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  Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

Agreement for lease/sale: A contract to enter into a lease (or sale), which in order to be enforceable either must be evidenced in writing and signed by the person against whom action is taken for the breach of the alleged contract and there must be a sufficient act of part performance.

Asset valuation: In the property market this expression is applied to the valuation of land and buildings or plant and machinery. The term is often used to describe an expert opinion of the worth of a property which may be incorporated into company accounts, where the ownership of the asset is not necessarily to be transferred but the valuation is required for the company takeovers, share flotation or mortgages.

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B

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.

Broker/dealer: A person or company who acts as a medium of bringing owners and proposed buyers together with a view to complete a real estate transaction.

Brokerage: 1. Commission paid to a broker. 2. The activity of a broker in bringing together two parties in a transaction.

Building contract: A contract between an owner or occupier of land and a building contractor, setting forth the terms under which construction is to be carried out, basis of remuneration, time scale, and penalties, if any, for failure to comply with terms of the contract.

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C

Capitalization: 1. At a given date the conversion into the equivalent capital worth of a series of net receipts, actual or estimated, over a period. 2. A method of calculating a final purchase price for a development using an agreed formula to convert actual, or assumed, income from initial lettings into a capitalism. Such capitalized sums may be offset against a purchasing fund's interim finance payments, any excess being paid to the developer. 3. In relation to a company's reserves, the conversion into capital of money, which is then distributed as a capitalization issue.

Conveyance: A document transferring title to land from one person to another.

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D

Developer: An entrepreneur who has an interest in a property, initiates its development and ensures, that this is carried out ( for occupation, investment or dealing) and from the outset accepts the responsibility for providing or procures the requisite funds needed to finance the whole project.

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F

Fail rent: The rent determined by a rent officer (or, on appeal, by a rent assessment committee) under a regulated tenancy and registered.

Freehold: In general parlance this is used as shorthand for the tenure of an estate in fee simple absolute in possession. Strictly speaking, however, freehold includes fee simple, entailed interests and tenancies for life.

Frontage(line): The full length of a plot of land or a building measured alongside the road on to which the plot or building fronts. In the case of contiguous buildings individual frontages are usually measured to the middle of any party wall.

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G

Gross External Area (GEA): The aggregate superficial area of a building taking each floor into account. As described in the RICS/ISVA Code of Measuring Practice (UK), this includes: external walls and projections, internal walls and partitions, columns, piers, chimney-breasts, stairwells, lift wells, tank and plant rooms, fuel stores; whether or not above main roof level and open-sided covered areas and enclosed car-parking areas, terraces etc.

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H

Hi-tech building (high technology building): Primarily a modern industrial building which is particularly suited to the flexible uses and space needs of business organisations engaged in modern technologies. Such activities usually require more office or laboratory space than a traditional factory and also more sophisticated and adaptable installations for services and communications.

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I

Indian Stamp Act, 1899: A legal statute, which provides for the payment of stamp duty in case of all real estate transactions to duty to the local government. The value of the stamp duty depends on the rental payable and the lease term or the sale value as the case may be. This duty is paid by purchasing non judicial Indian Stamp Paper, on which the lease/sale agreements are documented.

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J

Joint agent: One or two or more agents jointly instructed by a principal to act on his behalf. In the case of estate agents this is normally on the basis that if any one of the agents effect the sale, letting or other joint agent(s) will share the remuneration in agreed proportions. None of these agents would be entitled to a commission if the transaction is concluded as a result of someone else's introduction.

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K

Kiosk: A small enclosed retailed outlet, normally without toilet facilities and in the retail area, frequently located in a public concourse or other place where it may remain open only during peak times and be closed securely when there are no customers. Kiosks are now sometimes included in managed shopping schemes.

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L

Land assembly: The process of forming a single site from a number of lands, usually for eventual development or redevelopment. This will include acquisition of individual interest and the eventual development or redevelopment, removal or discharge of any restrictive covenants or other encumbrances and obtaining physical possession, when required, from occupiers.

Landlord: The owner of an interest in land who, in consideration of a rent or other payment (eg. a premium), grants the right to exclusive possession of the whole or part of their land to another person for a specific or determinable period by way of a lease or tenancy.

