India Real Estate Dictionary

A

4 terms

Advertising Compliance

Agent Practice

Following the rules on property advertising: showing the RERA registration number, using only approved plan details, avoiding exaggerated or false claims and not advertising before registration. State rules may add requirements for display of numbers and QR codes.

Legal basis: Section 12 of the RERA Act, 2016 deals with false or misleading advertisements by promoters.

Example & agent tip

Example: An agent removes a social media post that said "RERA approved" because the project had not yet been registered.

Agent tip: Add the RERA number to each ad and match every claim to registered documents.

After-Sales Service

Agent Practice

Help given to a buyer after the sale, such as tracking payments, possession, utility connections, registry, tenancy and resale. It builds goodwill that brings referrals. It does not extend to giving legal advice you are not qualified for.

Example & agent tip

Example: After a buyer gets possession, the agent helps him find a tenant and update electricity records.

Agent tip: Call clients at possession and at the one-year mark. Referrals usually come from them.

Agent Code of Conduct

Agent Practice

The standards an agent must follow, such as being registered, giving true information, not hiding facts, not inducing buyers wrongly and keeping the required documents. Under RERA, agents have duties towards both buyers and the authority.

Legal basis: Section 10 of the RERA Act, 2016 lists the functions and duties of real estate agents.

Example & agent tip

Example: An agent tells a buyer that a project is not yet registered and refuses to take a booking until it is.

Agent tip: Treat the RERA duties as your minimum standard. A clean record builds repeat business.

Assured Return

Agent Practice

A promise by a developer to pay the buyer a fixed return, often rent or interest, until possession or for a period after.

Example & agent tip

Example: A commercial project promises 12% assured return for three years on the booking amount.

Agent tip: Assured returns have caused many disputes. Be careful when you advise on them and note the legal position of such schemes.

Related: Subvention Scheme Rental Yield

B

6 terms

Basic Sale Price (BSP)

Agent Practice

The base rate per sq ft or per unit before extra charges such as PLC, floor rise, parking, club membership, taxes and maintenance deposits.

Example & agent tip

Example: The BSP is ₹6,000 per sq ft, but with extras the buyer's all-in rate is ₹7,150.

Agent tip: Convert BSP into an all-in price for clients.

Booking Amount

Agent Practice

Also called: Booking Money

The initial sum paid to reserve a unit, adjusted against the price. Under RERA the promoter cannot take more than 10% of the cost as advance before a registered agreement for sale.

Legal basis: Section 13 of the RERA Act, 2016.

Example & agent tip

Example: A buyer pays ₹5 lakh as booking amount on a ₹60 lakh flat. This is under the 10% limit.

Agent tip: If a developer asks for more than 10% before the agreement for sale, warn the client.

Broker

Agent Practice

A general term for an intermediary who brings buyers and sellers together for a commission. Under RERA, a broker who deals in projects covered by the Act is a real estate agent and must register.

Example & agent tip

Example: A local broker who sells resale flats in an old society may not need RERA registration, while one who sells in a registered project does.

Agent tip: Use the word agent for professional communication, and explain the RERA rules to clients.

Brokerage

Agent Practice

The fee or commission an agent charges for facilitating a sale, purchase or lease. It may be a percentage of the value or a fixed amount.

Example & agent tip

Example: A resale deal earns 1% brokerage from each side, while a new project pays 2% from the developer.

Agent tip: Agree the brokerage in writing. Verbal promises are the most common source of payment disputes.

Brokerage Agreement

Agent Practice

Also called: Agent Mandate, Mandate Letter

A written contract between an agent and a client stating the work, the commission rate or amount, when it becomes payable, how long the arrangement lasts and whether it is exclusive. It avoids later arguments about who earned the fee.

Example & agent tip

Example: A Zirakpur agent signs a three-month agreement with an owner to sell a flat, with 1% brokerage payable on registration.

Agent tip: Get it signed before showing the property. Put the payout trigger in writing, such as sale deed registration.

Buyer's Agent

Agent Practice

An agent who works mainly for the buyer, helping search, check and negotiate, usually paid by the buyer or by agreement. In India most agents are paid by the developer or seller, so buyers should know who the agent is working for.

