Real Estate Jargons
In the present days, real estate market and property market is on the thunder and going in a full flow. Each and every person on the earth is in need of owning a real estate and hence, some real estate jargons are provided for you to acquire a knowledge on the modern trend of Indian real estates.
Housing Tenure:
Housing tenure refers to the financial arrangements under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid to a landlord. Mixed forms of tenure are also possible.
The basic forms of tenure can be subdivided, for example a real estate owner may own a house outright, or it may be mortgaged. In the case of tenancy, the landlord may be a private individual, a non profit organization such as a housing association or a government body as in public housing.
Entitlement:
Entitlement is a guarantee of access to benefits because of rights or by an agreement through law. It also refers in a more casual sense to someone’s belief that he or she deserves for some particular reward or benefit. But coming to the point of real estate, the Entitlement process is the legal method of obtaining approvals for the right to develop property for a desired use.
Clear Title:
Clear title is the phrase used to state that the owner of a real property owns a particular land or building and clear from all obstructions. In a more clear sense, though the owner does not own clear title and the property is under the power of the owner then he can express clear title. The buyer who had enough money to satisfy the present owner will get the clear title after buying that property.
More on Residential Real Estate Developers
Deed:
A deed or an agreement is a legal instrument to grant a right. Deeds can be treated as a contract, as it requires the mutual agreement of more than one person. The deed is best known as the method of transferring title of a real property from one person to another. By the general definition, powers of attorney, commissions, patents, and even diplomas conferring academic degrees all comes under the agreements or deeds. In real estate deed is a term used to convey ownership from the old owner often called as grantor to the new owner often called as grantee.
Mortgage:
A mortgage is the pledging of a property to a lender as a security for a loan. A mortgage itself is not a debt; it is an evidence of a debt. It is a transfer of an interest in land, from the real estate property owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
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