A concentration of abnormally heavy floor-loading at one point or more particular places in a building or other structure where extra support may be required.
High Rise
In the Central Business District, this could mean a building higher than 25 stories above ground level but in suburban sub-markets, it generally refers to buildings higher than 7 or 8 stories.
Hold Over Tenant
A tenant retaining possession of the leased premises after the expiration of a lease.
Holding Deposit
An initial (goodwill) sum of money given to register interest in or bind the sale of real estate before the full deposit is paid.
Home Equity Line of Credit
A mortgage loan which allows the borrower to obtain multiple advances of the loan proceeds up to a specified percentage of the borrowers equity in a property.
Home Improvement Loan
A loan made to a homeowner in which the home is used as collateral for the loan.
Home Inspection
An examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed.
Housing Expense Ratio
The percentage of gross income that goes toward paying housing expenses.
HVAC
Refers to the heating, ventilation, air conditioning system installed in a building to regulate temperature. This includes air conditioning plants, chillers and ducting systems, which ensure the uniform transfer of the cold or hot air, as the case may be throughout the building.
Improvements
Generally, physical changes which enhance the capital value of land or buildings. These may include additional buildings, extensions to existing buildings, installation of new services, eg. central heating and air conditioning and infrastructure works. On the other hand, mere replacement by a modern equivalent if something worn out would normally be regarded as a repair rather than an improvement. The distinction has legal and taxation consequences.
Indenture
A deed between two or more parties, each party having his own copy. Originally copies were all included in a single document from which each was torn or cut along a wavy (intended) line.
Indian Stamp Act, 1899
A legal statute, which provides for the payment of stamp duty in case of all real estate transactions to duty to the local government. The value of the stamp duty depends on the rental payable and the lease term or the sale value as the case may be. This duty is paid by purchasing non judicial Indian Stamp Paper, on which the lease/sale agreements are documented.
Institutional Investors
These are generally taken to include banks, pension funds, insurance companies, unit trusts and investment trusts, which are together commonly referred to in the investment field as the "institutions".
Interest
The fee charged for borrowing money.
Interest Only Loan
A loan where only the interest is repaid throughout the course of the loan. The original amount or principal is repaid at the end of the term of the loan.
Interest Rate
The rate of interest in effect for the monthly payment due.
Interest Tax
Housing Finance companies have to pay a tax on the interest income they receive from you. They sometimes pass this on to the customer. Always check with the company if the interest rate they are quoting includes interest tax or not. This tax normally about 2% of the interest rate charged. E.g if the interest rate quoted is 14% then the actual interest rate including interest tax is about 14.28%.
Internal Rate of Return (IRR)
The rate of interest (expressed as a percentage) at which all-future cash flows (positive and negative) must be discounted in order that the net present value of those cash flows should be equal to zero. It is found by trial and error by applying present values at different rates of interest in turn to the net cash flow. It is something called the discounted cash flow rate of return.
Introductory Loan
A loan offered at a reduced rate for an introductory period to new borrowers.
Inventory
The total amount of rentable square feet of existing and any forthcoming space (whether it be a tenant vacating space or new buildings coming on the market), in a given category, for example, all warehouse space in a specified submarket.
Investment
Investment is a term with several closely-related meanings in finance and economics. It refers to the accumulation of some kind of asset in hopes of getting a future return from it.
Investment Property
A property that is not occupied by the owner but leased to produce income.
Investment Yield
The annual percentage return, which is considered to be for a specific valuation in an investment being expressed as the ratio of annual net income (actual or estimated) to the capital value. It is therefore a measure of an investor's opinion about the prospects and risks attached to that investment. The better the prospects and lower the risks, the lower the expected yield and thus the greater the capital value. The required yield from an investment is estimated in the light of such factor as - a. the security in real terms of the capital invested, b. the security in real terms and regularity of income, c. the ability to adjust the income to reflect market conditions, d. the complexity and cost of management, e. the ease and likely cost of realizing the capital and f. the tax position.
Joint Agent
One or two or more agents jointly instructed by a principal to act on his behalf. In the case of estate agents this is normally on the basis that if any one of the agents effect the sale, letting or other joint agent(s) will share the remuneration in agreed proportions.
