Real Estate
Glossary
Your comprehensive guide to real estate terminology. From RERA and carpet area to stamp duty and zoning - understand every term before you buy, sell, or invest.
Glossary Overview
A-Frame Design
An A-frame design is an architectural style characterised by a steeply angled ro...
Abandonment
Abandonment in real estate refers to the voluntary relinquishment of a property,...
Abatement
Abatement refers to the reduction, decrease, or removal of something - most comm...
Abatement Notice
An abatement notice is a formal legal notice served by a local authority or aggr...
Agreement of Sale
An agreement of sale is a legally binding document between the buyer and seller ...
Back Title Letter
A back title letter is a document issued by a title insurance company that certi...
Backup Offer
A backup offer is a secondary offer made on a property that is already under con...
Balance Sheet
A balance sheet is a financial statement that provides a snapshot of an entity's...
Balloon Loan
A balloon loan is a type of financing where the borrower makes regular periodic ...
Built-Up Area
Built-up area is the total area covered by the construction of a flat or buildin...
Calendar Year
A calendar year refers to the period from January 1 to December 31. In real esta...
Call Option
A call option in real estate gives the holder the right, but not the obligation,...
Cancellation Clause
A cancellation clause is a provision in a contract that specifies the conditions...
Cantilever
A cantilever is a structural element that extends horizontally beyond its suppor...
Carpet Area
Carpet area is the net usable floor area of an apartment, measured from the inne...
Circle Rate
Circle rate, also known as guidance value or ready reckoner rate, is the minimum...
Damage and Destruction
A damage and destruction clause in a real estate contract addresses what happens...
Damper
A damper is a device used in HVAC (heating, ventilation, and air conditioning) s...
Date of Settlement
The date of settlement, also called the closing date, is the day on which the pr...
Days on the Market
Days on the market (DOM) is a metric that tracks the number of days a property l...
Early Occupancy
Early occupancy is an arrangement where the buyer moves into the property before...
Earnest Money
Earnest money is a deposit made by the buyer to the seller to demonstrate seriou...
Earnest Money Deposit
An earnest money deposit (EMD) is the formal deposit amount paid by the buyer as...
Encumbrance Certificate
An encumbrance certificate (EC) is a legal document that certifies a property is...
Facade
A facade is the exterior face or front of a building, typically the side facing ...
Fair Market Value
Fair market value (FMV) is the estimated price at which a property would sell in...
Floor Area Ratio
Floor Area Ratio (FAR), also known as Floor Space Index (FSI) in some Indian sta...
Freehold Property
A freehold property is one where the owner has complete and unconditional owners...
Gable
A gable is the triangular portion of a wall between the edges of intersecting ro...
Garden Apartment
A garden apartment is a ground-floor or lower-level residential unit in a multi-...
Gated Community
A gated community is a residential development enclosed by walls or fences with ...
Gazumping
Gazumping occurs when a seller accepts a higher offer from a new buyer after alr...
Guidance Value
Guidance value is the minimum property value per square foot set by the state go...
Habendum Clause
A habendum clause is the section of a deed or lease that defines the extent of o...
Habitable
Habitable refers to a property that meets the minimum standards of safety, healt...
Home Loan
A home loan, also called a housing loan or mortgage, is a secured loan provided ...
Housing Society
A housing society, or cooperative housing society, is a legal entity formed by a...
Immovable Property
Immovable property refers to property that cannot be moved from one place to ano...
Impact Fees
Impact fees are one-time charges levied by local governments on new developments...
Implied Covenant
An implied covenant is a legally enforceable promise or obligation that is not e...
Implied Easement
An implied easement is a right to use another person's land that is not formally...
Joint Agent
A joint agent arrangement is when two or more real estate agents or brokers are ...
Joint and Several Liability
Joint and several liability is a legal doctrine where two or more parties can be...
Joint Ownership
Joint ownership refers to the ownership of a property by two or more persons sim...
Joint Development Agreement
A Joint Development Agreement (JDA) is a contract between a landowner and a deve...
Laches
Laches is a legal doctrine that bars a party from bringing a claim if they have ...
Land
Land in real estate refers to the surface of the earth, everything permanently a...
Leasehold Property
A leasehold property is one where the buyer acquires the right to use and occupy...
Land Contract
A land contract, also known as a contract for deed or instalment sale agreement,...
Possession Certificate
A possession certificate is a document issued by the builder or housing authorit...
Power of Attorney
A Power of Attorney (POA) is a legal document that authorises one person (the ag...
Property Tax
Property tax is a recurring tax levied by the local municipal body on property o...
Sale Deed
A sale deed is the primary legal document that transfers ownership of a property...
Stamp Duty
Stamp duty is a tax levied by the state government on the transfer of property. ...
Super Built-Up Area
Super built-up area is the total area of an apartment that includes the carpet a...
Succession Certificate
A succession certificate is a legal document issued by a civil court that author...
Title Deed
A title deed is a legal document that evidences a person's right to ownership of...
Transfer of Property
Transfer of property is the legal process by which ownership of immovable proper...
Tenancy Agreement
A tenancy agreement, also called a rental agreement or lease deed, is a contract...
TDS on Property
Tax Deducted at Source (TDS) on property is a mandatory tax deduction that the b...
Why Use This Glossary?
Understanding real estate terminology is the first step to making informed property decisions.
India-Focused
Every definition is contextualised for Indian real estate - covering RERA, stamp duty, Khata, mutation, and other India-specific concepts.
Plain Language
Complex legal and financial terms explained in simple, easy-to-understand language - no jargon, no assumptions.
Buyer-Centric
Each term includes practical guidance on what it means for homebuyers - how it affects your purchase, risks to watch for, and actions to take.
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Disclaimer
The definitions and explanations provided in this glossary are for educational and informational purposes only. They do not constitute legal, financial, or professional advice. Real estate laws and regulations vary by state and are subject to change. For specific legal or financial guidance, please consult a qualified professional. Estate Hive makes every effort to ensure accuracy but does not guarantee the completeness or currency of this information.