Real estate is a dynamic and a vibrant industry. We can all agree
with the fact that not only do the professionals working within the bounds of the industry should have knowledge of some of the fundamental real estate terms, but every individual in general should be aware and equipped. This is because at some point in our lives we all come across these terms because let’s face it- real estate is an inevitable prospect!
Hence, Hallmark is back with the handy set of 5 important terminologies that are frequently used in the real estate industry. So, if you are a prospective buyer, an intuitive investor or a real estate enthusiast, this article is the one for you.
1. Joint Ownership Agreement:
The Joint Ownership Agreement is a legal deed that is signed by the owners holding the same real estate property. The agreement defines their rights, monetary obligations, ownership and responsibilities.
2. Joint Agent:
When a principal appoints not one but two or multiple real estate agents to act on his or her behalf. When one of the agents locks the deal, whether buying or selling, the remuneration will be shared by the joint agents in the agreed proportions.
3. Holding Deposit:
Before the full deposit against the property is paid, an initial sum of money is given to the seller to confirm the possession of the particular real estate property. Simply put, this is the token money that seals the deal. This token money is called the holding deposit. In vernacular languages, it is also called “Bayana”
4. Appreciation Rate:
Appreciation rate indicates the rate at which there is an increase in the value of the property due to certain market conditions or other factors over a period of time. Some of these factors include locational proximity, fiscal inflation, demographic shifts etc.
5. Depreciation Rate:
Depreciation rate is the rate at which the overall property’s value has declined due to changes in the market conditions like inflation or other factors over a period of time.
Well, that was your today’s daily fix of real estate information.
We at Hallmark Builders have built our brand for over 13 years, the foundation of which is trustworthiness, creativity and assured quality. Our projects across Hyderabad like Hallmark Treasor, Hallmark Sunnyside, Hallmark Skyrena, Hallmark Oakshire and Hallmark Pinnacle are the very testament of the trust that our customers invest in us. Our projects reflect modern design technology and sustainable development practices, which is the need of the hour. Just like our state-of-art projects, we also believe in spreading quality knowledge on real estate to our extended family here, via our blogs.
If you are interested to know more information about our residential projects or anything related to real estate, reach out to us via our website www.hallmarkbuilders.in or contact us and our team will guide you further.