- 6 Common Real Estate Terms And Their MeaningsMarch 15, 2018
Investing in real estate not only means putting your hard earned money in the right place but also to use the investment for assured returns in the future. For the same, it is vital to understand the pulse of this flourishing industry. And one way to do so is to have a complete knowledge about the processes and terms involved.
Following is a list of 6 common real estate terms and their meanings.
1. Freehold property
A freehold property is one in which only the owner has a holding over. The owner has no time limit for the ownership and he can transfer ownership by registering a sale deed.
2. Sale deed
A sale deed is an important legal document that proves the transfer of ownership from the seller to the buyer. It legalises the purchase process and registers the same with the concerned government authorities.
3. Registration fee
It is the government fee levied on property buyers to maintain the records of property transactions.
4. Stamp duty
Stamp duty is the tax levied on the property documentation and is paid to the government for acquiring legal recognition for the documents.
5. Stilt parking
A parking slot with a roof or a stilt over it is called stilt parking. Most premium apartments and shopping complexes are equipped with this kind of parking.
6. Super built up area
It is the total area comprising of the carpet area which includes the usable space inside a building, built up area and common amenities like lifts, corridors stairs, clubhouse, etc.
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