Real estate is a dynamic and a vibrant industry. We can all agree with the fact that not only do the professionals working within the bounds of the industry should have knowledge of some of the fundamental real estate terms, but every individual in general should be well aware and equipped. This is because at some point in our lives we all come across these terms because let’s face it- real estate is an inevitable prospect! Hence, Hallmark is back with the handy set of 5 important terminologies that are frequently used in the real estate industry. So, if you are a prospective buyer, an intuitive investor or a real estate enthusiast, this article is the one for you.
Absolute Title is a legal document that signifies that the property owned is free from any kind of encumbrances or deficiencies. This document gives unequivocal ownership to the respective owner, which cannot be challenged by any other party. It is also called as the perfect title or clear title.
Agreement To Sell abbreviated as ATS is a legal agreement between the seller and the buyer of a particular property that includes the details of price and the terms of the transaction respectively. It is not similar to a Sale Deed or a Conveyance Deed. It is rather a basic document, post which a Sale deed is drafted. It is also called an Agreement for Sale.
An allotment letter is issued by a builder or a developer that signifies the allotment of a particular unit of a project or a plot in an under construction or an under development project. It includes all the details of that particular plot or unit, the agreed payment options, construction schedule, delivery date, any extra charges that the buyer will have to pay in case of additional facilities or maintenance and other booking terms.
This is a legal term that implies any kind of violation of the agreed upon terms and conditions in a binding contract. It could either be a serious violation like failure to deliver the promised asset or as simple as late payment. This has legal implications accordingly.
Basic Sales Price abbreviated as BSP is the value that is arrived at by multiplying the basic per square feet rate with the total square feet area of the property. This and additional charges like parking, locational charges, registration fee etc accounts to the final price of the property.
Well, that was your today’s daily fix of real estate information.
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