Example & agent tip

Example: A buyer from abroad hires an agent to find, check and negotiate a Panchkula flat, paying a fixed fee.

Agent tip: Tell clients clearly whose commission you receive. Honest disclosure builds trust.

C

15 terms

Channel Partner

Agent Practice

A real estate agent or firm appointed by a developer to market and sell units in its project, usually for a commission and under a written agreement.

Example & agent tip

Example: A Chandigarh Tricity firm becomes a channel partner for a builder and earns 2% on each sale.

Agent tip: Sign a written channel partner agreement that states the commission, payout time and exclusivity.

Channel Partner Agreement

Agent Practice

The contract between a developer and a channel partner setting commission, payout timing, lead registration, marketing rules, cancellation and dispute terms. It controls the relationship far more than a verbal promise.

Example & agent tip

Example: An agreement says commission is paid within 30 days after each instalment from the buyer, but not before.

Agent tip: Read payout timing, clawback and exclusivity clauses before signing. Keep a signed copy.

Channel Partner Empanelment

Agent Practice

Also called: Channel Partner Onboarding

The process by which a developer approves an agent or firm to sell its project. The developer checks the RERA registration, identity and track record and then lists the agent as authorised.

Example & agent tip

Example: A Mohali agent submits her RERA certificate, PAN and bank details and receives an empanelment email from the developer.

Agent tip: Insist on empanelment in writing before you start advertising the project.

Closing the Deal

Agent Practice

The final stage of a sale in which price, payment plan and terms are agreed, documents signed, money paid and ownership transferred. The agent coordinates between parties and checks nothing is missing.

Example & agent tip

Example: After the buyer pays the booking amount, the agent tracks the agreement, loan approval and registry date week by week.

Agent tip: Maintain a closing checklist and send reminders. Many deals fail from lost documents, not from price.

Co-brokerage

Agent Practice

An arrangement in which two agents share the commission on a deal, one with the listing and the other with the buyer.

Example & agent tip

Example: A Mohali agent has a buyer and a Zirakpur agent has the flat. They split the brokerage equally.

Agent tip: Put the split in writing before the site visit.

Related: Brokerage Sub-Broker

Cold Calling

Agent Practice

Phoning people who have not asked for contact to offer property. Results are low, and rules on unsolicited calls, such as the Do Not Disturb registry, may apply. Many agents now prefer referrals and permission-based messages.

Example & agent tip

Example: An agent calls numbers from a purchased list and gets complaints from people registered on the Do Not Disturb list.

Agent tip: Check telecom rules on commercial calls and messages. Use warm contacts and referrals first.

Commission Clawback

Agent Practice

A term in some channel partner or developer agreements by which commission already paid must be returned if the buyer cancels, the booking lapses or the sale is not completed. The terms say within what period and in what cases.

Example & agent tip

Example: A buyer cancels two months after booking and the developer asks the agent to return the commission already paid.

Agent tip: Read clawback conditions before signing and keep your records of the cancellation reasons. It is the term most agents overlook.

Commission Dispute

Agent Practice

A disagreement over whether commission is due, how much, or who earned it, such as when two agents bring the same buyer. Most are settled by evidence of introduction, visit records and agreement terms before going to arbitration or court.

Example & agent tip

Example: Two agents both claim commission on a Panchkula flat sale. The one with the dated site visit form and WhatsApp chat wins.

Agent tip: Keep dated records of introductions, messages and visit forms. They settle most disputes.

Commission Invoice

Agent Practice

The bill an agent raises on a developer or client for commission earned, giving party details, unit details, amount, taxes if applicable and the agent's registration details. Developers usually pay only against a proper invoice.

Example & agent tip

Example: An agent in Mohali sends an invoice to the developer after the buyer's registry, attaching the booking form and payment receipts.

Agent tip: Match the unit number, buyer name and date on the invoice with the booking form. Mistakes delay payouts.

Commission Slab

Agent Practice

A tiered commission structure that increases the percentage as an agent's sales volume or value rises.

Example & agent tip

Example: A developer pays 1.5% on the first three sales, 2% from the fourth to sixth, and 2.5% afterwards.

Agent tip: Read the slab and the date it applies from. Cancelled bookings may reverse the commission.

