Real Estate Terms You Must Know

As basic as the topic may sound, there really is something you need to know. Every industry comes with its very own dictionary and terms that become extremely important to understand in order to (let’s say) survive in that particular industry. Hence to understand the industry better one must be familiar with the basic terms attached. Processes in real estate often involve lawyers and officials who take care of the defined glossary but that doesn’t mean that we start taking it for granted. The following list ill state and define some compulsory terms for you to know and understand:

  1. Jamabandi Form

Jamabandi form is basically a written document that contains a revenue form that has all the relevant information likes possession and ownership of the property, the kind of land there it, in agriculture cases – the source of irrigation, construction nature of the property, location and division, etc.

  • Fard

Fard is a legal document showing the ownership of a piece of land. However, the details on this document are based on the Patwari’s record. Fard is used for multiple purposes and takes up to multiple forms too. Fard is often known as a revenue record the owner pays for the defined land. Fard is further categorized into multiple forms.

  • Thaika (Lease)

Theka commonly used term for lease is a widely used term in Pakistan. It is basically an agreement of contract which permits the tenant to make use of property owned by the landowner (landlord) in exchange for rent (depending on rental tenure). In some cases; like agricultural lease, tenants can use the specified land for productive purposes.

  • Kilabandi

Kilabandi is a procedure including “substituting irregular fields for rectangular fields of the uniform size.” Originally his particular technique was intended to be for areas that were waste. However, its usefulness was later extended to other forms of land like the fertile and cultivated ones. This division helps in make easy and cost-effective water distribution.

7) Bandobast

Interesting fact? Well, ‘Bandobast’ is a Persian word which is translated as ‘settlement’. Settlements in this particular domain are defined as, “It involves all the operations related to the specification and assessment of land revenue.” This procedure involves collecting data from multiple offices and appointing a certain share of the state in any procedure.

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