Real Estate Dictionary

Accessory Living Unit (ALU) : A small, secondary dwelling on a property, often used as a rental or guest house.

Aks Shajra : A certified copy of the cadastral map (Shajra) showing the specific Khasra numbers and boundaries of a land parcel. Essential for verifying land possession.

Allotment Letter : An official document issued by a Housing Society (like DHA, Bahria, or Citi Housing) confirming that a specific plot has been allocated to a member.

Active Taxpayer (Filer) : An individual listed on the FBR's Active Taxpayer List (ATL). Filers pay significantly lower withholding tax on property transactions compared to Non-Filers.

Automated Recovery : A feature in Aiksol360 ERP that sends automated WhatsApp reminders and Challans to clients for upcoming installments.

Affidavit File : An open file in DHA and other societies where the owner has an 'Affidavit' proving ownership, but the plot has not yet been transferred to their name in the society records.

Accredited Investor : An individual or entity allowed to invest in private securities based on income or net worth requirements.

Advance : A payment made ahead of a scheduled payment or work completion.

Advance Commitment : A lender’s promise to provide funds before the final loan approval.

Advance Fee : A fee paid upfront for a service, often in real estate or mortgage transactions.

Advancement : A payment or credit given to a borrower before full approval or settlement.

Adverse Possession : A legal process where someone may gain ownership of property by openly occupying it for a specific time without permission.

Advertising : Promoting a property or real estate service to attract potential buyers or tenants.

Aesthetic Value : The value of a property based on its visual appeal, design, or style.

Affiant : A person who swears to a statement in an affidavit.

Affidavit : A written statement sworn to be true, often used in real estate transactions.

Affidavit of Title : A document confirming the legal ownership of a property.

Affirm : To declare or confirm something as true in legal or official matters.

Affirmation : A formal declaration that a statement is true, similar to an oath.

Affirmative Action Program : Policies promoting inclusion of underrepresented groups, sometimes applied in housing or employment.

Affirmative Easement : A legal right allowing a property owner to use another’s land in a specific way.

Affirmative Lending : Providing loans while ensuring compliance with fair lending practices.

Affirmative Marketing Agreement : An agreement to promote housing opportunities to a diverse group of buyers.

Apartment Transfer : The process of changing ownership of a vertical unit. Unlike plots, this often involves a 'Sub-Lease' or 'Sale Deed' registered with the sub-registrar after the project's Completion Certificate is issued.

Amenities Floor : A dedicated floor in a high-rise building reserved for shared facilities like a gym, pool, prayer area, or community hall. Not available for sale as a unit.

Amalgamation (Plot Merging) : The legal process of combining two or more adjacent plots into a single large commercial site to secure approval for a High-Rise building. Critical for Land Acquisition teams.

Affordability Analysis : Evaluating if a buyer can afford a property based on income and expenses.

Affordable Housing : Housing priced to be accessible to people with low or moderate income.

A-Frame : A house or building with steeply angled roof sides forming an 'A' shape.

After-Acquired Title : Ownership rights obtained after the initial transfer of property.

Agency : A relationship where one party represents another in real estate transactions.

Agency Coupled with an Interest : An agency relationship where the agent has a financial interest in the property.

Agency Disclosure : Information given to clients explaining the agent’s role and duties.

Agent : A licensed professional representing buyers or sellers in real estate.

Agreement : A legally binding contract between parties.

Agreement of Sale : A contract outlining terms for buying and selling a property.

Air Lot : Ownership of the space above land, usually for condominiums or apartments.

Air Rights : The legal right to use or build in the airspace above a property.

Air Space : The space above land, which may be sold or leased separately from the land.

Alienate : To transfer property ownership to another party.

Alienation : The act of transferring property ownership.

Alienation Clause : A clause in a mortgage preventing transfer of the property without lender approval.

All-Inclusive Mortgage : A mortgage that includes taxes, insurance, and interest in one payment.

All-Inclusive Rate : A rate that includes all costs, such as taxes and insurance.

Allodial Land : Land owned outright, free of any superior landlord or government control.

Alluvial Deposit : Soil or minerals deposited by water, often affecting land value.

Alternative Minimum Tax (AMT) : A tax system ensuring high-income earners pay a minimum amount, sometimes affecting property investments.

Ambulatory : A property interest that can be transferred or changed over time.

Amendment : A change or addition to a contract or legal document.

Amenities : Features or facilities that add value to a property, such as pools, gyms, or parks.

Americans With Disabilities Act (ADA) : U.S. law ensuring accessibility for people with disabilities in buildings and facilities.

Amortization : The process of paying off a loan gradually through regular payments of principal and interest.

Amortization Schedule : A table showing each payment of a loan, detailing interest and principal portions.

Anchor Tenant : A major tenant in a commercial property that attracts other tenants.

Annexation : The addition of land to a city or municipality.

Annual Percentage Rate (APR) : The yearly interest rate charged on a loan, including fees.

Appraisal : A professional evaluation of a property’s market value.

Appraised Value : The dollar value of a property determined by an appraiser.

Appraiser : A certified professional who estimates property value.

Appreciation : The increase in a property’s value over time.

Appropriation : The allocation of funds for a specific purpose, sometimes for property development.

Appurtenance : A right, privilege, or improvement attached to a property, such as a parking space or easement.

Architectural Style : The design and aesthetic of a building, like colonial, modern, or contemporary.

Area : The size or measurement of land or property, usually in square feet or meters.

As-Is : Selling a property in its current condition without promises for repairs.

Asking Price : The price at which a property is listed for sale.

Assemblage : Combining two or more parcels of land into a single, larger property.

Assessment : The valuation of property for tax purposes.

Assessed Value : The official value of a property used to calculate taxes.

Assign : To transfer rights or interests in a property or contract.

Assignee : A person who receives transferred rights or interests.

Assignment : The act of transferring rights, such as a lease or mortgage.

Assumable Loan : A mortgage that can be transferred to a new borrower under existing terms.

Attachment : A legal claim or lien on a property to secure payment of a debt.

Attorney-In-Fact : A person authorized to act on behalf of another in legal matters.

Attractive Nuisance : A property feature that may attract children and pose a legal liability, like a pool.

Auction : A public sale where property is sold to the highest bidder.

Authentication : The process of verifying documents or identity in property transactions.

Automated Underwriting : Computer-based evaluation of loan applications for approval.