The coordination of many specialist disciplines to create the optimum working environment for staff.
Fair Housing Act
A law that prohibits discrimination in all facets of the homebuying process on the basis of race, color, national origin, religion, sex, familial status, or disability.
Fair Rent
The rent determined by a rent officer (or, on appeal, by a rent assessment committee) under a regulated tenancy and registered.
Fair Trading
Office of Fair Trading and Business Affairs, an office of the Department of Justice in Victoria and in New South Wales. In Queensland, Northern Territory and the Australian Capital Territory it is known as Consumer Affairs; in Western Australia, the Minis.
Fee Simple
An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited. Commonly, a synonym for ownership.
FERA
An act to regulate certain payments dealing in foreign exchange, securities, the import & export of currency and acquisition of immovable property by foreigners. Under Section 31 (1) of the Foreign Exchange Regulation Act (FERA) of 1973, It is mandatory for foreign corporations, which are not incorporated in India to obtain permission from the Reserve Bank Of India (RBI) to acquire, hold, transfer or dispose off in any manner (expect by way of lease for a period not exceeding five years) any immovable property in India.
Fibro Cement
Building material made of compressed fibres cemented into rigid sheets.
FID
Financial Institutions Duty. State duty on the receipts of financial institutions.
Fiduciary
A person who essentially holds the character of a trustee. Real estate agents and salespersons are considered by law to be fiduciaries, thus they have a duty to act primarily for the benefit of the principal (the person who employed them).
Finance
The commercial activity of providing funds and capital.
Fire Certificate
A certificate covering matters of safety required under the legislation for hotels, boarding houses, factories, offices shops and railway premises, excluding those buildings containing less than a minimum number of employees. In order to obtain a fire certificate, one must apply to a fire certificate, one must apply to a fire officer, who then inspects the building and issues a list of requirements (e.g. Fire doors). Once the fire officer is satisfied that those requirements have been met he will issue the fire certificate. It enables fire officers, in the event of an emergency, to have prior knowledge inter alia of the permitted number of people on each floor; it also informs officials if any authorised inflammables /explosives materials on the premises.
First Mortgage
The senior mortgage which, by reason of its position, has priority over all junior encumbrances. The holder of the first or senior mortgage has a priority right to payment in the event of default.
First Refusal Right or Right Of First Refusal
A lease clause giving a tenant the first opportunity to buy a property at the same price and on the same terms and conditions as those contained in a third party offer that the owner has expressed a willingness to accept.
Fit Outs
Relate to the interior permanent furnishings required in a property including HVAC ducting, fire protection system implementation, establishment of workstations and telephone/computer cabling among other, in order to make the property fit for usage.
Fittings
Objects that can be removed from a property without causing damage to it.
Fixed Expenses
Expenditures such as property taxes, license fees, and property insurance that are not directly affected, by the occupancy of the property.
Fixed Rate Mortgage
A mortgage in which the interest rate does not change during the term of the loan.
Fixed Rate of Interest
When an applicant opts for a fixed rate of interest, the rate of interest remains fixed over the tenure of the loan. This is an ideal option for situations when one expects the rates of interest to go up in the future.
Fixtures
Personal property that becomes real property when attached in a permanent manner to real estate.
Flatted factory
An industrial building of more than one storey, usually with two or more goods lifts, and constructed or converted for multiple occupation. The building is subdivided into small, separately occupied units which are used for manufacturing, assembly and associated storage.
Flex Space
A building providing its occupants the flexibility of utilizing the space. Usually provides a configuration allowing a flexible amount of office or showroom space in combination with manufacturing, laboratory, warehouse distribution, etc.
Floating Rate of Interest
When one opts for a floating rate of interest, the interest rate on the loan may fluctuate depending on the Prime Lending Rate (PLR) fixed by the Reserve Bank. This change can happen as frequently as one in six months. If the PLR falls, the customer benefits and if it rises he suffers. However, in case of a fall the payments remain the same for every month. The finance company will refund some of the EMI cheques and effectively compensate the customer by reducing the tenure of the loan.
