A notice served on the owner(s) or occupier(s) of a property from which a private nuisance arises, warning them of the intention to enter on the land in order to abate the nuisance. It is a legal order to refrain from carrying out an activity that creates a statutory nuisance such as smoke or noise pollution, parking in unauthorized areas etc.
Title to a property that is free of any encumbrances or deficiencies. Absolute title gives unequivocal right of ownership to the owner, and cannot be disputed or challenged by anyone else. This is opposed to titles with liens, attachments or judgements against them. It is also known as perfect title or clear title. A title search will usually unearth any problems with regard to the title of a property. The search is well worth the cost when someone is considering buying real estate. A title search is usually conducted at the local registry office.
A unit of area equivalent to 43,560 square feet or 4,047 square meters approximately. It is a commonly used term for larger land parcels in India.
A bookkeeping method that depreciates property faster in the early years of ownership.
A clause in the loan agreement that allows a lender to require a borrower to repay all or part of an outstanding loan if certain requirements are not met. An acceleration clause outlines the reasons that the lender can demand loan repayment. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.
The number of usable square feet divided by the number of rentable square feet in a commercial real estate lease. The result of this calculation will be 1 if the two numbers are identical, but it is usually slightly lower than 1 because some square footage in a building will be partly or totally non-unusable. Non-usable square footage includes space shared with other tenants (such as lobbies, hallways, stairwells, elevators and restrooms) or occupied by structural components (such as support poles and interior walls). In a poorly designed building, the usable area may be considerably less than the rentable area. Potential tenants can thus use the add-on factor to help them compare leases and determine which lease offers the best value.
In a sale transaction, it is the amount paid by a buyer to the seller at the time of signing the Agreement to Sell (ATS) to secure the transaction. It usually ranges between 10% and 20% of the transaction amount. It is also known as earnest money. It is not same as token advance. In a renting transaction, it is the amount paid by the tenant to the landlord before signing the rent agreement to secure the transaction. This amount is usually equivalent to one month rent which is adjustable against first month rent. Not to be confused with security deposit or token advance.
The transfer of a real estate property without financing or debt funding. The buyer would produce the appropriate funds at the time of closing; the seller would receive the entire selling price at closing. There may be significant drawbacks to paying cash for real estate, including tax consequences resulting from no loan interest tax deduction or the loss of earning power on the money that is tied up in the purchase.
A document provided by the seller of a piece of property that explicitly states the status of potential legal issues involving the property or the seller. The affidavit is a sworn statement of fact. For example, someone looking to sell a piece of real estate would have to provide an affidavit of title indicating that the property is truly owned by the seller, that the property is not being sold to another party, that there are no liens against the property and that the seller is not in bankruptcy proceedings. An affidavit of title is designed to protect the buyer from outstanding legal issues that might be facing the seller. If an issue arises in the future, the buyer has a physical document made by the seller that can be used in legal proceedings.
An agreement between the buyer and the seller that details the price and terms of the transaction. Should not be confused with Sale Deed/ Conveyance Deed. It precedes the execution of Sale Deed and acts as the basic document on which a Sale Deed is drafted. Also referred to as Agreement for Sale.