Real Estate Common Terms Part 1

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Whether you are interested in Real Estate sector or just happen to be passing by- this article is for you!
No matter what, it’s always good to have a basic knowledge of things around us and Real Estate just happens to be an inescapable part of our adult lives- directly or indirectly.
Sooner or later, you will have to look for your own apartment, house or even business space. You might want to increase your assets in form of land or might just decide to invest money in immovable property. Anyhow, the following terms will be handy in every situation.

To keep the information from overwhelming our dear readers, we have decided to divide it in bite-sized portions. Different parts will cover different areas starting from the most basic. Let’s go –

PART 1 – THE PEOPLE INVOLVED

Developer:

The one who purchases land, develops it, manages finance, the transactions and foresees the process of construction so that the property is well ready to sell. They manage all the official paperwork and government permissions too.

Allottee:

The one to whom the property is rented, sold or transferred.

Agent/Broker:

The connecting link between the developer/seller and potential buyers. Though at present, a number of apps and websites have been filling the role, there are still licensed individuals who arrange real estate transactions and partake in negotiations.

Surveyor:

They survey the property to determine if it’s fit or not.

Registered Valuer:

They evaluate the property (or the assets/stocks/share etc.) whenever deemed necessary.

Land Aggregator:

They are the ones who look over the boundary reports, title reports, zone regulations conversions, registrations, approvals and sanctions of the land. They take geographical elements in consideration to deem the potential a certain location has in terms of attracting investment.

Liaison:

The person who acts as a communicator between two parties and coordinates their activities. They make sure the resources or services are completely utilized.

Witness:

In any transaction/contract it is necessary to have a witness- a person who sees an event take place.

Accountant:

In a real Estate transaction, an accountant or tax consultant advises on the best way to structure and conclude the transaction.

Lawyer:

Since highly legal terms are a part of Real Estate transactions, it is better for both parties to have their lawyers (professional help) to oversee all legal matters. This includes the preparation of documents and contract terms.