Related: Brokerage Channel Partner

Comparative Market Analysis (CMA)

Agent Practice

Also called: CMA

A report comparing a property with recently sold or listed similar properties nearby to suggest a fair price range. Agents use it to guide sellers on listing price and buyers on offers. It is an opinion, not a formal valuation.

Example & agent tip

Example: To price a flat in Sector 20, the agent compares four similar flats sold in the last six months.

Agent tip: Use only recent, truly similar properties. State clearly that a CMA is not a valuation report.

Conflict of Interest

Agent Practice

A situation where the agent's own gain could affect fair advice to a client, such as acting for both sides, owning a unit in the project being sold or receiving extra payments for pushing one property. It should be disclosed.

Example & agent tip

Example: An agent who owns a plot in a layout recommends it to his client without saying so, which creates a conflict.

Agent tip: Disclose any personal interest in writing and let the client decide.

Construction-Linked Plan

Agent Practice

A payment plan in which instalments fall due when construction milestones are reached, such as foundation, slab or finishing.

Example & agent tip

Example: The buyer pays 10% on plinth completion and another 10% on the 5th floor slab.

Agent tip: Verify the stage before paying. Ask for photographs or an engineer's certificate.

Counter Offer

Agent Practice

A reply to an offer that changes its terms, such as a higher price or later date. Legally the first offer lapses once a counter offer is made, so the original buyer cannot simply accept the first offer later.

Legal basis: Under Section 7 of the Indian Contract Act, 1872 acceptance must be absolute and unqualified, so a changed term is a new proposal.

Example & agent tip

Example: A buyer offers ₹70 lakh. The seller replies at ₹74 lakh, which is a counter offer and cancels the first.

Agent tip: Record each offer and reply by message or email so the final agreed terms are clear.

CRM

Agent Practice

Customer relationship management software used to track leads, follow-ups, site visits and deals.

Example & agent tip

Example: An agent uses a CRM to remind her to call a lead three days after a site visit.

Agent tip: Keep your records tidy. They help you resolve disputes about who introduced the client.

Related: Lead Site Visit

D

1 terms

Down Payment

Agent Practice

A payment plan or initial payment in which the buyer pays a large share of the price early, often for a discount.

Example & agent tip

Example: A buyer pays 90% upfront for a 7% discount.

Agent tip: Advise clients to weigh the discount against the risk of delay. In a RERA project the promoter cannot take more than 10% before a registered agreement for sale, so the money is tied up.

Related: Payment Plan Booking Amount

E

3 terms

Earnest Money

Agent Practice

Also called: Bayana, Advance Money

A deposit paid by a buyer to show serious intent and bind the seller, which the seller may keep if the buyer backs out without a valid reason, within reasonable limits. Typically paid on signing an agreement to sell.

Example & agent tip

Example: A buyer pays ₹2 lakh as earnest money on a ₹50 lakh resale flat. If he withdraws without reason, the seller may keep a reasonable part, but courts can refuse an unreasonable forfeiture.

Agent tip: Write the refund and forfeiture conditions in the agreement.

End User

Agent Practice

Also called: Self-use Buyer

A buyer who purchases property to live in or use personally, not to resell or rent. End users care about possession date, quality and approvals, and are usually more sensitive to delays than investors.

Example & agent tip

Example: A family buys a 3 BHK in Mohali to move in after their lease ends and refuses a project with a distant possession date.

Agent tip: Lead with possession date, approvals and neighbourhood when talking to end users, not returns.

Exclusive Mandate

Agent Practice

An agreement under which an owner or developer gives one agent the sole right to sell a property for a period.

Example & agent tip

Example: A seller gives a 90-day exclusive mandate to an agent and agrees to pay 1% on any sale.

Agent tip: Exclusive mandates need clear terms on the period, price and what happens on a direct sale.

Related: Open Listing Brokerage

F

3 terms

First-Time Homebuyer

Agent Practice

A buyer purchasing a home for the first time, who often needs guidance on loans, documents, taxes and budgeting. Some schemes and loan products give benefits to first homes, subject to current rules.

Example & agent tip

Example: A young couple in Panchkula asks the agent about loan eligibility, registration costs and what to check in an agreement.

