Holiday home glossary – definitions property terms-F

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F

Facilities management:The co-ordination 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 officer, who then inspects the building and issues a list of requirements (eg. Fire escape doors/stairways). 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 are found 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 others, 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, eg. 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 by force majeure. This is a common clause in most property contracts.

Foreclosure: (a) (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 default in paying his dues or in complying with any other terms of the mortgage deeds. (b) (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.

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About Dhruv Baruah
Dhruv Baruah is the Editor of Holiday Home Times. He can be contacted at dhruv@holidayhometimes.com
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