Advertisement
Free Hold land is one which is “free from hold” of any entity besides the owner. The owner owns the building and the land upon which it has been built in perpetuity.
A Box Price is an all-inclusive rate given for a particular property.
Configuration refers to the arrangements of different elements in a particular form or combination. In real estate, configuration refers to the arrangement of different rooms in a single unit (flat).
This is a certificate issued by the local municipal authority permitting the developer to begin construction of the project. The CC is usually granted only after the building has met with all legal requirements and obtained the relevant sanctions for the building’s plan.
A legal title report is a written analysis of the status of the title of the property, including a description of the said property, names of titleholders and how the title is held (e.g. joint tenancy). It also includes applicable taxes and encumbrances for the same.
Advertisement
Land constitutes of all things permanently attached to the surface of the earth such as ground, trees, wells, rivers. etc. It is a natural resource that is the centre of all economic activities. Therefore, land is classified on the basis of its economic use, i.e., agricultural land, non-agricultural land and forest land.
A legal title report is a written analysis of the status of the title of the property, including a description of the said property, names of titleholders and how the title is held (e.g. joint tenancy). It also includes applicable taxes and encumbrances for the same.
An encumbrance is a claim made against a property by someone other than the current title holder. The term encumbrance covers a wide variety of financial and non-financial claims that may or may not affect the value of the property. It is important, from a buyer�s perspective, to be aware of any encumbrances on a property, as these will often transfer to them along with the ownership of the property.
Adverse possession is a term used in the Indian legal system to describe a situation wherein an individual or group of individuals acquire a right to ownership of an immovable property by virtue of continuous use of it. The Limitation Act of 1963, functions on the principle that �limitation extinguishes the remedy, but not the right�, meaning that in the case of an adverse possession the original owner may continue to have the title over the property but he loses the right to claim such a right in a court of law.
Encroachment occurs when a individual that is not the property owner intrudes on or interferes with the property, e.g. trespassing by way of building something that lays partially on the adjoining property or even by planting a tree with branches that hang over onto the adjoining property. An encroachment creates an encumbrance on both properties until the issue is resolved.
Advertisement
