15 Real Estate Terms That You Were Embarrassed About Asking Anybody But Can Ask Homer!


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This presentation will help you to understand why it is important for you to educate yourself in the real estate basics & concepts, rather than being completely dependent on the real estate agent or fall prey to frauds. Find out about the necessary requirements which are needed while investing in a property, the risks involved in an investment and so on. You can also seek help from friends and acquaintances to find out more about the sector.

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15 Real Estate Terms That You Were Embarrassed About Asking Anybody But Can Ask Homer!

  1. 1. Real Estate terms You were Embarrassed about asking anybody
  2. 2. Worried about not knowing The basics of Real Estate ?
  3. 3. Here’s Homer Guiding You through the Simple & Basic Real Estate terms
  4. 4. #1 What is Carpet Area ?
  5. 5. Carpet area is the actual usable area of an apartment, office unit, showroom, etc. minus wall thickness.
  6. 6. #2 What is Built up Area ?
  7. 7. Built-up area is the carpet area plus the thickness of outer walls and the balcony.
  8. 8. #3 What is Super Built up Area ?
  9. 9. Super built-up area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.
  10. 10. #4 What does Per Square Feet Rate mean?
  11. 11. Developers decide the value of the property based on the per square foot area
  12. 12. #5 What does Floor Space Index mean?
  13. 13. It is the ratio between the total built up area and the available plot area
  14. 14. #6What is the difference between Residential & Commercial Property?
  15. 15. Residential Property = Buildings for personal use Commercial Property = Buildings for business
  16. 16. #7What is a Freehold Property?
  17. 17. A freehold property is where the owner has complete ownership of the whole property
  18. 18. #8Who is a Real Estate Broker?
  19. 19. Real Estate Brokers are mediators between the owner and the buyer of a property
  20. 20. #9 What is Conveyance ?
  21. 21. Conveyance is the act of transferring or conveying the rights , title , ownership and interests of a property from one person to buyer of the property.
  22. 22. #10What is Credit Score ?
  23. 23. It is a score of a person’s credit availability used by banks to know the likelihood of repaying the debts.
  24. 24. #11What is a Lease Agreement ?
  25. 25. It is a contractual agreement made between the lessee(the tenant) and the lessor(the owner) to lease out the property for a period of time.
  26. 26. #12What is a License Agreement ?
  27. 27. An agreement signed by the owner of the property who gives permission to another person to use the property
  28. 28. #13What is a Non disclosure agreement(NDA)?
  29. 29. An NDA is a legal contract signed between two or more parties that outlines confidential matters and valuable information which the parties share for business purposes
  30. 30. #14What is a Inherited property?
  31. 31. Inheriting a property is the practice of passing on a property , titles , debts and any other obligations upon the death of a person
  32. 32. #15What is Subletting?
  33. 33. It is a practice of an existing tenant to lease out a small fraction or the whole property to another person.
  34. 34. Check out 10 Essential Tips That Every Home Buyer Should know
  35. 35. Learn More Home Buying Tips Here
  36. 36. CommonFloor.com is India's leading property search portal. On a mission to make property search hassle-free, transparent and fruitful; CF has best of breed property search on maps, property search mobile apps and an extensive section for knowledge resources and advice in real estate.