General Terms to know

1. BBA

BBA stands for the builder-buyer agreement and is an 'Agreement for Sale'. It specifies the modalities, conditions, and clauses between a builder and a homebuyer. It clearly says that the said property is transferred to the buyer's name and all the legal rights toward the same are transferred to the new owner's name subject to the mutually acceptable clauses mentioned in the agreement.

2. TPA

A tripartite agreement is a legal document involving three parties(Builder, Buyer & Bank) when buyers opt for a home loan for properties they planned to purchase the property.

3. PTM

Permission to Mortgage is a transfer of the demised premises and hence where the lease deed provides the permission of the lessor shall be obtained before any assignment or transfer of the property, it shall be incumbent upon the lessee to obtain the prior permission of the lessor to mortgage the premises.

4. NOC

A No Objection Certificate or NOC is a legal document that clarifies that a building does not violate the terms and conditions of an organization.

5. IFMS

IFMS stands for Interest-free Maintenance Security charges in the Real estate Market. It is an additional charge given by the buyers to the builders & developers. IFMS is a non-refundable charge that is diluted as soon as the welfare association is formed. It is a one-time payment that is usually categorized into hidden charges.

6. OC

A legal document issued by the government agency or the local development authority affirming that a constructed property is in compliance with the national building code and is fit for occupancy is called an Occupancy Certificate.

-This document is not applicable in Ghaziabad.

7. CC

CC stands for Completion Certificate. it's an important legal document that certifies that a building is constructed according to the master plan of the city.

8. Registry

When a property is transferred from one person to another, this transaction must be formalized through registration at the sub-registrar's office after payment of certain dues like stamp duty. This process is known as a registry of property.

9. E-Stamp

E-stamp paper is a process where the stamp duty is electronically paid to the Government. The Government has replaced the traditional paper and franklin stamping method with the digital strategy to ensure a fast and trouble-free payment process.

10. Possession Letter

A possession letter is a document that mentions the date within which the buyer will have possession of his under-construction home. A possession letter, thus, acts as proof of promise on the part of the builder that they are liable to provide possession of the unit to the buyer as per the date mentioned in the possession letter.

11. FAR/FSI

Floor area ratio (FAR) or Floor space index (FSI) denotes the maximum floor space that can be constructed on a piece of land. FAR in real estate is the ratio between a building's total constructed floor area and the land area.