. That said, NIMBY - an
acronym for 'Not In My Back Yard - is definitely an unspoken mind set when it
comes to reside…
Difference Between Gross Lease and Net Lease..!
Gross Lease..! A type of commercial lease where the landlord pays for the building's
property taxes, insurance &
maintenance. A gross lease can be modified in a number of ways to best
meet the needs of a particular building's tenants (for example, a gross lease
…
Can Get Earnest Money Deposit Back?
If the deal falls
through later, a small cancellation fee will usually be taken out of the
deposit, But the remainder will remain
in escrow. Whoever is holding the money will determine whether the buyer should
get the money back under the terms of the purchase agreement. Be s…
Real Estate: What is Earnest Money?
Simple Explain..! * Money paid in
advance as part payment to bind a contract or / bargain. * A token of something to come; a promise or
/ an assurance. Definition of
'Earnest Money' A deposit made to a
seller showing the buyer's good faith in a transaction. Often …
Today's Technical Term – Closing Agency
The process by which a lender uses a title company or other company as an agent to complete a (Housing) loan.
Today's Technical Term - Agency
The relationship of trust that exists between three persons- sellers and buyers and their agents. The agency is formed through a written contract.
Today's Technical Term - Archetypal A - frame
An A-frame is an architectural house style featuring steeply-angled sides that usually begin at or near the foundation line, and meet at the top in the shape of the English letter 'A". An A-frame ceiling is open to the top rafters.
Although the triangle shape of th…
Today's Technical Term - Affiant
Affiant - A person who makes a sworn statement. The legal definition of Affiant is A person that is sworn to an affidavit; who gives evidence by way of an affidavit.
Today's Technical Term - Adverse Use
Adverse Use - The access and use of property ((House or land) without the owner's consent.
Today's Technical Term - Adverse Possession
The acquisition of title to property (House or land) through possession without the owner's consent for a certain period of time is called Adverse Possession.
Today's Technical Term - Real Estate
According to Indian planning commission, The term ‘Real Estate’ is defined as land, including the air above it and the ground below it, and any buildings or structures on it. It is also referred to as realty. It covers residential housing, commercial offices, trading spaces such…
Today's Technical Term - NRE account
NRE (Non-Resident External) account is a rupee account from which funds can be freely remitted. It can be opened with either funds remitted from abroad or local funds maintained in another NRE account, which can be remitted abroad.
Today's Technical Term - NRO account
NRO (Non-Resident Ordinary) account is a rupee account and can be opened with funds either remitted from abroad or generated in India. The amounts in this account are generally non-repatriable and that is why these accounts are not used at the time of buying a home or plot …
Today's Technical Term - Administrator's Deed
A document transferring real estate from an intestate person to his/her heir. That is, if a person dies without write a will , the administrator's deed conveys title to his/her property (House or Land etc) to the deceased person's next of kin. Simply said a legal doc…
Today’s Technical Term - Power of Attorney
A written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter has been in existence for a long time. In the real estate sector, though, Power of Attorney (POA) has become rampant over the years to evade tax, the…
Today’s Technical Term -Administrator
Administrator - A person appointed by a probate court to administer the estate of a person who died intestate (without write a will). Feminine form is Administratrix.
