An addendum is an addition made in an already existing written material

The charges what one pays to facilitate the official proceedings of registering a property on government ledger.

Choosing between a newly constructed house and an old one has been a question to many. This question could make or break your finances in coming future.

This rate identifies the total usage of usable space in a given locality. This is calculated by taking a ratio of occupied space (rented or bought and used actively) and the available accommodation.

A No Objection Certificate is an undertaking approval, more like a legal certificate issued by an organisation, persons, an association, a loose-body of individuals, an institution, a cooperating housing society or a person specific, stating a clear intention of the subject not being a hindrance to any particular motive, which would be stated in the certificate.

Insolvency and Bankruptcy Code (IBC) may include the reviewing of the status of homebuyers in the dissolution process of developers’ insolvency. Under the consideration of the central government, the review committee announced what is likely to be amended in near future. If put in place timely, this step is certainly going to calm the losses of those who invested their hard-earnings to house their families.

An entry in the governmental local body register where any change pertaining to the change in the name of the owner due to death/inheritance/succession, or sale, lease etc. is known as a Mutation Entry. A respective deed or a proof is mandatory to get a mutation entry.

A reconveyance deed is a confirmation where a said property gets liberated from any mortgage binding after the repayments of loans. Such a deed can also be made when a property ceases to be a guarantee for a purpose other than loans.

Clear Title of a property means that the realty unit is free from any complications. This is a ‘green flag’ to a sale’s deal.

A Title Report or a Preliminary Title Report is principally a background check of a particular project. The report details all the necessary information about the history of the land, disputes (if any), dues (if any), exclusive selling rights, etc. The report ensures and empowers the new buyer that the transaction is risk-free and doesn’t have any third-party interference.

A Conveyance Deed is more or less like a Sale Deed, i.e. a written confirmation of the transfer of ownership and an ultimate proof statement for being an owner. In some cases, a Conveyance Deed is also made in the mortgage, lease, gift transactions etc.

A colloquial phrase in Maharashtra real-estate, 7/12 or ‘saat-baara’ is a combination of Form 7 and Form 12 of Land Registration Department, where Form 7 talks about the particulars of the landowners and his rights whereas, Form 12 entails specifics about the land type and usage. They are issued and registered at the local body offices with the purpose of tax collection.

With the Transfer of Development Rights (TDR), a landowner can sell the rights of development on a said land and continue with the ownership in exchange of a portion of Super-Built-Up Area or a sum of money. Such a transfer is evident in construction need-based localities. For example, when a local authority makes a road, it sells the rights to develop a habitable space on the land which is now the road. By acquiring such rights, a developer is granted permission to build more housing than he would normally require, in the project he already owns.

The letter confirming the ‘part-ownership’ in an under-construction project.

The right to represent another person in particular legal or financial matters.

Boutique representation of a complete housing unit in an ongoing development.

A sale of an apartment not by the developer but by an existing owner to a third party.

“the fair market value is linked to the “price” the property would ordinarily fetch in the open market; i.e., the price a willing Purchaser would pay to the willing seller for a property, having due regard to its existing condition, existing advantages and its potential possibilities when laid out in its most advantageous manner.”