Joint Agent
One or two or more agents jointly instructed by a principal to act on his behalf. In the case of estate agents this is normally on the basis that if any one of the agents effect the sale, letting or other joint agent(s) will share the remuneration in agreed proportions. None of these agents would be entitled to a commission if the transaction is concluded as a result of someone else's introduction.
Joint Sole Agent
One of two or more agents jointly instructed as the only agents entitled to represent the principal. It is customary for the joint agents to share any commission earned on an agreed basis, irrespective of which agent effects the sale or letting.
Joint Sole Agent
One of two or more agents jointly instructed as the only agents entitled to represent the principal. It is customary for the joint agents to share any commission earned on an agreed basis, irrespective of which agent effects the sale or letting.
Joint Tenancy
A form of co-ownership that gives each tenant equal shares and rights in the property including the right of survivorship, e.g. ownership of a property passes to the surviving owners.
Judgment
The official and authentic decision of a court of justice concerning the respective rights and claims of the parties to an action or suit.
Kanal
Unit of Area Measurement. 1 kanal = 10042.55 square metre
Key Tenant
A major or primary tenant in an office building or shopping centre. Generally such a tenant leases a significant amount of the available space.
Keystone
An angular block centered over a door or window in a header or mantle.
Kick-Out Clause
A clause in a sales contract allowing a seller to accept one buyer's contingent offer then back out without penalty if a second buyer makes a better offer.
Kickback
Payment made to someone for referral of a customer or business. Generally speaking, kickbacks are illegal because, unlike a commission, a kickback is made without the customer's knowledge.
Kiosk
A small enclosed retailed outlet, normally without toilet facilities and in the retail area, frequently located in a public concourse or other place where it may remain open only during peak times and be closed securely when there are no customers. Kiosks are now sometimes included in managed shopping schemes.
Knee Wall
A wall-like structure that supports roof rafters.
Kottah (B)
Unit of Area Measurement. 1 kottah = 66.96 square metre
Laminated Timber
Layers of timber glued and pressed together to increase rigidity or to use as bench tops or cupboard doors.
Land Assembly
The process of forming a single site from a number of land, usually for eventual development or redevelopment. This will include acquisition of individual interest the eventual development or redevelopment. This will include acquisition of the individual interests, removal or discharge of any restrictive covenants or other encumbrances and obtaining physical possession, when required, from occupiers.
Land Tax
A State tax based on the value of a property (not the principal place of residence) that is paid by the owner.
Landlord
The owner of an interest in land who, in consideration of a rent or other payment (e.g. A premium), grants the right to exclusive possession of the whole or part of their land to another person for a specific or determinable period by way of a lease or tenancy.
Lease
A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.
Leasehold
The right to use and have exclusive possession (but not ownership) of real estate for a specified period and subject to the fulfilment of certain conditions as recorded in a lease agreement.
Lessee
A person leasing a property.
Lessor
The owner of a property that is leased to another person.
Letter Of Attornment
A letter from the grantor to a tenant, stating that a property has been sold, and directing rent to be paid to the grantee (buyer).
Liabilities
A list of debts owed.
License
The lawful grant of a right to do something, which would otherwise be illegal or wrongful. It may be gratuitous, contractual or coupled with an interest in land. The grantor of license is the licensor and the grantee is the licensee. A gratuitous ("Mere" or "bare") license can always be revoked (i.e. Cancelled), but revocability of a contractual license depends on the terms of the contract. A license coupled with an interest in land may be irrevocable and unlike the other two categories, may be binding on successors in title of the licensor. One example of license is permission, usually required in writing, given specifically by an owner to a tenant, enabling something to be done which otherwise would be in breach of a term of the lease. A license does not itself transfer any interest in the land but may authorise the licensee to enter the licensor's land for some specific purposes of the license; the licensor may enter the land and use it in any way not inconsistent with the rights of the licensee. However, a landlord may authorise by license some act or omission by a tenant, which would otherwise be a breach of the terms of the lease.
Lien
A legal claim against a property that must be paid off when the property is sold.
Life Estate
Also called Tenancy for Life. A freehold interest (in real property) that expires upon the death of the owner or some other specified person.
