In Part I we have seen some Real Estate – Basic Terms & Concepts, let’s check out with the other remaining Terms & Concepts of Real Estate for better understanding –
Fair Market Value
The fair market value is the price for a property agreed upon between a buyer and seller in a competitive market.
Floating Rate
A type of loan where the interest rate is not fixed over the term but is allowed to vary according to the change in a specified index, and is also referred to as an ARM (Adjustable Rate Mortgage).
FSI
FSI or the Floor Space Index is the ratio of a building’s total floor area to the size of a piece of land upon which it is built. This is a very important aspect for those who wish to buy a plot or those considering reconstruction of their property.
Home Loan & EMI
The loan advanced to a person or an individual for purchase of a house or flat. An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
Maintenance
The monthly charge levied on owners by a cooperative corporation to cover the building’s operating costs, real estate taxes, and the debt service on the building’s underlying mortgage.
Penthouse
A penthouse apartment refers to the apartment on the highest floor in a luxury, high-rise building.
Powder Room
A powder room is also referred to as a half-bath, and only has a toilet and sink.
Property Description
The property description is an accurate, legal description of the land.
Property Tax
The tax issued by a municipality on the ownership of a property.
Real Estate Agent
A real estate broker is an individual employed on a fee or commission basis as an agent to bring buyers and sellers together and assist in negotiating real estate contracts between them.
Reserve Fund
A reserve fund is the amount reserved to provide funds for future expenses in order to maintain a cooperative or condominium building and is managed by the building’s board.
Sale Price
The sale price, also referred to as the purchase price, refers to the amount of money paid by the purchaser to the seller.
Title Deed
A title deed as defined in the dictionary is a legal deed or legal document constituting evidence of a right, especially to ownership of property.
Valuation
Valuation establishes an opinion of value utilizing an objective approach based on facts related to the property, such as age, square footage, location, cost to replace, etc.
Part I – Real Estate Basic Terms & Concepts.
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