Abstract Of Title:
The abstract of title has details of transfers, grants, wills and conveyances, liens and encumbrances. Abstract of Title has the list of legal actions, if any, that have taken place with regard to a property and it also determines if there are any claims over it. A potential buyer should certainly ask for Title Abstract.

Assessment:
The value of a property, determined by an appropriate authority for taxation purposes.Bare shell Property in which, bare essentials like flooring, plastered walls, kitchen and toilets are complete, operational and are in usable condition.

BHK:
Bedroom, Hall and A Kitchen.

Bunglow:
A one-story house, cottage or cabin. Bungalows are generally small in terms of square footage, but it is not uncommon to see very large bungalows. Bungalows were originally designed to provide affordable, modern housing for the working class.

Builder:
Constructor/ Real Estate Developer

Built up Area:
All that area which includes the carpet area and the area occupied by the walls.

Capitalization Rate:
Capitalization Rate or the Cap Rate, in Realty, is an evaluation of investment. Cap Rate = Yearly income (from the property)/ market value of the property (current)

Carpet area:
All that area inside an apartment on which, carpet can be laid.

Certificate of Deposit:
Receipt of an amount deposited in a bank that pays regular interest for a certain time.

Certificate of Occupancy:
Certificate issued by local government agency confirming that a certain building has been built in accordance with the applicable building codes, conforms to the norms and hence suitable for "Occupancy".

Commercial Property:
Property that is used with an intention to generate profit either through capital gains or rentals.

Commercial Real Estate:
Properties that are exclusively used for commercial ends. Such properties include malls, restaurants, hotels, offices, convenience stores, petrol pumps, etc.

Common Areas:
All those areas in a building which can effectively be used by the owners/ residents of all the units/ flats in the building for which maintenance fee is collected.

Construction Mortgage:
Money borrowed to construct a house. Money is disbursed in a incremental fashion during the period of construction. Only the interest is paid during the construction. The loan becomes a regular mortgage as soon as the construction is completed.

Contract:
An agreement having legal object, entered into by two or more parties, voluntarily to have a legal obligation and to be bound by it.
In Realty business, a contract could be a Purchase or Sale Agreement concluded between a buyer and a seller. The contract has conditions that the parties will be obligated to abide by once the contract is registered.

Duplex:
A residential construction that is divided into two enclosures. It is one house divided into two dwellings.

Down Payment:
Part payment made in cash while buying a good or service. It is sometimes, non-refundable if the buyer fails to pay the remaining amount within a stipulated period.

Efficiency ratio:
Shows the effective carpet area as against the super built up area.

Freehold:
Absolute ownership of the property and land on which it is constructed. There is no time limit on the period of ownership.

Floor Space Index (FSI):
Ratio of Total Floor area of all the floors exclusive of statutory exempted areas to the Total Plot Area.

Gunta:
A unit of land measure
1 Gunta = 1089 Sq.ft.

Home Mortgage or Mortgage Loan:
Loans advanced by a financial institution by placing the borrower’s property on lien to buy a real property or to raise capital.
The lender can sell off the secured property to pay off the borrower’s loan if the borrower defaults on the loan or the ensuing conditions.
Interest on such loans can either be fixed or floating.
Principal along with interest is paid back in installments which are either equal or progressively reducing.

Mortgage:
Mortgage is a method by which a property is used by its owner as a guarantee to get money from a financial institution. Mortgages are otherwise also known as “liens against property”. Mortgage is basically an agreement between two parties, the Debtor (owner of a property) and the Creditor (on who advances a loan).

Landlord:
A person or organization who owns real estate property like a room, building, a dwelling unit or a piece of land and leases it away to someone else to use for rent.
A female landlord may be referred to as a "landlady."

Lease:
A contractual arrangement, obligating the Lessee (user) to pay the Lessor (owner), a certain amount of money for using a Lessor’s property for a specific period of time.

Lease agreement:
A contract between two persons, the Lessee (user) and the Lessor (owner) wherein, the Lessee pays rent or lease to use the Lessor’s property, weather tangible or intangible, for a specific period of time.

Leasehold:
A method by which a property (usually an apartment flat) is owned for a fixed term. Ownership of the land is not conceded. Hold over the property depends on the timely payment of rent or lease amount. Ownership of the property returns to the landlord on the expiry of the lease period.

Lessee:
The person who uses the Lessor’s property under a contract that legally obligates him/ her to pay rent/ lease for such use, for a specific period of time and also abide by such rules that are agreed to.

Lessor:
Person or the owner of a property, who allows the use of his/ her property by entering into a legal contract with another person for a specific period of time in return for rent.

Maintenance charges:
Charges collected by the House Owners Association/ Society for the maintenance of security, aesthetics, sanitation and day to day upkeep of the building.

Market value:
The price or value, a certain property commands in the market

No Objection Certificate or NOC :
Certificate that the concerned Government authorities issue to say that they have "No Objection" because, the building plans are proper and in accordance with the Statutory rules and guidelines.

Notary:
A lawyer or a trained person who holds a government license to:

   -> witness signatures on legal documents
   -> administer and take oaths and affirmations.

Notary Public specializes in notarising mortgage and real estate documents. As they are not paid for their work by the Government, they charge fees for their services.

Notaries ensure that Documents are properly executed, imposters and fraudsters are screened.

Power of Attorney:
A legal document with the help of which, the owner of a property delegates the authority to manage or take binding decisions to another person, with regard to such property.

Registration charges:
Fees charged by the Registration Authorities to register the Clear Title to a property in any person's name.

Real Estate Agent:
A Person who is licensed by the State to represent either the buyer or the seller in a real estate transaction. They work on commission basis and their income depends on finalizing a deal between the buyer and the seller.

Sale Deed:
It transfers Clear Title for a certain property from a seller to a buyer.

Stamp duty:
It is the Government of India's levy on all Real Estate Transactions. It is levied either on the market value declared by the Government or on the value of an agreement.

Super Built up Area:
Common areas like corridors, stairs, lift and other such areas included with the built up area comprises Super Built up Area.

Security Deposit:
Initial part-payment while purchasing made in trust. It helps in holding the seller from finding another prospective customer for his property. Many times, such deposits are non-refundable.

Tenant Negotiation:
Discussions held with the landlord regarding the rent and to try and get it lowered. A real estate agent, owing to his experience, could negotiate more effectively.
It could also be the tenant trying to resolve disputes directly with the landlord regarding specific issues instead of involving a lawyer. In case of badly strained relations, negotiations could be held by a neutral third party mediator. Negotiations should be focused on the resolution of issues at hand.