A lease deed is a contract or agreement between two parties – the lessor (owner) and the lessee (tenant). The lessor is the legal owner of the property and the lessee obtains the right to use the property, in return for regular rental payments. In a lease agreement (or rental agreement), there is a transfer of interest in the property, from the lessor to the lessee.
Leasehold refers to a property tenure, where one party buys the right to occupy the property for a given length of time (30 to 99 years). In a leasehold land, the authority (usually, a government agency) remains the owner of the land and gives the land to builders, to develop apartment projects on leasehold a basis. Anyone who buys a residential flat, will own it only for the leasehold period.
It is an instrument/ agreement, where the owner of the property (licensor) allows the licensee to occupy and use a portion of the property for residential purposes for a temporary, pre-decided period, based on certain terms and conditions. In a leave and licence agreement, there is no transfer of interest in the property.
A load bearing element in a building structure, is one that supports an overlying part of the structure as well as its own weight and helps to transfer this load to the foundation.
This refers to the gains arising from the sale of a property that has been held by the assessee for more than three years.
A portion of the total loan amount that has to be financed with the buyer’s own funds, is called margin money. The percentage of margin money can vary from 10% to 25%, depending on the loan amount.
Mortgage refers to 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.
Also known as an NOC, it is a certificate from the concerned authority, stating that the building plan and other details received from the developer conform to the rules of development.
The process of nomination, provides for the transfer of the name in the records of the housing society, in favour of the nominee. However, the nominee does not become a full-fledged owner of the flat and can only hold the property in trust for the real owners, for the purpose of dealings with the society. The legal heirs remain the beneficial owner of the property and the nominee cannot dispose the asset for his own benefit.
This document, issued by the local authorities, certifies that a building is fit for occupation and has been constructed as per the approved plan and in compliance of local laws.
Usually denotes the person appointed by a local government or land authority, to maintain and update land ownership records for a specific area, as well as to undertake the collection of land taxes.
A preferential location charge, is the additional cost that a buyer pays, for choosing a better location in an apartment complex. Hence, for example, to own an apartment that overlooks a park or is a corner plot, the buyer pays extra. It is levied on a per sq ft basis.
Probate refers to the legal process through which a will is proved in a court of law and accepted as a valid document that is the last testament of the deceased.
