Magic Masons Explains all about Buying Property in goa
Can I see the Title Deeds?
What will be my undivided share in the property?
Are you building within the permissible FSI?
Will you give me an Allotment Letter?
Will you give me a comprehensive Agreement of Construction?
Can I have a copy of PDA’s approved plan and planning permit, before commencement of construction?
What are your commitments after you complete and deliver the flat?
1. Can I see the Title Deeds?
1. In order to own a flat that is yet to be constructed. You will have to first buy an undivided share in the property on which the flat is going to be built. Before buying this, you must make sure that the title deeds of the property are in order. The title deeds are the set of documents that would unequivocally establish the seller’s ownership of the property and his right to sell it.
2. Therefore get a written opinion on the title from the Builder’s advocate along with photocopies of the title deeds. Certified by an advocate. If this is not available, get an opinion from your own advocate. You must also see the Agreement of Sale between the Owner and the Builder.
3. The manner by which the Owner acquired the property decides the key documents that must be seen:
A. Property was purchased by the Owner:
See the Registered Deed by which he purchased it.
B. Property came to them by a will (i.e. Bequest):
This is known as Testamentary Succession. See the Probated Will. If no Executor / Executrix has been appointed, see the letters of Administration granted by District / High Court according to law.
C. Property devolved through succession:
If the earlier Owner died without leaving a Will, the legal heirs and successors obtain a Deed of Succession issued by the Sub-Registrar or an Inventry of the assets from the District Court, which must be seen (obtain a noterised copy).
D. Property developed through a Gift / Partition / Settlement / Exchange:
The Deed relating to such transfer of Title – Gift Deed / Settlement Deed / Deed of Relenquishment / Exchange Deed – must be seen.
4. The other ancillary / supporting documents that must be seen are :
A. Form I&IV in the name of the Owners, issued under the Seal of the Mamlatdar.
B. Nil-Encumbrance Certificate (EC) for the preceding 31 years, preferably showing no mortgage or other encumbrance that are still existing on the date of purchase. Exercise caution if an uncleared mortgage or other lien on the property is shown in the Encumbrance Certificate.
C. The property being sold must be free of restrictions for sale under the Urban Land Ceiling Act (U.L.C. Act). If a Clearance Certificate for the Property issued by the U.L.C. Authorities is not available, then it has to be ensured that with reference to the land held by the Owner(s), and the nature of their family membership, the built-up area of the construction thereon and the appurtenant / contiguous land around the built-up area fall within the ceiling of Ownership and therefore can be freely said.
5. If the property is not being transferred by the Owner(s) directly but through an Agent, acting as Power of Attorney Agent (POA) of such owner(s), ask for the original or attested copy and scrutinise it. Such a Power can be given either through a Notarised Document or Registered Document. However, a notarised power may not be accepted for property transfer by all governmental/financial agencies.
6. Besides the above, it is advisable to check the following:
A. Property Tax Demand Notices and Receipts for payments to the Corporation.
B. Water and Sewerage Tax Demand Notices and Receipts for Payments to the Panchayat or Municipal Authority.
C. Electricity Bill and Receipts for Security Deposits and Additional Deposits. The latest electricity bill is the best source of proof for payment of dues by the Owners to the Panchayat or Municipality.
2. What will be my undivided share in the property?
Your Undivided Share of land must be equal to:
The built-up area of your flat as in the approved plan/ Total built-up area of the project as in the approved plan This is usually expressed as a percentage of the total land. Therefore, the percentage undivided shares of land of all the flat owners in a complex must be equal to 100. This ensures that the title to the entire land as well as the entire building rests with the group of flat-owners of the complex.
The Sale Deed transferring the Undivided Share in your favour must be duly registered before the commencement of construction of the flat.
3. Are you building within the permissible FSI?
1. The Floor Space Index (FSI) is an important parameter you should know about.
F S I = Total buildt-up area of your complex plan/Total area of the plot on which it is to be built.
2. The permissible FSI for all residential complexes other than multistoreyed buildings in all the end-use zones listed below is 1.5: Primary Residential, Mixed Residential, Institutional and Commercial zones
3. The total construction as declared in the plans of- fered by the promoter should not exceed the FSI permissible.
4. This FSI is fixed by the Planing and Development Authority (PDA) which is the regulatory body governing architectural, structural and environmental parameters pertaining to development within the State of Goa.
