#propertyterms

Question: What does “PITI” stand for in the context of mortgage payments?

Answer: Principal, Interest, Taxes, and Insurance

In the context of mortgage payments, PITI stands for:

• P — Principal (the amount applied toward repaying the loan balance)

• I — Interest (the cost of borrowing money)

• T — Taxes (property taxes)

• I — Insurance (homeowners’ insurance, and sometimes mortgage insurance if applicable)

Lenders often use PITI to calculate a borrower’s total monthly housing expense and determine mortgage affordability.

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Q: What’s the difference between a real estate agent and a real estate broker?A: A real estate agent has completed the necessary licensing requirements to help people buy and sell properties. A real estate broker has typically completed additional education and licensing requirements beyond that of an agent and can work independently or hire other agents to work under them. All brokers are agents, but not all agents are brokers.

Question: What is the means of a “fixture” in real estate?

Answer: A fixture in real estate is an item that is permanently attached to the property and is considered part of the real estate.

Example of a fixture: A built-in kitchen cabinet

Other common fixtures include:

• Ceiling fans

• Built-in wardrobes

• Light fixtures

• Attached bathroom fittings

• Central air-conditioning systems

Note: Items such as furniture, rugs, or portable appliances are generally considered personal property, not fixtures.

Q: What is "staging" a home?

A: Home staging is the art of preparing a property for sale to make it more appealing to the largest number of potential buyers. This involves decluttering, depersonalizing, rearranging furniture, and sometimes renting furniture to create a welcoming and aspirational atmosphere that allows buyers to envision themselves living in the space.

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Q: What is property tax?

A: Property tax is a tax levied by local government authorities (such as counties or municipalities) on real estate. It's typically based on the assessed value of the property and is used to fund local services like schools, roads, and emergency services.

• Leading developers like Signature Global, Godrej Properties, Central Park Group, Eldeco, and many others have a strong presence and are actively launching and delivering projects in Sohna and along Sohna Road.

• Significant housing unit deliveries are expected in Sohna over the next few years, with around 16,000 units anticipated between 2025 and 2027.

Q: What is the difference between Carpet Area, Built-up Area, and Super Built-up Area?

A: These terms refer to different measurements of a property’s size:

1. Carpet Area: The actual usable area within the walls of an apartment or office, where you can literally lay a carpet. It excludes the thickness of inner walls.

2. Built-up Area: This includes the carpet area plus the thickness of the inner and outer walls, and sometimes a share of common areas like balconies, utility ducts, and terraces exclusively for the unit. It’s typically 10–15% more than the carpet area.

3. Super Built-up Area: This is the built-up area plus a proportionate share of common amenities like lobbies, staircases, elevators, clubhouses, swimming pools, etc. It’s often what developers’ market as the “total area” of a flat and is significantly larger than the carpet area. RERA mandates that prices must be quoted based on Carpet Area.

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Q: What is a “contingency” in a real estate contract?

A: A contingency is a condition that must be met for a real estate contract to become legally binding. Common contingencies include:

1. Financing Contingency: The buyer’s ability to secure a loan.

2. Home Inspection Contingency: Allowing the buyer to back out or negotiate repairs based on inspection findings.

3. Appraisal Contingency: Ensuring the property appraises for at least the purchase price.

4. These clauses protect the buyer from unforeseen issues.

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