License: The lawful grant of a right to do something which would otherwise be illegal or wrongful. It may be gratuitous, contractual or coupled with an interest in land. The grantor of license is the licensor and the grantee is the licensee. A gratuitous ("mere" or "bare") license can always be revoked (ie. cancelled), but revocability of a contractual license depends on the terms of the contract. A license coupled with an interest in land may be irrevocable and unlike the other two categories, may be binding on successors in title of the licensor. One example of license is permission, usually required in writing, given specifically by an owner to a tenant, enabling something to be done which otherwise would be in breach of a term of the lease. A license does not itself transfer any interest in the land but may authorize the licensee to enter the licensor's land for some specific purposes of the license; the licensor may enter the land and use it in any way not inconsistent with the rights of the license. However, a landlord may authorize by license some act or omission by a tenant, which would otherwise be a breach of the terms of the lease.

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M

Maintenance: In property parlance, the keeping of a building, structure or other physical feature in a specified condition eg. wind and weather tight conditions. The approved cost of maintenance may be deductible for income taxation.

Mortgage: The conveyance of a legal or equitable interest in freehold or leasehold property as security for a loan and with provision for redemption on repayment of the loan. The lender (mortgagee) has powers of recovery in the event of default by the borrower (mortgagor). A mortgage is a form of land charge and can be either legal or equitable.

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N

Negotiation: Discussion, written or otherwise, between two or more parties of different sides, the aim being to reach a common agreement.

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P

Property management: The range of functions concerned with looking after buildings, including collection of rents, payment of outgoings, maintenance including repair, provision of services, insurance and supervision of staff employed for services, together with negotiations with tenants or prospective tenants. The extent of and responsibility for management between landlord and tenant depend on terms of the lease(s). The landlord may delegate some or all of these functions to managing agents.

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R

Registration and mutation: It is mandatory for the sale deed of all high value property transactions to be registered at the regional sub registrar's office of the local municipal authority. Thereafter, the buyer has to apply for mutation, which involves a change in the title records to incorporate the name of the buyer of the property. In order to complete the transfer of property, it is mandatory for the seller to furnish or arrange a valid "certificate of completion" issued from the local municipal authority to the buyer.

Rent Act (s): Legislation promulgated by various states in India, which regulates the terms and conditions of the rental market with a view to curb profiteering and hoarding. Though its restrictive nature has not allowed owners to enjoy economic returns from same categories of property, thereby allowing market inefficiencies.

Rental advance: Comprises a lump sum payment to the landlord at the beginning of the lease term, which is thereafter adjusted in equal installments over the lease term against the monthly base rental payable by the tenant. The advance amount generally ranges between 3 to 18 months depending on the city, type, location of property and the period of the lease.

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S

Security deposit: Comprises of an interest free lump sum payment to the landlord at the commencement of the lease, which is refundable at the end of the lease term. Though the deposit amount varies depending on city, property type, location and the period of the lease, it may range anywhere between 6 to 18 months of monthly rental. It is not uncommon for some landlords to provide a bank guarantee to the tenant as security for the repayment of the initial deposit amount.

Site Plans: A drawing of an area of land, on a horizontal plane, showing the boundaries and physical extent of the land included in a particular parcel. It may also show any existing buildings or the proposed layout of a development.

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T

Turnover: rent A rent which is calculated as a proportion of the annual turnover of the lessee's business. Usually, it does not fall below a base rent. More commonly used in the USA, although in recent years being applied with increasing frequency in the Europe and the mature markets of Asia, especially in the case of the more profitable retail outlets.

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V

Vaastu shastra: A traditional Indian architecture and design system, which specifies the detailed methodology of designing buildings, buying land etc. in order to maximize benefits, from the same for the occupier. This system relies in harmonizing any real estate development with the five elements of Indian Mythology namely air, water, earth, fire and space.

Valuation: 1. The process of making an estimate of worth of real property or real property or other assets for a particular purpose eg. letting, purchase, sale, audit, rating, compulsory purchase or taxation. That purpose and the relevant circumstances will determine assumptions and facts that are appropriate and hence the process used. 2. A statement, usually in writing, setting, out the facts, assumptions, calculations and resultant value. 3. Colloquially, the value arrived at as a result of the valuation process.

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Z

Zoning: In planning terms, the dividing of an area by a local planning authority into zones for particular uses or activities.

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