Real estate glossary

Rights registry (DRRP)

State registry of property rights — the single source of truth about owner and encumbrances. A paper certificate is secondary.

BTI tech passport

Document with layout, area and flat characteristics from the Bureau of Technical Inventory. Mismatch with real layout = problem at sale.

Advance vs earnest deposit

An advance is always returned if the deal falls through. Earnest deposit: buyer's fault — deposit goes to seller; seller's fault — double to buyer.

Escrow account

Conditional deposit at a bank: the seller doesn't get the money until conditions are met (ownership registered to buyer). The safe-deal standard.

Property valuation

Expert valuation of value for tax/mortgage/court — done by a certified valuer, not a 'realtor price'.

Shared ownership

Flat in shares: each owner has rights only to their share; selling a share requires the other co-owners' right of first refusal.

Servitude

Limited right to use another's land/property (passage, utilities). Registered and transfers with the property.

Right of first refusal

Mandatory offer of a share to co-owners before selling to outsiders — violation = deal can be challenged.

BTI / inventory

Bureau of Technical Inventory — body recording real layout and characteristics. Their acts are the basis for legalizing changes.

FFC / property rights

Construction financing fund — escrow scheme for buying new-build through a bank, the only legal one for primary market.