This document provides definitions for common real estate terms. It defines carpet area as the usable area of a property excluding wall thickness. Built up area includes carpet area plus wall thickness and balcony space. Super built up area includes built up area plus common areas. Per square foot rate is how developers value property. Floor space index is the ratio of total built up area to plot area. It distinguishes residential from commercial property and freehold from non-freehold ownership. Additional terms defined include brokers, conveyance, credit scores, lease agreements, license agreements, non-disclosure agreements, inherited property, and subletting.

1. Real Estate terms
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2. Worried
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knowing
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3. Here’s Homer
Guiding
You through the
Simple & Basic
Real Estate
terms

4. #1
What is Carpet Area ?

5. Carpet area is the actual usable area of an
apartment, office unit, showroom, etc. minus
wall thickness.

6. #2
What is Built up Area ?

7. Built-up area is the carpet area plus the
thickness of outer walls and the balcony.

8. #3
What is Super Built up
Area ?

9. Super built-up area is the built up area plus
proportionate area of common areas such as
the lobby, lifts shaft, stairs, etc.

10. #4
What does Per Square
Feet Rate mean?

11. Developers decide the value of the property
based on the per square foot area

12. #5
What does Floor Space
Index mean?

13. It is the ratio between
the total built up area and the available plot area

14. #6What is the difference
between Residential &
Commercial Property?

15. Residential Property = Buildings for personal use
Commercial Property = Buildings for business

16. #7What is a Freehold
Property?

17. A freehold property is where the owner has
complete ownership of the whole property

18. #8Who is a Real Estate
Broker?

19. Real Estate Brokers are mediators between the
owner and the buyer of a property

20. #9
What is Conveyance ?

21. Conveyance is the act of transferring or
conveying the rights , title , ownership and
interests of a property from one person to buyer
of the property.

23. #10What is Credit Score ?

24. It is a score of a person’s credit availability used
by banks to know the likelihood of repaying the
debts.

25. #11What is a Lease
Agreement ?

26. It is a contractual agreement made between the
lessee(the tenant) and the lessor(the owner) to
lease out the property for a period of time.

27. #12What is a License
Agreement ?

28. An agreement signed by the owner of the property
who gives permission to another person to use the
property

29. #13What is a Non disclosure
agreement(NDA)?

30. An NDA is a legal contract signed between two
or more parties that outlines confidential
matters and valuable information which the
parties share for business purposes

31. #14What is a Inherited
property?

32. Inheriting a property is the practice of passing
on a property , titles , debts and any other
obligations upon the death of a person

33. #15What is Subletting?

34. It is a practice of an existing tenant to lease out
a small fraction or the whole property to another
person.

35. Check out
10 Essential Tips
That Every
Home Buyer
Should know

36. Learn More
Home Buying Tips
Here

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