Real Estate Terms [14]

Jul 2, 2011     Posted under: Investment






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Certificate of Deposit: A document issued by a bank of any other institution certifying that a person has deposited a certain sum of money with it for a specified period of time. The depositor is paid a fixed or floating rate of interest, but cannot withdraw any sum of money before the maturity date without paying a penalty (usually in form of forfeiting part of the interest promised)

Certificate of Occupancy: Certificate issued by a local authority stating that a building is fit for occupation

Certificate for Practical Completion: Under a building contract, a certificate issued by the architect or a project manager supervising officer stating that the works have been substantially completed and the building is ready for occupation. This certificate will:

a)      Release an agreed percentage of any retention money

b)      Begin the defects liability period and

c)       Transfer responsibility for insurance from the contractor to the employer

Certificate of Purchase: Certificate issued to a buyer, usually following a court-ordered sale, stating that he has purchased a certain property. The buyer will be entitled to transfer the title of the property to his own name if the original owner does not redeem the property within a specified date

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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