Footing
The footing supports the building on its foundation.
Force Majeure
A force, which cannot be resisted, in other words, something beyond the control of the parties involved. It includes acts of God and acts of man, e.g. Riots, strikes, arson. In many contracts and insurance policies, specific provision is made for damage or injury arising from force majeure. For example, the financial liability of a building contractor for failure to complete by a specific date may be relieved to the extent it was caused be force majeure. This is a common clause in most property contracts.
Foreclosure
The legal process by which a mortgagee can sell the mortgagors interest in the property to satisfy debt.
Foreign Direct Investment
investment made by a foreign individual or company in productive capacity of another country . for example, the purchase or construction of a factory.
Freddie Mac
Federal Home Loan Mortgage Corporation (FHLM); a federally-chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders With funds for new homebuyers.
Freehold
In general parlance this is used as shorthand for the tenure of an estate in fee simple absolute in possession. Strictly speaking, however, freehold includes fee simple, entailed interests and tenancies for life.
Frontage (Line)
The full length of a plot of land or a building measured alongside the road on to which the plot or building fronts. In the case of contiguous buildings individual frontages are usually measured to the middle of any party wall.
Future Proposed Space
Space in a proposed commercial development which is not yet under construction or where no construction start date has been set.
Gable
The triangular part of a building's end wall which extends up to meet the two slopes of a roof.
Gaj or Square Yards
Unit of Area Measurement. 1 square yard = 0.837 square metre or 9 square feet
Garnishee
To legally divert part or whole of someones money or property to someone else, e.g. for Child Support Payments.
Gazumping
Where a seller agrees to sell to one buyer but then either sells to another buyer or raises the price when two or more buyers show interest.
Gearing
The ratio of your own money and borrowed funds for investment. See Negative Gearing.
Gold clause
A clause in a lease which provides for the rent to be reviewed with reference to the price of gold.
Graduated Lease
A lease, generally long term in nature, which provides that the rent will vary depending upon future contingencies, such as a periodic appraisal, the tenant
Greased Lease Back
The disposal by a freehold or leasehold owner of his interest on a property or leasehold interest where the rent payable is geared to a fixed percentage of some variables, often rack-rental value.
Green Field Site
An area of land, usually in the edge of a town or city or away from substantial urban areas, hitherto undeveloped but for which development is now proposed.
Gross Building Area
The total floor area of the building measuring from the outer surface of exterior walls and windows and including all vertical penetrations (e.g. elevator shafts, etc.) and basement space.
Gross External Area (GEA)
The aggregate superficial area of a building taking each floor into account. As described in the RICS/ISVA Code of Measuring Practice (UK), this includes: external walls and projections, internal walls and partitions, columns, piers, chimney-breasts, stairwells, and lift wells, tank and plant rooms, fuel stores whether or not above main roof level and open-sided covered areas and enclosed car-parking areas, terraces etc.
Gross Income
Income before taxes are deducted.
Grounds
Unit of Area Measurement. 1 ground = 223.20 square metre
Guarantor
A person who agrees to indemnify the holder of a loan all or a portion of the unpaid principal balance in case of default by the borrower.
Guntha
Unit of Area Measurement. 1 guntha = 101.28 square metre
Habitable
Suitable for occupancy. Local building codes ensure that structures are habitable through requirements for building permits and certificates of occupancy.
Hard Cost
The cost of actually constructing the improvements (i.e. construction costs).
Hectares
Unit of Area Measurement. 1 hectare = 10010.32 square metre
Hi-tech building (high technology building)
Primarily a modern industrial building which is particularly suited to the flexible uses and space needs of business organisations engaged in modern technologies. Such activities usually require more office or laboratory space than a traditional factory and also more sophisticated and adaptable installations for services and communications.
