Financial Resource

occupier(s) of a property from which a private nuisance arises, warning them of the intention to enter on the land in order to abate the nuisance.
Absolute title:
1. The right of ownership of a mortgage deed, which gives the right, in certain specified circumstances, to demand repayment in full, of the outstanding debt than the due date.
2. A clause in a deed or contract, which provides for the early termination of an exciting interest in land, in certain specified circumstances, thereby advancing the future interest.
Agreement for lease/sale:
A contract to enter into a lease (or sale), which in order to be enforceable either must be evidenced in writing and signed by the person against whom action is taken for the breach of the alleged contract and there must be a sufficient act of part performance.
Alternative user value:
The value of land and buildings, which reflects a prospective use, which is different from that of the current use.
Amortisation:
1. (UK) The concept of writing off the capital cost of a wasting physical asset by means of a sinking fund.
2. (USA) Payment of a debt in equal installments of principal interest, as opposed to interest -only payments. Anchor tenant: One or more department or variety chainstores, or supermarkets, introduced into a shopping center in key positions to attract the shopping public into the center for the purpose of encouraging other retailers to lease shops n route. The larger the developments the more anchors required.
Annuity:
A sum of money paid each year during the life of the recipient. An annuity is usually paid as a legal obligation under a contract or undertaking, as through a pension scheme, and may be paid in installments more frequently than once every twelve months.
Asset valuation in the property market:
This expression is applied to the valuation if land and buildings or plant and machinery. The term is often used to describe an expert opinion of the worth of a property, which may be incorporated into company accounts, where the ownership of the asset is not necessarily to be transferred but the valuation is required for the company takeovers, share flotation or mortgages.
Assignment:
The transfer of a property interest, especially a lease, from one party to another.
Atrium:
An entrance hall of a building, often rising through a number of storeys and containing lifts, reception areas and plants. Originally the hall or chief apartment of a Roman house.

B

Balloon payment:
A repayment of a loan bond, usually but not necessarily the final repayment, which is larger in amount than other installments.
Bare shell :
This Depicts the condition of any property after completion of construction activity and installations of basic building services. A bare shell includes basic flooring – tiled, mosaic, cement or granite and plastered walls. Apart from this, pantry and toilet facilities may also be operational in such condition.
Basic rent:
A monthly rental net of maintenance and interest costs charged or quoted by landlords for any property. The base rent comprises of only the payment made for Usage of the subject property under a lease agreement. Imputed costs such as holding costs fit out costs and building service charges are not usually included in the base rent.
Bayana:
An Indian term used to denote the token money given to the landlord to informally freeze negotiations on a particular property, after the initial terms and conditions have been formalised.
Breach of contract:
An act, or omission, contrary to enforce specific performance to rescind the contract and / or to claim damages, the remedy available depending upon the nature of the breach.
Broker/dealer:
A person or company who acts as a medium of bringing owners and proposed buyers together with a view to complete a real estate transaction.
Brokerage:
1. Commission paid to a broker.
2. The activity of a broker in bringing together two parties in a transaction.
Building byelaws:
Local authority control of building standards promulgated to regulate and control the usage of land, property and areas in cities and towns.
Building contract:
A contract between an owner or occupier of land and a building contractor, setting forth the terms under which construction is to be carried out, basis of remuneration, time scale, and penalties, if any, for failure to comply with terms of the contract.
Business center:
Commercial premises usable by the occupiers for a short period on a membership basis of the center. Usually, a business center charges for the full service accommodation, which is generally substantially higher than the rental of a standard office space, and higher than the rental of a standard office space, and usually includes cost of HVAC, housekeeping, electricity, and security systems.
Business park:
A landscaped area containing high tech, other amenities for business purposes, as a distinct from high-tech park or a science park. Building density is lower than would be usual in a traditional industrial estate. Business parks are preferentially located where motorway, rail and airport communications are within a short distance.
Buy-out rate:
In a funding agreement between a developer and a prospective purchaser, the pre-determined investment yield which will be used to capitalize the annual income receivable at the time of sale to determine the buy out price.

C

Capitalisation:
1. At a given date the conversion into the equivalent capital worth of a series of net receipts, actual or estimated, over a period.
2. A method of calculating a final purchase price for a development using an agreed formula to convert actual, or assumed, income from initial lettings into a capitalism. Such capitalised sums may be offset against a purchasing fund’s interim finance payments, any excess being paid to the developer.
3. In relation to a company’s reserves, the conversion into capital of money, which is then distributed as a capitalisation issue.
Catchment area:
1. The area of land from which finds its way into a particular watercourse, lake or reservoir.
2. By analogy, the area which contains those people who can be expected to obtain goods, services, employment or other benefits from a particularly property. More especially related to retail premises, where the success of forecasting depends on the accuracy of estimating the number of purchasers (catchment population) likely to be attracted from the different parts of the area and the average expenditure, which might be expected, from them.
Central business district:
The functional center around which the rest of a city is comparison shopping, office accommodation, leisure facilities, buildings for recreational use, public museums, art galleries and governmental functions. Generally the area of highest land values within a city.
Clearance area:
An area, which is to be cleared of all buildings. Generally promulgated by way of a government declaration, which is normally followed by the acquisition of the land and the clearance of the area. Completion certificate/statement:
1. (UK) statement prepared by solicitors, usually those acting for a purchaser and a vendor respectively, following the conveyance of an interest in property, giving a schedule of sums received leading to a balance being the final amount due to the vendor. In some case the statement is prepared at a later date and may show a figure recoverable by the purchaser from the vendor.
2. A certificate issued by the local development authority certifying that all necessary works have been completed and that the property is fit for occupation.
Condominium (USA):
A building or a structure of two or more units, the interior space of the individually owned and the balance of the property (both land and building) being owned in common by the owners of the individual units.
Conveyance:
A document transferring title to land from one person to another.
Current yield:
The remunerative rate of interest, which is, or would be, an appropriate at the date of valuation, assuming the property to be let at its full rental value. It will be the same as the reversion yield where the reversion is to full rental value, and the same as the term yield where the rent receivable under the lease is full rental value.

D

Developer:
An entrepreneur who has an interest in a property, initiates its development and ensures, that this is carried out (for occupation, investment or dealing) and from the outset accepts the responsibility for providing or procures the requisite funds needed to finance the whole project.
Development control:
The powers of a local planning authority to control the development and use of land, which includes inter alia,
a) the refusal or grant (with or without conditions ) of planning permission;
b) the issue of enforcement notices;
c) the making of revocation, modification or discontinuance orders;
d) the grant or refusal of listed building consents;
e) the designations of conversion areas;
Development yield:
In a

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