The real estate industry is a vast spectrum and everyone has a role to play. While the professionals are trained to know it all, the others like the amateur buyers, sellers and investors more or less struggle to even understand the basic terminologies. But, Hallmark is here to help you and gain as much knowledge as possible. Hence, Hallmark brings to you a handy set of 5 important terminologies that are regularly used in the real estate industry.
Needless to say, if you are a potential buyer, an instinctive investor or a real estate fanatic, this article is definitely for you.
1. Kick-Out Clause:
The Kick-Out Clause is included in the sales contract. It indicates that the seller is legally allowed to accept one buyer’s offer and then back out without any penalty if a second buyer offers a better price. This is included in the agreement as a clause only when both the parties agree to it.
2. No-Objection Certificate:
No-Objection Certificate abbreviated as NOC is the legal certificate issued by the concerned local authority. It certifies that the respective building plans submitted by the developer are complying to the guidelines and in order. Simply put, this certificate is a no-objection from the authorities to commence construction. This certificate is immensely important and carrying on construction without it may have legal consequences.
3. Occupancy Certificate:
Occupancy Certificate abbreviated as OC is issued by the concerned local authority. It certifies that all the obligatory work has been completed as per the sanctioned plans and is fit for occupation. OC is issued only after obtaining the necessary clearances from the water, electricity, sewerage etc authorities. Only once the OC is issued, the possession of the property is acceptable.
4. Requisitions on Title:
This is a process wherein the buyer of a particular real estate property requests additional and detailed information about the title of that property from the seller. Especially, in case of large scale developmental projects it is an important prerequisite.
5. Unilateral Contract:
This is a one-sided contract. In this only one of the two parties agrees to abide by the particulars, whereas the other party is not legally bound to perform. This type of contract is a particularly rare case amongst the common real estate deeds.
That was your today’s daily dose of real estate information. Hallmark has an experience of over 13 years in the real estate industry. Our growing brand is the very testament of the trust that our clients have in us. Some of the state-of-art residential projects developed by Hallmark Builders are Hallmark Skyrena, Hallmark Treasor, Hallmark Sunnyside, Hallmark Oakshire and Hallmark Pinnacle. Hence, with our expertise, we also believe in spreading quality knowledge on real estate to our extended family here.
For more information, visit our website www.hallmarkbuilders.in or contact us at 8297887887 and we will be beyond honored to be of service.