5. The rules and regulations governing the above parameters are spelt out in the Development Control Rules (DCR), a copy of which can be purchased from the PDA.
If the permissible FSI is exceeded, you as a flat-owner run the risk of demolition of the construction.
4. Will you give me an Allotment Letter?
Insist on an Allotment Letter at the time of booking, which must clearly indicate:
>> All-inclusive firm and fixed price (clearly indicating the various components such as land cost, registration and stamp duty for the transfer of undivided share of the property, and construction cost) and the schedule of payments.
>> Plan of the flat (as per sketch scheme), built-up-area and the features offered.
>> Committed commencement and delivery period and commitment for liquidated damages for any delay.
>> Post-delivery product warranty by the builder.
If your builder does not provide you with an Allotment Letter, you face the uncertainty of not knowing
>> The exact amount you will end up paying for your flat.
>> When you will get possession of your flat.
>> Whether you will get all the features promised.
5. Will you give me a comprehensive Agreement of Construction?
1. The Agreement of Construction substantiates the commitments relating to land cost (your share), stamp duty and registration fee, construction cost, schedule of payment, list of features, time of delivery, post- delivery warranty etc.
2. If defines the responsibilities and obligations of both the Contractor (or Builder) and the Contractee (or Buyer) and is normally put down on a Rs.10.00 stamp paper and signed by the Builder and the Buyer in the presence of witnesses.
3. The Agreement of Construction is the only source of your title to the flat, read in conjunction with the Property Tax Assessment and Demand Bill in your name. Since it is the document of ownership, funding agencies would demand it, when you apply to them for a loan.
6. Can I have a copy of PDA’s approved plan and planning permit, before commencement of construction?
1. The plan given to you at the time of booking may not be fully conforming to the Development Control Rules and the plan actually approved by the PDA may consequently be different. Therefore insist that you are given a copy of the approved plan and the planning permit before the construction of the complex commences. Check whether the area of your flat in the approved plan is as per the allotment letter.
2. If you have a copy of the approved plan and the planning permit, you can monitor the actual construction and ensure that it is as per the approved plan. If the building is not constructed as per the approved plan, you as a flat-owner, could face the threat of its demolition.
7. What are your commitments after you complete and deliver the flat?
1. Ensure that the builder gives you the Completion Certificate issued by the PDA, which confirms that the construction is as per the approved plan.
2. Ensure that the builder gives the Association of Flat Owners (of which you would be a member) with a set of detailed drawings covering structural, plumbing, electrical wiring, drainage and water supply details.
3. Ensure that the builder commits to rectify defects in your flat and the complex in materials or workmanship.
4. The Completion Certificate confirms the adherence of the completed complex including your flat to PDA’s approved plan, and eliminates all chances of demolition of the construction.
5. In the obsence of the drawings, maintenance of your flat (and the building) will be difficult.
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Abatement notice:
A notice served on the owner(s) or occupier(s) of a property from which a private nuisance arises, warning them of the intention to enter on the land in order to abate the nuisance.
Absolute title:
1. The right of ownership of a mortgage deed, which gives the right, in certain specified circumstances, to demand repayment in full, of the outstanding debt than the due date.
2. A clause in a deed or contract, which provides for the early termination of an exciting interest in land, in certain specified circumstances, thereby advancing the future interest.
Agreement for lease/sale:
A contract to enter into a lease (or sale), which in order to be enforceable either must be evidenced in writing and signed by the person against whom action is taken for the breach of the alleged contract and there must be a sufficient act of part performance.
Alternative user value:
The value of land and buildings, which reflects a prospective use, which is different from that of the current use.
Amortisation:
1. (UK) The concept of writing off the capital cost of a wasting physical asset by means of a sinking fund.
2. (USA) Payment of a debt in equal installments of principal interest, as opposed to interest -only payments. Anchor tenant: One or more department or variety chainstores, or supermarkets, introduced into a shopping center in key positions to attract the shopping public into the center for the purpose of encouraging other retailers to lease shops n route. The larger the developments the more anchors required.
Annuity:
A sum of money paid each year during the life of the recipient. An annuity is usually paid as a legal obligation under a contract or undertaking, as through a pension scheme, and may be paid in installments more frequently than once every twelve months.
Asset valuation in the property market:
This expression is applied to the valuation if land and buildings or plant and machinery. The term is often used to describe an expert opinion of the worth of a property, which may be incorporated into company accounts, where the ownership of the asset is not necessarily to be transferred but the valuation is required for the company takeovers, share flotation or mortgages.
