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Property Koncepts > Glossary
SOME WORDS USED IN REAL ESTATE (ARRAGGED IN ALPHABETIC ORDER)
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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.
 
Architect
the minimum qualifications of the architect shall be as per provisions of the Architect Act-1972 for registration to council of Architecture.
 
Asset valuation
In the property market this expression is applied to the valuation of 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.
 
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.
 
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