Agent tip: Explain the full cost, including stamp duty, registration and fees, before the buyer gets attached to a flat.

Floor Rise Charges

Agent Practice

Also called: Floor Rise

An extra charge per sq ft for each floor above a base floor, because upper floors are in demand.

Example & agent tip

Example: A builder charges ₹30 per sq ft for each floor above the 5th.

Agent tip: Check how floor rise is calculated and if it is shown in the agreement.

Follow-up Cadence

Agent Practice

The planned schedule of contacts with a prospect after a first meeting, such as a message the same day, a call after two days and a visit invitation within the week. A steady rhythm keeps interest without annoying the buyer.

Example & agent tip

Example: After a visit, an agent sends the price sheet the same evening, calls in two days and shares a loan estimate next week.

Agent tip: Log every follow-up with its date and outcome in your CRM. Stop contacts if the client asks.

Related: CRM Lead Sales Funnel

G

1 terms

GST on Brokerage

Agent Practice

Goods and Services Tax charged on commission for property services if the agent is liable to be registered under GST. Whether an agent must register depends on turnover limits and the notified rates at the time. Check the latest rules with a tax professional.

Example & agent tip

Example: An agent whose yearly commission crosses the registration limit must register for GST and add tax on invoices.

Agent tip: Track your turnover each month so you register on time. Late registration brings penalties.

I

2 terms

Inventory

Agent Practice

The list of unsold units, plots or flats that a developer or agent has available.

Example & agent tip

Example: A developer sends an inventory sheet showing 42 unsold flats in a tower.

Agent tip: Confirm availability and price on the day of the site visit.

Investor Buyer

Agent Practice

A buyer who purchases property for rental income or resale profit. Investors look at price trends, rental yield, exit options and taxes, and are often keen on early-stage deals and low entry prices.

Example & agent tip

Example: A doctor buys two units in an upcoming Zirakpur project to rent one and sell the other after possession.

Agent tip: Give investors realistic numbers including taxes and holding costs. Avoid promising returns.

K

1 terms

KYC Documents (Buyer)

Agent Practice

Also called: Know Your Customer

The identity and address papers collected from a buyer, usually PAN, Aadhaar, passport photo and address proof, with income proof if a loan is involved. Developers, banks and registration offices ask for them.

Example & agent tip

Example: Before booking, the agent collects the buyer's PAN, address proof and photographs and checks names match exactly across them.

Agent tip: Names should match across all papers. Small spelling differences cause delays at registration.

L

5 terms

Lead

Agent Practice

A person or enquiry that may buy or rent a property. Agents record leads in a CRM and follow them up.

Example & agent tip

Example: A buyer fills a form on a project website and becomes a lead.

Agent tip: Record the source, budget and timeline of each lead.

Related: Site Visit CRM

Lead Generation

Agent Practice

The activities by which an agent finds new prospects, such as portals, social media, referrals, hoardings, WhatsApp groups, events and walk-ins. Good generation balances cost per lead with quality of the lead.

Example & agent tip

Example: An agent runs a local social media ad for a Zirakpur project and collects phone numbers through a simple form.

Agent tip: Always record the source of each lead. It shows which channel is worth paying for.

Lead Protection Period

Agent Practice

Also called: Lead Validity

The time during which a developer will credit a registered lead to the agent who introduced it. If the client does not book within that time, the registration may lapse and another agent may bring the client.

Example & agent tip

Example: A developer gives 60 days validity to registrations. The client books on day 75 and the developer treats the lead as new.

Agent tip: Ask for the period in writing and ask for extension if the client needs more time.

Lead Qualification

Agent Practice

Checking whether an enquirer is a serious buyer by asking about budget, purpose, timeline, location preference, financing and decision makers. It saves time by sorting real buyers from casual enquiries.

Example & agent tip

Example: Before a site visit, the agent asks a caller about budget, home loan eligibility and who else will decide.

Agent tip: Ask for budget and timeline in the first call, politely. Skipping this wastes visits.

Related: Lead Sales Funnel Site Visit

Lead Registration

Agent Practice

Also called: Client Registration, Visitor Registration

Informing a developer in writing, with the client's name and phone, that a particular buyer was introduced by your firm, so that the developer credits the booking to you. It is the main protection for channel partners.