Assignment:
The transfer of a property interest, especially a lease, from one party to another.
Atrium:
An entrance hall of a building, often rising through a number of storeys and containing lifts, reception areas and plants. Originally the hall or chief apartment of a Roman house.
B
Balloon payment:
A repayment of a loan bond, usually but not necessarily the final repayment, which is larger in amount than other installments.
Bare shell :
This Depicts the condition of any property after completion of construction activity and installations of basic building services. A bare shell includes basic flooring – tiled, mosaic, cement or granite and plastered walls. Apart from this, pantry and toilet facilities may also be operational in such condition.
Basic rent:
A monthly rental net of maintenance and interest costs charged or quoted by landlords for any property. The base rent comprises of only the payment made for Usage of the subject property under a lease agreement. Imputed costs such as holding costs fit out costs and building service charges are not usually included in the base rent.
Bayana:
An Indian term used to denote the token money given to the landlord to informally freeze negotiations on a particular property, after the initial terms and conditions have been formalised.
Breach of contract:
An act, or omission, contrary to enforce specific performance to rescind the contract and / or to claim damages, the remedy available depending upon the nature of the breach.
Broker/dealer:
A person or company who acts as a medium of bringing owners and proposed buyers together with a view to complete a real estate transaction.
Brokerage:
1. Commission paid to a broker.
2. The activity of a broker in bringing together two parties in a transaction.
Building byelaws:
Local authority control of building standards promulgated to regulate and control the usage of land, property and areas in cities and towns.
Building contract:
A contract between an owner or occupier of land and a building contractor, setting forth the terms under which construction is to be carried out, basis of remuneration, time scale, and penalties, if any, for failure to comply with terms of the contract.
Business center:
Commercial premises usable by the occupiers for a short period on a membership basis of the center. Usually, a business center charges for the full service accommodation, which is generally substantially higher than the rental of a standard office space, and higher than the rental of a standard office space, and usually includes cost of HVAC, housekeeping, electricity, and security systems.
Business park:
A landscaped area containing high tech, other amenities for business purposes, as a distinct from high-tech park or a science park. Building density is lower than would be usual in a traditional industrial estate. Business parks are preferentially located where motorway, rail and airport communications are within a short distance.
Buy-out rate:
In a funding agreement between a developer and a prospective purchaser, the pre-determined investment yield which will be used to capitalize the annual income receivable at the time of sale to determine the buy out price.
C
Capitalisation:
1. At a given date the conversion into the equivalent capital worth of a series of net receipts, actual or estimated, over a period.
2. A method of calculating a final purchase price for a development using an agreed formula to convert actual, or assumed, income from initial lettings into a capitalism. Such capitalised sums may be offset against a purchasing fund’s interim finance payments, any excess being paid to the developer.
3. In relation to a company’s reserves, the conversion into capital of money, which is then distributed as a capitalisation issue.
Catchment area:
1. The area of land from which finds its way into a particular watercourse, lake or reservoir.
2. By analogy, the area which contains those people who can be expected to obtain goods, services, employment or other benefits from a particularly property. More especially related to retail premises, where the success of forecasting depends on the accuracy of estimating the number of purchasers (catchment population) likely to be attracted from the different parts of the area and the average expenditure, which might be expected, from them.
Central business district:
The functional center around which the rest of a city is comparison shopping, office accommodation, leisure facilities, buildings for recreational use, public museums, art galleries and governmental functions. Generally the area of highest land values within a city.
Clearance area:
An area, which is to be cleared of all buildings. Generally promulgated by way of a government declaration, which is normally followed by the acquisition of the land and the clearance of the area. Completion certificate/statement:
1. (UK) statement prepared by solicitors, usually those acting for a purchaser and a vendor respectively, following the conveyance of an interest in property, giving a schedule of sums received leading to a balance being the final amount due to the vendor. In some case the statement is prepared at a later date and may show a figure recoverable by the purchaser from the vendor.
2. A certificate issued by the local development authority certifying that all necessary works have been completed and that the property is fit for occupation.
Condominium (USA):
A building or a structure of two or more units, the interior space of the individually owned and the balance of the property (both land and building) being owned in common by the owners of the individual units.
Conveyance:
A document transferring title to land from one person to another.
Current yield:
The remunerative rate of interest, which is, or would be, an appropriate at the date of valuation, assuming the property to be let at its full rental value. It will be the same as the reversion yield where the reversion is to full rental value, and the same as the term yield where the rent receivable under the lease is full rental value.
