Real Estate Terms You Must be Familiar With

When I was looking for some upcoming villa projects in north Bangalore with my agent, he started explaining in some real estate terms. They were so confusing, as I was not familiar with it. It was as if he was speaking in some alien language. I started my research to know about them. With some logic, I was able to be familiar with them and could also memorize them.

Here are a few such terms that you must know about homes for sale Destin FL. Although there are several categories and plenty of them to be found, here they are mainly concerned with the area and the certificates.

Terms related to the area

1. Floorplan

It is the drawing of the floor of each floor of the house as seen from above. The drawing is done according to a scale.

2. Carpet-area

This is the area within the confines of the wall. If you are covering every room with carpet, this is the area that you must calculate. Walls are excluded from this measurement.

3. Built-up area

The built-up area is the area that includes both the carpet area and the area of the walls or rather the thickness of the walls.

4. Super built-up area

The super built-up area includes the built-up area and all the other useful areas like stairs, common lobby, any lifts, and the corridor as in the case of apartments.

5. Per square foot area

The price of the apartment is based on the per square foot area. This area is the total of the built-up area and the super built-up area of the apartments.

6. Floor Space Index

The FSI is a proportion of the total usable area of the building to the size of the given plot. A smaller building would have a smaller FSI and it goes up with the size of the building. This is useful in finding if there is a larger open space in the plot. When you are looking for the best villas in Bangalore, find their FSI to have more open space.

Terms related to certificates

7. Sale deed

The sale deed is the proof of registration of a property in your name. In other words, the ownership of the property is legally done in your name.

8. NOC

The No Objection Certificate is to prove that there are no legal violations or objections of any kind in order to buy a property or construct a building in that property by the applicant.

9. Possession certificate

A possession certificate proves that the property has been transferred from the builder/seller to the buyer completely. This is needed to start any interior work in your newly bought house.

10. Occupancy certificate

This is issued by the authorities after checking the water, electricity, sewage and fire safety. You cannot live in your home unless you have the possession certificate.

It would be easier if you know these terms so that you can ask all the right questions to nab the best property.