Example & agent tip

Example: Before taking a client to a Mohali launch, an agent sends the registration form to the developer by email and gets acknowledgement.

Agent tip: Register before the visit, not after. Keep the acknowledgement safely.

M

1 terms

Mis-selling

Agent Practice

Selling a property by giving false or misleading information about price, area, approvals, returns or timelines.

Legal basis: Section 12 of the RERA Act, 2016 makes a promoter liable for loss caused by untrue statements in advertisements or prospectuses. Section 10 requires agents not to facilitate sale of unregistered projects.

Example & agent tip

Example: An agent tells a buyer a plot has an approved layout, but it does not.

Agent tip: Give only information you can support with documents.

O

1 terms

Open Listing

Agent Practice

A listing that an owner places with several agents at once, with commission going to the agent who closes the sale.

Example & agent tip

Example: An owner lists a flat with five agents and pays only the one who brings the buyer.

Agent tip: Expect lower effort on open listings, since agents may not invest time.

Related: Exclusive Mandate Brokerage

P

7 terms

Payment Plan

Agent Practice

The schedule in which a buyer pays the price, for example down payment, construction-linked or possession-linked.

Example & agent tip

Example: A buyer takes a 10:80:10 plan: 10% at booking, 80% in stages and 10% at possession.

Agent tip: Match the payment plan with the buyer's loan disbursement schedule.

Possession-Linked Plan

Agent Practice

A payment plan in which a large share of the price is paid only at possession, so the buyer pays less during construction.

Example & agent tip

Example: A developer offers 20% at booking and 80% on possession.

Agent tip: Developers often raise the price for possession-linked plans. Compare the totals.

Related: Payment Plan Down Payment

Preferential Location Charges (PLC)

Agent Practice

Extra charges for units with better location features, such as a park view, corner position or main road.

Example & agent tip

Example: A flat facing the central park carries a PLC of ₹150 per sq ft.

Agent tip: Ask what exactly triggers the PLC and whether the view is protected by the approved plan.

Pre-launch Sale

Agent Practice

Also called: Pre-launch, Presale

Selling or taking bookings in a project before RERA registration. RERA prohibits advertising, marketing, booking or selling a project before registration.

Legal basis: Section 3(1) of the RERA Act, 2016.

Example & agent tip

Example: A developer collects "expression of interest" cheques from buyers before registering the project. That is a violation.

Agent tip: Do not take part in pre-launch bookings. Check the registration number first.

Price Negotiation

Agent Practice

The process of agreeing a final price between buyer and seller. Agents help each side by presenting evidence such as nearby sale rates, condition and demand, and keep both parties talking. Good negotiation also covers payment schedule and extras, not only the headline rate.

Example & agent tip

Example: A buyer asks for a lower rate. The agent shows two nearby resale deals and the seller agrees to a smaller cut with a faster payment.

Agent tip: Negotiate the whole package, including parking, club fees and dates. Do not give your commission in place of a price cut without written permission.

Price Sheet (Cost Sheet)

Agent Practice

A statement of the full price of a unit, including base price, charges, taxes and other items, with the payment schedule.

Example & agent tip

Example: A cost sheet lists base price, PLC, parking, club charges and GST.

Agent tip: Always ask for the cost sheet before discussing affordability. Compare the all-in price, not the headline rate.

Property Shortlisting

Agent Practice

Narrowing many options to a few properties by matching the buyer's budget, location, size, possession date and approvals. A good shortlist is limited to a handful, with reasons for each.

Example & agent tip

Example: From twenty options, the agent shortlists three flats in Panchkula within budget and near the buyer's office.

Agent tip: Do not overload clients. Three to five well-chosen options are easier to compare than twenty.

R

5 terms

Real Estate Agent

Agent Practice

Also called: Property Dealer, Property Agent

Under RERA, a person who, for a fee or commission, brings buyers and sellers together or helps in the sale or purchase of a plot, apartment or building in a real estate project. Such a person must be registered with the state RERA authority.

Legal basis: Defined in Section 2(zm) of the RERA Act, 2016. Registration is required under Section 9.

