A detailed drawing which depicts the manner in which a parcel of land has been divided into two or more lots. It contains engineering considerations and other information required by the local authority.
Survey
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
Suspended Ceiling
A ceiling, not being part of the structural framework of a building, installed below the level of the underside of the floor above or of the roof. Commonly used to provide space for services eg.
Tax Base
The assessed valuation of all the real property that lies within the jurisdiction of a taxing authority, which is then multiplied by the tax rate or mill levy to determine the amount of tax due.
Tax Clearance [37-(I)]
The Income Tax Act, 1961 specifies that any lease transaction for not less than 12 years or any sale transaction, above a prescribed transaction value limit tax, has to undergo a clearance process from the appellate body known as the Income Tax Appropriate Authority, constituted under the Income Tax Act. A joint application by the parties involved in the transaction is submitted along with processing fees to the Income Tax Authority, which takes upto a maximum of three months to grant the clearance, without which the sale transaction is not complete. This procedure is popularly known as the 37-(I) clearance, which is the application form number used for this purpose.
Tax Lien
A statutory lien, existing in favor of the state or municipality, for nonpayment of property taxes which attaches only to the property upon which the taxes are unpaid.
Tax Roll
A list or record containing the descriptions of all land parcels located within the county, the names of the owners or those receiving the tax bill, assessed values and tax amounts.
Technology Park
A landscaped development usually comprising of high specification office space as well as residential and retail developments, designed to encourage localisation of high technology companies such as information technology, software development etc., thereby giving each the benefit of economies of scale. Usually, technology parks are located outside the inner city areas as these are quite land intensive in nature.
Tenancy
The interest of a person holding property by any right or title or an arrangement, whether by formal lease or informal agreement, whereby formal lease or informal agreement, whereby the owner (the landlord) allows another (the tenant) to take exclusive possession of land in consideration for rent, with or without a premium, either: for an agreed period of on a periodic basis until formally terminated.
Tenancy for Life
See Life Estate.
Tenant's Improvements
Improvements to land or buildings to meet the needs of and carried out wholly or partly at the expense of the tenant.
Tenants in Common
A type of joint tenancy in a property where two or more purchasers own a property in unequal shares. If one dies, his or her shares pass to his or her beneficiaries under the terms of the will. Contrast with joint tenancy.
Tenure of the loan
Normally, loans are given for a period of 1-15 years. Some companies also give loans up to 20 years at an additional interest cost of 0.25% -0.5%. Most companies do not allow loans for a fraction of a year.
Title Search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no other claims or liens outstanding.
Torrens Title
A system of recording property ownership where registration on the Certificate of Title guarantees ownership.
Total Inventory
The total amount of square footage of a type of property (i.e. office, industrial, retail, etc.) within a geographical area, whether vacant or occupied. This normally includes owner-occupied space.
Town and country planning
The determination of policy for the development and use of land and the control of its implementations in urban and rural areas by district and country planning authorities.
Townhouse
A dwelling unit, generally having two or more floors and attached to other similar units via party walls.
Trade Fixtures
Personal property that is attached to a structure (i.e. the walls of the leased premises) that are used in the business. Since this property is part of the business and not deemed to be part of the real estate, it is typically removable upon lease termination.
Transfer
A document registered at the Land Titles Office and noted on the Certificate of Title which verifies the change of ownership of a property.
Triple Net rent
A lease in which the tenant pays, in addition to rent, certain costs associated with a leased property, which may include property taxes, insurance premiums, repairs, utilities, and maintenances. There are also Net Leases" and NN (double net) leases, depending upon the degree to which the tenant is responsible for operating costs
Trustee
A fiduciary who holds or controls property for the benefit of another.
Turn Key Project
The construction of a project in which a third party, usually a developer or general contractor, is responsible for the total completion of a building (including construction and interior design) or, the construction of tenant improvements to the customized requirements and specifications of a future owner or tenant.
Turnover Rent
A rent which is calculated as a proportion of the annual turnover of the lessee's business. Usually, it does not fall below a base rent. More commonly used in the USA, although in recent years being applied with increasing frequency in the Europe and the mature markets of Asia, especially in the case of he more profitable retail outlets.
Under License
Early possession of the property before settlement with the permission of the vendor. This usually involves the payment of rent.
Underlayment
A layer of wood between the sub-floor and the floor.
Underpinning
Supports placed under an existing wall to provide added strength.
Undisclosed Heir
A person who claims the right to a piece of property after the death of an owner without a will.
Unilateral Contract
A one-sided contract.
Unsecured Loan
A loan that is not backed up by collateral.
Uplifted Rent
A rent which reflects lease terms which are more beneficial to the tenant than prevailing commercial terms, eg. a higher rent to reflect, say, 14-yearly reviews, rather than the more common five-yearly reviews.
Urban centers
i.e. cities were classified into categories such as A, B and C and a ceiling on the maximum permissible usage on land by respective owners was set under provisions of the act.
Urban Land Ceiling and Regulation Act (ULCRA)
A legislation promulgated in 1976 as a social equity measure with a view to curb profiteering and hoarding in the urban land market as well as prevent urban congestion. Urban centers i.e. cities were classified into categories such as A, B and C and a ceiling on the maximum permissible usage on land by respective owners was set under provisions of the act.
Urban Planning
User
A person who uses, enjoys or has a right over a property.
Utilities
The private or public service facilities such as gas, electricity, telephone, water, and sewer that are provided as part of the development of the land.
Valuation
Estimated value of a property by a qualified person, who analyzes various features of the property and evaluates market trends for the purpose.
Value
The price a property is expected to fetch, if it is sold in a proper manner. Generally, based on the market price of similar properties.
Vastu Shastra
A traditional Indian architectural system that aims to harmonize the Five Elements - air, water, earth, fire and space - to build and design congenial living environments. It is similar to Feng Shui in concept but differs in its specifications.
Vendor
Property Seller or Broker
Vendor Statement
A statement by the vendor describing the particulars of the property offered for sale.
Vertical Slice Participation
A mechanism through which more than one person can have legal interests in the property and thus, share capital liabilities and income from the property in pre-determined percentages.
Villa
Detached sub-urban dwelling that usually refers to luxurious upper-class country homes.
Wall Cavity
Hollow air space in a wall to improve thermal insulation.
Warehouse
A storehouse used for commercial purposes, such as those used by manufacturers and transport businesses.
Warranty of Possession
Landlord's agreement stating that he or she has the legal authority to convey the possession of the premises to Tenant.
Water Course
Natural channel of water, such as river, brook or stream. Proprietors of land situated on the banks of a watercourse have equal rights to make use of the water but are not allowed to divert it, diminish the quantity of water, or interrupt it without proper authority.
Weighted Average Rental Rates
Mean of the unequal rental rates in two or more buildings in the same designated area. It is used to give a general idea of the rent amount in that particular area.
Willing Seller-Willing Buyer
The price at which both the seller and the buyer agree to do business irrespective of the actual market price of the property
Wish List
Criteria or features desired by buyers while searching for an ideal property or home. A wish list can help you land a better deal.
