A Brief Guide on Common Real Estate Terms

Having a complete knowledge about the processes and terms involved in real estate is vital for ensuring profits as well as success in the transactions.

Here is a list of common real estate terms and their meanings.

• Freehold property - A property in which only the owner has a holding over is called a freehold property. There is no time limit for the ownership and it can be transferred by registering a sale deed.

• Sale deed - It is a legal document which proves the transfer of ownership from the seller to the buyer. It also legalises the purchase process and registers it on the records of the authorities.

• Registration fee - It is the fee levied on property buyers by the authorities to maintain the records of property transactions.

• Stamp duty - It is the tax levied on the property documentation by the government for gaining legal recognition for the documents.

• Stilt parking - A parking slot that has a roof or a stilt over is called stilt parking.

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