Example & agent tip

Example: Mr. Arora introduces buyers to a registered Zirakpur project and earns a commission. Without a RERA registration he cannot lawfully do so, and Section 62 allows a penalty of ₹10,000 a day, up to 5% of the cost of the property sold.

Agent tip: Display your RERA registration number on your visiting cards, website and ads.

Referral Fee

Agent Practice

A fee paid to a person for introducing a client, without carrying out sales work.

Example & agent tip

Example: A customer refers a friend to a project and receives ₹25,000 on booking.

Agent tip: Check whether the referral arrangement triggers the need for registration under the law in your state.

Related: Brokerage Real Estate Agent

Registry Day

Agent Practice

The day on which the sale deed is signed and registered at the sub-registrar office with both parties, witnesses and the required identity documents. Agents arrange appointments, stamp duty and fees, and make sure all papers are ready.

Example & agent tip

Example: An agent books a slot at the sub-registrar's office, brings stamp paper and meets both parties there with witnesses.

Agent tip: Do a mock check of documents a day before, including photos, ID proofs and payment proofs.

Renewal of Registration

Agent Practice

Extension of an agent's RERA registration for a further term, applied for before the current registration ends. Rules on timing, fees and late penalties differ by state.

Example & agent tip

Example: An agent files for renewal three months before the expiry date, as the state rules require.

Agent tip: Put the renewal date in your calendar. Some states charge a late fee or end the registration.

RERA Agent Registration

Agent Practice

The registration that a real estate agent must obtain from the state RERA authority before facilitating sales in a RERA project. Fees, validity and documents are set by each state's rules.

Legal basis: Section 9 of the RERA Act, 2016 and state RERA rules.

Example & agent tip

Example: A Panchkula agent applies on the state portal with ID proof, address proof, photographs and the prescribed fee, and receives a registration certificate.

Agent tip: Renew before the expiry date. Working with a lapsed registration exposes you to penalties.

S

9 terms

Sales Funnel

Agent Practice

The path a prospect follows from first enquiry to booking: enquiry, qualification, site visit, negotiation, booking and registration. Agents track how many leads drop at each stage to see where effort is wasted.

Example & agent tip

Example: Out of 100 enquiries, an agent finds 30 qualify, 10 visit and 2 book, then works on improving visit conversion.

Agent tip: Record each lead's stage in your CRM and review weekly. The stage with the biggest drop shows where to work.

Sales Kit

Agent Practice

The set of materials an agent carries for selling a project: brochure, price sheet, payment plan, floor plans, RERA details, approvals and contact for the sales team. A good kit lets the agent answer questions accurately.

Example & agent tip

Example: Before a client meeting, the agent prepares a kit with the brochure, cost sheet, RERA page and loan partner list.

Agent tip: Keep the kit updated. Outdated price sheets cause disputes.

Seller Document Checklist

Agent Practice

The papers an agent should ask a seller for before listing a resale property: title deed, previous chain of papers, tax receipts, electricity bill, society no-dues, approved plan, and identity proofs. It helps buyers trust the listing and speeds up the sale.

Example & agent tip

Example: An agent refuses to list a flat until the owner supplies the sale deed, society no-dues and latest tax receipt.

Agent tip: Verify originals, not photocopies, and match the owner's name to the records.

Site Visit

Agent Practice

A visit by a prospective buyer to a project or property. It is a key step before booking.

Example & agent tip

Example: An agent schedules a Saturday site visit for a family looking at 3 BHK flats.

Agent tip: Prepare the documents and RERA details before you take clients on a site visit.

Related: Lead Booking Amount

Site Visit Checklist

Agent Practice

A list the agent uses before and during a visit: confirm the appointment, carry brochure and price sheet, show the sample flat, the actual site, access roads and amenities, and note the client's feedback. It makes the visit complete and professional.

Example & agent tip

Example: An agent visits a Kharar project with a checklist covering RERA number, sample flat, tower location, parking and the nearby school.

Agent tip: Show approvals and the RERA registration as part of the visit, not only the sample flat.

Soft Launch

Agent Practice

A preview of a project to selected buyers or partners before the official launch, often with early pricing.

Example & agent tip

Example: A developer invites agents to a soft launch with an introductory price sheet.

Agent tip: A soft launch is not an excuse for sales before RERA registration.

