Real Estate Terms You Must Know Before Buying Flat

Published On - Mar 02, 2023

Published By - Main Admin
Tags - Patna Real Estate

 Real estate jargon and terminology like "right of refusal," "transfer tax," and "amortisation" can all seem like a confusing word stew. Building your real estate vocabulary before you begin shopping for your ideal property is a fantastic idea. Hence, before purchasing an apartment, make sure you understand these real estate terminologies.

THE TOP REAL ESTATE TERMS YOU NEED TO KNOW

ADDENDUM
a supplement to a purchase agreement or real estate contract.

AMORTIZATION
repaying a loan over an agreed-upon time frame.

THE PERCENTAGE RATE, ANNUAL (APR)
You may anticipate paying a number of fees in addition to the interest rate when applying for a mortgage loan.

BROKER
A real estate broker can act as a seller's or buyer's representative.

 CLOSING
When ownership of a property is fully transferred from the seller to the buyer, the real estate transaction is complete.

FINANCING FEES
the fees and charges associated with purchasing a flat.

COMMISSION
It is equal to 5–6% of the commission a real estate agent receives at closing.

LOAN FOR CONSTRUCTION
a quick loan used to pay for property development costs.

CLASSICAL MORTGAGE
As this loan is not guaranteed by a government agency like the Federal Housing Administration, it is most suitable for candidates with great credit (FHA).

DEED
An official document known as a deed is used to transfer property ownership from a seller to a buyer.

DEFAULT
When a homeowner misses a number of mortgage payments,

DELINQUENCY
When a homeowner misses a payment, it results in a delinquent mortgage.

DOWN PAYMENT
The sum of money a buyer saves in order to buy a house is known as the down payment. This can often be between 5% and 20% of the price of the house.

Right to decline
The phrase "right of first refusal" may be used in a lease or contract to indicate that a person has the option to submit an offer on a property before the seller advertises it for sale.

A tax imposed by a state, county, or municipal when ownership of real estate changes.

At Real Green Homes Pvt. Ltd we believe in creating a happy, vibrant community, not just houses.

We put our hearts and souls into making your home a home. With our ongoing residential and commercial projects in Patna (Bihar),we have a home for everyone.