D
Developer:
An entrepreneur who has an interest in a property, initiates its development and ensures, that this is carried out (for occupation, investment or dealing) and from the outset accepts the responsibility for providing or procures the requisite funds needed to finance the whole project.
Development control:
The powers of a local planning authority to control the development and use of land, which includes inter alia,
a) the refusal or grant (with or without conditions ) of planning permission;
b) the issue of enforcement notices;
c) the making of revocation, modification or discontinuance orders;
d) the grant or refusal of listed building consents;
e) the designations of conversion areas;
Development yield:
In a valuation to ascertain a ground rent, the rate at which costs are decapitalised to find the annual deduction from the occupation rents; it comprises:
a) an investment yield
b) an annual allowance for developers risk and profit and, in some instances
c) an annual sinking fund element
Discounted cash flow analysis:
Techniques used in investment and development appraisal whereby future inflows and outflows of cash associated with a particular project are expressed in present -day terms by discounting. The most widely used forms of DCF are the internal rate of return (IRR) and net present value (NPV). The techniques may be used for such purposes as the valuation of land and investment, the ranking of projects or their components.
E
Easement (UK):
A right appurtenant to a parcel of land entitling a dominant owner to use the land of the servient owner in a particular manner, or constraining the legal rights otherwise enjoyed by the servient owner, e.g. A right of way, right to light, right to support. Strictly speaking, easements cannot exist “in gross”, i.e. personal and unattached to the ownership of land, but rights similar to easements can be created by statute, usually for the benefit of public utility undertakings, and these are commonly referred to as “statutory easements”.
Effective rent:
The gross rent payable per month by the occupiers which includes the base rent, maintenance charges, imputed costs of loss of interest on security deposit and rental advance. The effective rent indicates the total cash outflow of an occupier every month on account of leasing any property.
Equity linked mortgage:
A mortgage whereby the interest on the principal in part or in whole is calculated, usually yearly, by reference on the security, e.g. It may reflect annual increase or possible decreases, in the annual return on, or the value of, the property in which the mortgage is secured.
Escalation clause specified in lease agreements wherein renewals of lease period are built in:
It involves an increment in the base rent at every renewal of a lease agreement in the base rent at every renewal of a lease agreement and is generally a percentage rate that is either pre agreed or negotiated before the renewal of the lease agreement.
F
Facilities management:
The coordination of many specialist disciplines to create the optimum working environment for staff.
Fail rent:
The rent determined by a rent officer (or, on appeal, by a rent assessment committee) under a regulated tenancy and registered.
FERA:
An act to regulate certain payments dealing in foreign exchange, securities, the import & export of currency and acquisition of immovable property by foreigners. Under Section 31 (1) of the Foreign Exchange Regulation Act ( FERA) of 1973, It is mandatory for foreign corporations, which are not incorporated in India to obtain permission from the Reserve Bank Of India (RBI) to acquire, hold, transfer or dispose off in any manner (expect by way of lease for a period not exceeding five years) any immovable property in India.
Fire certificate:
A certificate covering matters of safety required under the legislation for hotels, boarding houses, factories, offices shops and railway premises, excluding those buildings containing less than a minimum number of employees. In order to obtain a fire certificate, one must apply to a fire certificate, one must apply to a fire officer, who then inspects the building and issues a list of requirements (e.g. Fire doors). Once the fire officer is satisfied that those requirements have been met he will issue the fire certificate. It enables fire officers, in the event of an emergency, to have prior knowledge inter alia of the permitted number of people on each floor; it also informs officials if any authorised inflammables /explosives materials on the premises.
Fitouts:
Relate to the interior permanent furnishings required in a property including HVAC ducting, fire protection system implementation, establishment of workstations and telephone/computer cabling among other, in order to make the property fit for usage.
Flatted factory:
An industrial building of more than one storey, usually with two or more goods lifts, and constructed or converted for multiple occupation. The building is subdivided into small, separately occupied units, which are used for manufacturing, assembly and associated storage.
Force majeure:
A force, which cannot be resisted, in other words, something beyond the control of the parties involved. It includes acts of God and acts of man, e.g. Riots, strikes, arson. In many contracts and insurance policies, specific provision is made for damage or injury arising from force majeure. For example, the financial liability of a building contractor for failure to complete by a specific date may be relieved to the extent it was caused be force majeure. This is a common clause in most property contracts.