Spot Incentive

Agent Practice

A bonus a developer offers to agents for sales made during a short period, such as a launch weekend or festival. It is paid on top of normal commission and has its own conditions on booking amount and timing.

Example & agent tip

Example: A developer offers agents an extra ₹25,000 for each booking made during a three-day festive launch.

Agent tip: Never push a buyer to book in haste to earn a spot incentive. Mis-selling can cost you your registration.

Sub-Broker

Agent Practice

An agent who works under a larger broker or channel partner, usually sharing commission.

Example & agent tip

Example: A freelancer brings leads to a channel partner and receives half the commission.

Agent tip: Sub-brokers should also register if they facilitate sales in RERA projects.

Subvention Scheme

Agent Practice

A scheme in which the developer pays the pre-EMI interest on the buyer's loan until possession, usually in return for a higher price or a bank tie-up.

Example & agent tip

Example: A developer pays the bank interest until possession, so the buyer pays only after handover.

Agent tip: Subvention schemes carry risk if the developer stops paying. Read the tripartite agreement.

T

2 terms

TDS on Brokerage

Agent Practice

Tax deducted at source by a payer, such as a developer, when paying commission to an agent above the limit set in the income tax rules. The agent claims credit for it while filing the return. Rates and limits can change, so check the current rules.

Example & agent tip

Example: A developer pays an agent ₹95,000 after deducting TDS and gives a TDS certificate later.

Agent tip: Ask for your TDS certificate and check it against your tax statement so that credit is not lost.

Token Amount

Agent Practice

A small payment made to block a unit for a short time before a formal booking. It is usually refundable if the deal does not proceed, if agreed in writing.

Example & agent tip

Example: A buyer pays ₹51,000 as a token to hold a flat for a week.

Agent tip: Take a written receipt that states whether the token is refundable.

Related: Booking Amount Earnest Money

V

1 terms

Virtual Site Visit

Agent Practice

A video tour or live video call of a property or project for buyers who cannot come in person, such as NRIs. It shows layout and surroundings but cannot replace a physical check of construction quality, neighbourhood and noise.

Example & agent tip

Example: An NRI in Canada joins a live video walk-through of a Mohali flat conducted by the agent.

Agent tip: Never promise from video what you cannot confirm on site. Do a physical visit before the final payment, directly or through a trusted representative.

W

1 terms

Walk-in Lead

Agent Practice

A prospect who visits an office or project site without a prior appointment. Such leads are often warm but may also be seen by several agents, so registration rules matter.

Example & agent tip

Example: A couple enters a Zirakpur project office and the sales desk asks which agent introduced them.

Agent tip: Where possible have clients pre-registered with the developer. Without it the walk-in may be claimed by the developer.

Advertising Compliance

After-Sales Service

Agent Code of Conduct

Assured Return

Basic Sale Price (BSP)

Booking Amount

Broker

Brokerage

Brokerage Agreement

Buyer's Agent

Channel Partner

Channel Partner Agreement

Channel Partner Empanelment

Closing the Deal

Co-brokerage

Cold Calling

Commission Clawback

Commission Dispute

Commission Invoice

Commission Slab

Comparative Market Analysis (CMA)

Conflict of Interest

Construction-Linked Plan

Counter Offer

CRM

Down Payment

Earnest Money

End User

Exclusive Mandate

First-Time Homebuyer

Floor Rise Charges

Follow-up Cadence

GST on Brokerage

Inventory

Investor Buyer

KYC Documents (Buyer)

Lead

Lead Generation

Lead Protection Period

Lead Qualification

Lead Registration

Mis-selling

Open Listing

Payment Plan

Possession-Linked Plan

Preferential Location Charges (PLC)

Pre-launch Sale

Price Negotiation

Price Sheet (Cost Sheet)

Property Shortlisting

Real Estate Agent

Referral Fee

Registry Day

Renewal of Registration

RERA Agent Registration

Sales Funnel

Sales Kit

Seller Document Checklist

Site Visit

Site Visit Checklist

Soft Launch

Spot Incentive

Sub-Broker

Subvention Scheme

TDS on Brokerage

Token Amount

Virtual Site Visit

Walk-in Lead

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