Real Estate Glossary | U to Z | By Realtor Nikhil Pattani

 There is a lot of real estate terminology used during the home buying and selling process. With the motive to help you understand those terms, we are enlightening you all about the most commonly used real estate terms and their definitions..... 

U for 

Under-Valuation

A value of the property that is lesser than the fair market value. Registration fee for a property is based on the value of the property in case of capital transaction or rent in case of rental transaction.

Unconditional agreement

Where a buyer and seller agree to buy and sell a property without including any conditions. A conditional sale becomes unconditional when all conditions are met.

Unconditional offer

When a buyer offers to buy a property without attaching any conditions to the sale.

Unit title (stratum estate)

The title to a unit or lot on a plan of subdivision associated with townhouses, units and blocks of flats and based on the horizontal and vertical subdivision of air space. Owners have a certificate of title, are absolute owners of a freehold flat and have an undivided share of the common property.

Utilities

Private or public service facilities such as gas, electricity, telephone, water and sewer that are provided as part of the development of the land.

Underconstruction Property

A property whose basic structure is being built.

Unilateral Contract

A one-sided contract. If one party makes a promise to do something, the second party is not legally required to perform. If the second party does comply, however, the first party is obligated to keep its promise.

Urban Land Ceiling And Regulation Act (ULCRA)

Popularly referred to as ULC Act. This is basically a legislation that was enforced to prevent profiteering and hoarding in the urban land market as well as prevent urban congestion

V for 

Valuation report

An estimate of a property’s worth on the current market, which can be provided by a registered valuer.

Valuer

A person qualified by education, training, and experience to estimate the value of a property.

Vendor

The person or entity legally authorised to sell a property.

Verifiable

Licensees have to complete 10 hours of verifiable continuing professional development each year (as well as 10 hours of non-verifiable continuing professional development). 

Vaastu Shastra

A traditional architecture system that specifies the methodology of building a structure or buying land, etc

Valuation

A written analysis of the estimated value of a property prepared by a qualified valuer.

Villa

A large single storey attached residence.

Vitrified Tiles

Tiles having the lowest porosity.

VA mortgage

Service members, veterans, and eligible surviving spouses can receive home loan guarantees provided by private lenders. The Department of Veteran’s Affairs guarantees a portion of the loan, which leads to more favorable terms for the borrower.

W for

Warehouse

A building for storage of goods and raw materials

Working Drawings

The set of plans for a building that indicate the manner in which a project is to be built. It also includes a set of specifications for the building or project.

Written Down Value

Making deductions for depreciation against capital cost or present value of an asset.

X for

A notation made by an individual doesn't know how to write or physically unable to write, to show intent to sign an instrument such as a deed or will. In regard to the conveyance of real property, such a person would be required to make such a mark or at least a thumbprint as intent to sign and have it witnessed.

Xystus

A garden walk embarked by trees.

Y for

Yield

The interest earned or return by an investor on an investment, stated as a percentage of the amount invested.

Z for

Zoning

Local authority guidelines that indicate the permitted use of land.

Zoning Ordinance

Refers to the set of laws and regulations, generally, at the city or county level, controlling the use of land and construction of improvements in a given area or zone.