Real estate has its terminology.
Real estate terms and definitions like Amortization, right of refusal, or transfer tax can all seem more like a complex word stew. It is good if you build your real estate vocabulary before you start looking for your dream home. So, here are a few real estate terms you must know before buying a flat.
Top Real Estate Terms You Should Aware About
Addendum
An addendum to a real estate contract or purchase agreement.
Amortization
Repaying a loan over a predetermined duration of time.
The Annual Percentage Rate (APR)
The interest rate is combined with various fees that you might expect to pay while receiving a mortgage loan.
Broker
A real estate broker is capable of representing a seller or buyer. He or she can opt to work independently of a firm. Real estate agents must deal with authorized brokers.
Closing
The final step of a real estate deal is when a unit is finally passed from the seller to the buyer.
Closing Charges
The costs and fees that come along with the acquisition of a flat.
Commission
It is equivalent to 5–6 percent of the commission earned by a real estate agent at closing.
Construction loan
A short-term loan that offsets the expense of developing a property.
Conventional mortgage
This loan is best suited for applicants with excellent credit because it is not backed by a government entity such as the Federal Housing Administration (FHA).
Deed
A deed is a legal document that transfers property ownership from a seller to a buyer.
Default
When a homeowner fails to make several mortgage payments on time, according to the provisions of the loan arrangement, this is referred to as a “default.”
Delinquency
Mortgage delinquency occurs when a homeowner fails to make a payment on time.
Down Payment
The down payment is the amount of money saved by a buyer in order to purchase a home. This can usually range from 5 – 20% of the home’s cost.
Right to Refuse
A lease or contract may include the phrase “right of first refusal,” which means that an individual has the right to make an offer on a property before the seller lists it on the market.
Transfer Tax
A tax levied by a state, county, or city when property ownership is transferred.
Pune is the eighth most densely populated city in India and the second-most populous city in Maharashtra after Mumbai.
And, if you’re thinking about purchasing a New Ready Possession Flat in Pune, especially if it’s your first time, you should at least know all the basic real estate technical terms mentioned above.
It will help you to start preparing and taking the necessary actions before buying a flat in Pune.
The real estate industry reflects a country’s prosperity. And Anshul Group is proud to be a contributor, if not the creator, of skylines that proclaim wealth.
What distinguishes us as the best builder in Pune?
At Anshul, we believe in creating a happy, vibrant community, not just houses.
We put our hearts and souls into making your home a home. With our ongoing residential and commercial projects in Pune, Ahmednagar, Navi Mumbai, and Thane District, we have a home for everyone.
Everything has been made possible because of our broad vision of ‘working as a team.’
We truly believe that achievement happens when hard work offers a handshake to the implementation. Standing by this thought throughout our endeavor, our ready possession flats in Pune tell about our work more than mere words. Our projects reflect our enthusiasm and perseverance towards the peak of perfection!
If you want to invest in property in Pune, look no further. Anshul Group will meet, if not exceed, your expectations. We build apartments and flats to suit every budget. We take pride in realizing the dreams of every homebuyer and investor.
We guarantee total assistance in all elements of the home-buying process, from legal to financial! Join us to make your first experience a memorable one!