Foreclosure:
1. (UK) The mortgagees restricted power to extinguish the mortgagor’s right of redemption by transferring the mortgagor’s interest in the property to himself, if the mortgagors defaults in paying his dues or in complying with any other terms of the mortgage deeds.
2. (USA) The legal process by which a mortgagee can sell the mortgagors interest in the property to satisfy debt: also called “foreclosure sale”. Also applied to the extinguishment of a mortgagors right of redemption. Freehold:
In general parlance this is used as shorthand for the tenure of an estate in fee simple absolute in possession. Strictly speaking, however, freehold includes fee simple, entailed interests and tenancies for life. Frontage (line): The full length of a plot of land or a building measured alongside the road on to which the plot or building fronts. In the case of contiguous buildings individual frontages are usually measured to the middle of any party wall.
G
Greased:
Lease back The disposal by a freehold or leasehold owner of his interest on a property or leasehold interest where the rent payable is geared to a fixed percentage of some variables, often rack-rental value.
Gold cause (UK):
A clause in a lease, which provides for the rent to be reviewed by reference to the price of gold.
Green field site:
An area of land, usually in the edge of a town or city or away from substantial urban areas, hitherto undeveloped but for which development is now proposed.
Gross External Area (GEA):
The aggregate superficial area of a building taking each floor into account. As described in the RICS/ISVA Code of Measuring Practice (UK), this includes: external walls and projections, internal walls and partitions; columns; piers, chimney-breasts, stairwells, and lift wells; tank and plant rooms, fuel stores whether or not above main roof level and open-sided covered areas and enclosed car-parking areas, terraces etc.
H
Hi-tech building (high technology building):
Primarily a modern industrial building which is particularly suited to the flexible uses and space needs of business organisations engaged in modern technologies. Such activities usually require more office or laboratory space than a traditional factory and also more sophisticated and adaptable installations for services and communications.
High point loading:
A concentration of abnormally heavy floor loading at one point or more particular places in a building or other structure where extra support may be required.
HVAC:
Refers to the heating, ventilation, and air conditioning system installed in a building to regulate temperature. This includes air conditioning plants, chillers and ducting systems, which ensure the uniform transfer of the cold or hot air, as the case may be throughout the building.
I
Indian Stamp Act, 1899:
A legal statute, which provides for the payment of stamp duty in case of all real estate transactions to duty to the local government. The value of the stamp duty depends on the rental payable and the lease term or the sale value as the case may be. This duty is paid by purchasing non-judicial Indian Stamp Paper, on which the lease/sale agreements are documented.
Improvements:
Generally, physical changes which enhance the capital value of land or buildings. These may include additional buildings, extensions to existing buildings, installation of new services, e.g. Central heating and air conditioning and infrastructure works. On the other hand, mere replacement by a modern equivalent if something worn out would normally be regarded as a repair rather than an improvement. The distinction has legal and taxation consequences.
Indenture:
A deed between two or more parties, each party having his own copy. Originally copies were all included in a single document from which each was torn or cut along a wavy (intended) line. Institutional investors: These are generally taken to include banks, pension funds, insurance companies, unit trusts and investment trusts, which are together commonly referred to in the investment field as the “institutions”. Investment yield: The annual percentage return which is considered to be for a specific valuation in an investment being expressed as the ratio of annual net income (actual or estimated) to the capital value. It is therefore a measure of an investor’s opinion about the prospects and risks attached to that investment. The better the prospects and lower the risks, the lower the expected yield and thus the greater the capital value. The required yield from an investment is estimated in the light of such factors as:
a) the security in real terms of the capital invested;
b) the security in real terms and regularity of income;
c) the ability to adjust the income to reflect market conditions;
d) the complexity and cost of management;
e) the ease and likely cost of realizing the capital;
f) the tax position
Internal rate of return (IRR):
1. The rate of interest (expressed as a percentage) at which all-future cash flows (positive and negative) must be discounted in order that the net present value of those cash flows should be equal to zero. It is found by trial and error by applying present values at different rates of interest in turn to the net cash flow. It is something called the discounted cash flow rate of return.
2. An alternative explanation might be: the highest rate of interest (expressed as a percentage) at which funded f cash flow generated is to be sufficient to repay the original outlay at the end of the project life.
