A FEW BASIC REAL ESTATE TERMINOLOGY TO REMEMBER

• 7.12 extract - The 7/12 extract is an information document prescribing details about a specific piece of land such as survey number, area, date and more particulars about the existing owner's name.

• Mutation - Mutation of a property is the transfer or change of title entry in revenue records of the local municipal corporation. The change in title ownership may occur due to a number of reasons like death of the original owner and subsequent transfer of the ownership due to inheritance or succession. In the event of a leased property, the ownership can be transferred through an irrevocable power of attorney.

• Survey no - A land survey number is a unique number assigned to a specific piece of land to maintain records. The record contains the information about the location, size, shape, and ownership of the land, and is created by the surveyor.

• Debt Coverage Ratio (DCR) - The debt coverage ratio measures the ability to pay the property’s monthly mortgage payments from the cash generated from renting the property. one - Zoning is a method used by local authorities (municipalities) to manage the construction and use of real estate in a specific area.

• Sale deed - a sale deed is an agreement to sell a property to a buyer.

• Devolution of the title - the transmission of interest in the property from one person to another by operation of law.

• Encroachments / Encumbrances - An encumbrance is a claim against a property by a party that is not the owner.