Definitions of some Property Related Terms.

In the efforts to make an Investment in Property a Win-Win for both the buyer and the seller or whether the transaction is of Buying, Selling or Tenanting( Renting or Leasing), a few terms and a lot of ideas need to be understood. The following is a brief of the most used terms in the Property Market.

  • Immovable Property

According to the law, any Land or any such Buildings rising out of Land. Or anything attached to the earth which is not movable or transferable (other than in form of Documents) is called Immovable Property.

  • Ownership

The law states that, Ownership is the right to posses the Property, it also prohibits others to enjoy the same right. Ownership also provided the power to use laws in the local statutory authority. It also gives the ‘Owner” the power to modify in form of addition or alteration what is already present in the structure, without however violating any bye-laws of the local authority.

  • Co-Ownership

A coowner is an individual or group that shares ownership in an asset with another individual or group. … The rights of each owner are typically defined in accordance with a contract or written agreement, which include treatment of revenue and tax obligations

  • Possession

It refers to having physically acquired Property. It does not mean that any person doing so is the actual rightful owner of the Property. To know if any person under whom the property is under possession is also the Owner of the same can only be done by verifying the original documents registered with the local authorities.

  • Valuation

The act or process of valuing; specifically : appraisal of property. Valuation od any immovable property is done by the local administrative authority.

The Purchaser of any immovable property always undervalues at the time of negotiations for any financial benefits. However while doing so fair market value should always be taken into account.

Do join me in my efforts to understand the ground realities, as I share them with you in a journal, as I discover them along. Please do share, if you found the above interesting!!

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