A finish covering used to make exterior walls weatherproof.
Aluminum-Clad Windows
Wooden windows with aluminum coating on the exterior, usually to protect them from weather.
Amenity
A feature that enhances ease-of-use or attraction of a real estate or property, such as proximity to public transport or having natural surroundings.
Amortization
Payment of a debt in equal periodic installments, a part of which is applied towards interest and rest is applied towards the principal amount.
Amortization Schedule
A table that shows that how each payment will work towards payment of the interest and principal of the loan amount over the designated loan tenure.
Amperage
Unit of measuring the strength of an electrical current.
Anchor Bolt
A large steel bolt, embedded in concrete, to secure structures or machines in place.
Anchor Tenant
Main tenant in a shopping center, whose brand name is used strategically by the shopping center owner to lure more and more customers to visit it.
Annual Percentage Rate (APR)
Annual rate charged for borrowing the loan, which includes interest-rate structure, transaction fees and other additional costs payable by the borrower.
Annual Reducing Balance of the Principal
A system of interest calculation where total principal repaid in the previous year(s) is deducted from the principal amount of loan at the beginning of the year.
Annuity
Annual payment of a sum of money for the fixed number of years.
Anticipatory Breach
A statement that informs interested parties that a person will not or cannot fulfill his or her contractual obligations.
Appraisal Report
A detailed report that compares value of similar sites in an area sold recently and uses the result to establish the value of a specific property.
Appraiser
An expert in estimating value of real and personal property.
Appreciation
Increase in property's market price.
Approved Plans
Blueprints or drawings of layout of a project or building approved by the respective municipal corporation. It is often used to establish whether a construction work is illegal or not.
Arbitration
An informal way of resolving a dispute in which a third party, considered impartial by both the sides, gives the judgment.
Arbor
A garden shelter in which lightweight latticework structure is used to support growth of climbing shrubs and vines.
Architect
A licensed professional who plans, designs, and supervises construction of buildings and other structures.
Architrave
An ornamental molding around rectangular doors or windows. Also known as Epistyle or Door Frame.
Ares
Unit of Area Measurement. 1 are = 100.07 square metre
Arpent
Unit of Area Measurement. 1 arpent = 4041.28 square metre
As-Is Condition
It means that property will be sold in its existing condition - nothing will be removed from it as well as no improvements will be done to it.
Asbestos
Fire-resistant mineral used generally for insulation purposes.
Asking Price
The listed price of a property. Many-a-times, owners are willing to negotiate on this price while selling.
Assessed Value
Valuation of property by authorities to calculate payable tax on it.
Assessment Rolls
The list complied by the assessor containing details of tax-able properties in the designated area.
Asset
Any property (be it real estate, bank balance or anything) that has monetary value.
Asset Valuation
The worth of a property as calculated by an expert. Besides transfer of property, it is also useful for company takeovers, mortgages and floating shares.
Assignee
The party to whom the rights and interests of a property are transferred.
Assignment
The transfer of a property's rights interest from assignor to assignee.
Assignor
The party that transfers rights and interests of a property to another.
Assumable Mortgage
A mortgage that can be transferred from seller to buyer of the property.
Assumption Clause
A provision in the mortgage contract that allows the owner to sell the property to the buyer, who is willing to pay off the outstanding mortgage amount.
Atrium
An open area, courtyard or patio in the center of a multi-story building.
Auction
Sale of property or real estate through bidding, where highest bidder gets the property.
Avigation Easement
The right or privilege of aviation industry to fly over private properties near an airport that limits the height of structures and trees in such areas.
Awning Windows
Top-hinged rectangular windows, with its bottom edges swinging outward.
BAD or Bank Accounts Debit Tax
Tax on withdwals made from the bank using cheque facility.
Balloon Mortgage
A short-term mortgage that allows you to pay in small periodic installments for specific period of time, after which you have the pay the remaining balance in a lump sum.
Balloon Payment
A repayment of a loan bond, usually but not necessarily the final repayment, which is larger in amount than other installments.
Bankruptcy
A federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.
Bare shell
Depicts the condition of any property after completion of construction activity and installations of basic building services. A bare shell includes basic flooring - tiled, mosaic, cement or granite and plastered walls. Apart from this, pantry and toilet facilities may also be operational in such condition.
Base Rent
A set amount used as a minimum rent in a lease with provisions for increasing the rent over the term of the lease.
Basic Rent
A monthly rental net of maintenance and interest costs charged or quoted by landlords for any property. The base rent comprises of only the payment made for usage of the subject property under a lease agreement. Imputed costs such as holding costs fit out costs and building service charges are not usually included in the base rent.
Bayana
An Indian term used to denote the token money given to the landlord to informally freeze negotiations on a particular property, after the initial terms and conditions have been formalised.
Beneficiary
An administrative body made up of all the owners within a group of units or apartments of a strata building. The owners elect a committee which handles administration and upkeep of the site.
Bigha
Unit of Area Measurement. 1 bigha = 1620.43 square metre or 2531.93 square metre (depending on region)
Biswa
Unit of Area Measurement. 1 biswa = 32408.64 square metre or 50638.50 square metre (depending on region)
Blanket Mortgage
A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.