J
Joint agent:
One or two or more agents jointly instructed by a principal to act on his behalf. In the case of estate agents this is normally on the basis that if any one of the agents effect the sale, letting or other joint agent(s) will share the remuneration in agreed proportions. None of these agents would be entitled to a commission if the transaction is concluded as a result of someone else’s introduction.
Joint sole agent:
One of two or more agents jointly instructed as the only agents entitled to represent the principal. It is customary for the joint agents to share any commission earned on an agreed basis, irrespective of which agent effects the sale or letting.
K
Kiosk:
A small enclosed retailed outlet, normally without toilet facilities and in the retail area, frequently located in a public concourse or other place where it may remain open place where it may remain open only during peak times and be closed securely when there are no customers. Kiosks are now sometimes included in managed shopping schemes.
L
Land assembly:
The process of forming a single site from a number of land, usually for eventual development or redevelopment. This will include acquisition of individual interest the eventual development or redevelopment. This will include acquisition of the individual interests, removal or discharge of any restrictive covenants or other encumbrances and obtaining physical possession, when required, from occupiers.
Landlord:
The owner of an interest in land who, in consideration of a rent or other payment (e.g. A premium), grants the right to exclusive possession of the whole or part of their land to another person for a specific or determinable period by way of a lease or tenancy.
Lease agreement:
An agreement, usually written, between the lessor and the lessee, which allows for the conveyance of property to the tenant under a contract, and confers usage and control rights to the tenant for the duration of lease. Apart from financial terms and conditions, several clauses describing the other binding terms and conditions of the agreement are also documented.
License:
The lawful grant of a right to do something, which would otherwise be illegal or wrongful. It may be gratuitous, contractual or coupled with an interest in land. The grantor of license is the licensor and the grantee is the licensee. A gratuitous (“Mere” or “bare”) license can always be revoked (i.e.. Cancelled), but revocability of a contractual license depends on the terms of the contract. A license coupled with an interest in land may be irrevocable and unlike the other two categories, may be binding on successors in title of the licensor. One example of license is permission, usually required in writing, given specifically by an owner to a tenant, enabling something to be done which otherwise would be in breach of a term of the lease. A license does not itself transfer any interest in the land but may authorise the licensee to enter the licensor’s land for some specific purposes of the license; the licensor may enter the land and use it in any way not inconsistent with the rights of the licensee. However, a landlord may authorise by license some act or omission by a tenant, which would otherwise be a breach of the terms of the lease.
Load bearing:
The capacity of an element in a building structure to support a weight in addition to its own, whether vertically or laterally. Thus a load-bearing wall is one, which supports part of the structure in addition to its own weight.
M
Maintenance in property parlance:
The keeping of a building, structure or other physical feature in a specified e.g. Wind and weather tight, condition. The approved cost of maintenance may be deductible for income taxation.
Mattha:
Frontage of a building with the main road.
Mortgage:
The conveyance of a legal or equitable interest in freehold or leasehold property as security for a loan and with provision for redemption on repayment of the loan. The lender (mortgagee) has powers of recovery in the event of default by the borrower (mortgagor). A mortgage is a form of land charge and can be either legal or equitable.
N
Negotiation:
Discussion, written or otherwise, between two or more parties no different sides, the aim being to reach a common agreement.
Non-confirming use:
The use of a property, which does not conform to the allocation of the area for planning purposes. Such a property may have been built in conformity with the planning requirement at the time and a policy change ensued; more usually, the property was constructed before planning control was introduced.
Net present value method (NPV):
A method used in discounted cash flow analysis to find the sum of money representing the difference between the present value of all inflows and outflows of cash associated with the project by discounting each at a target yield.
O
Open market value:
1. The best price which might reasonably be expected to be obtained at arms’ length for an interest in a property at the date of valuation, subject to any statutory assumptions which may be required.
2. For the purpose of asset valuations this is defined by the Royal Institute of Chartered Surveyors (UK) as the best price which might reasonably be expected to be obtained for an interest in a property at the date of valuation assuming:
-a willing seller
-a reasonable period in which to negotiate the sale
-that values will remain static during that period
-that the property will be freely exposed to the market; and
-that no account will be taken of any higher price that might be paid by a person with a special interest.
-Outgoings Costs incurred by the owner of an interest in property, usually calculated on a yearly basis. e.g. management, repairs, rates, insurance and rent payable to the holder of a superior interest, as appropriate to his contractual or other liabilities. It is prudent to make annual provision for future items involving expenditure at intervals of more than one year.
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