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Residential Properties

 
 
Home » Real Estate Terms  
Real Estate Terms
 
A B C D E F G H I J K L M

N O P Q R S T U V W X Y Z

Sale Agreement

Sales And Purchase Agreement - SPA
A legal contract that obligates a buyer to buy and a seller to sell a product or service. SPAs are found in all types of businesses but are most often associated with real estate deals as a way of finalizing the interests of both parties before closing the deal.

School

Security Deposit
A monetary deposit given to a lender, seller or landlord as proof of intent. Security deposits can be either refundable or nonrefundable, depending on the terms of the transaction. As the name implies, the deposit is intended as a measure of security for the recipient.

Service Tax

Sq. Meter
A unit for measuring land. 1 Sq.M. = 10.764 Sq.ft.

Sq. Yards
A unit for measuring land. 1 Sq.Yrd. = 0.836 Sq.M.

Square Feet
A unit for measuring land. 1 Sq.ft. = 0.093 Sq.M.

Squatter
A person who settles in or occupies property with no legal claim to the property. A squatter is one who resides on a property to which he or she has no title, right or lease. A squatter may gain adverse possession of the property through involuntary transfer. A property owner who does not use or inspect his or her property for a number of years could lose title to another person who makes a claim to the land, takes possession of the land and uses the land.

Stamp Paper

Studio

Subcontracting
The practice of assigning part of the obligations and tasks under a contract to another party known as a subcontractor. Subcontracting is especially prevalent in areas where complex projects are the norm, such as construction and information technology. Subcontractors are hired by the project's general contractor, who continues to have overall responsibility for project completion and execution within its stipulated parameters and deadlines.

Subprime
A classification of borrowers with a tarnished or limited credit history. Lenders will use a credit scoring system to determine which loans a borrower may qualify for. Subprime loans carry more credit risk, and as such, will carry higher interest rates as well. Approximately 25% of mortgage originations are classified as subprime.

Subprime Lender
A type of lender that specializes in lending to borrowers with a tainted or limited credit history. Subprime lending is more concentrated in a smaller number of large lenders than prime lending. The subprime loan market is more tiered compared to the prime loan market, where terms and rates vary little between borrowers.

Subprime Mortgage
A type of mortgage that is normally made out to borrowers with lower credit ratings. As a result of the borrower's lowered credit rating, a conventional mortgage is not offered because the lender views the borrower as having a larger-than-average risk of defaulting on the loan. Lending institutions often charge interest on subprime mortgages at a rate that is higher than a conventional mortgage in order to compensate themselves for carrying more risk.

Super Built Area

Super built up / Saleable area
Built up area + markup for common spaces like lifts and stairs. Usually 25% more than the built up area.

Survey Fee
for a survey of the lot or land and all structures on it, paid by either party, to confirm lot size and dimensions and check for encroachments. Required by institutional/commercial lenders.

Swimming pool

 

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