5 Common Real Estate Terms and its Meanings

Investing in real estate means putting all your hard earned money in properties and understanding the pulse of this booming industry. The only way to do so is to have complete knowledge about the terminologies and processes involved in investment.

Here are the top 5 common real estate terms and its meanings

1.    Stilt parking

A parking slot with a stilt or a roof over it is called as stilt parking. It is found in most premium apartments and shopping complex parking areas.

2.    Sale Deed

A sale deed is an important legal document that shows the transfer of ownership from the seller to the buyer. It is a document that shows the purchase process and registers the same with the concerned government authorities.

3.    Freehold property

Freehold property is a property which only the owner has a holding over. The owner has no time limit for the ownership of the property and can transfer it by registering a sale deed.

4.    Stamp duty

Stamp duty is the amount of tax levied on the documentation of a property which is paid to the government for acquiring legal recognition for these documents.

5.    Super built-up area

Super built-up area is the total built-up area comprising of the common area, including the lobby, staircase, elevator, clubhouse, etc. It is referred to as ‘saleable area’ as developers often charge buyers based on this area to cover their cost of construction.

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