P- Compendium of Real Estate Terms & Concepts

‘Power of Attorney’ (POA) is a formal instrument by which a person (the Donor) authorizes or empowers another person (The Donee) to do things or act in his stead. It represents a wilful, conscious and personal wish of a person to make another act on his behalf, devoid of undue…

Evaluation and feedback are the cornerstones for the continuous improvement in building procurement. Good feedback is an intrinsic part of good briefing and design of buildings. To be most effective building performance evaluation must happen throughout the lifecycle of the building.

A pledge is a kind of indigenous mortgage by which the owner-occupier of land, in order to secure an advance of money or monies worth, gives possession and use of land to the pledge creditors until the debt is fully paid or discharged.

• Planning: Planning, in the context of project management, is the deliberate consideration of all the circumstances concerned with a project in order to evolve the best method of achieving a stated objective.

Planning has both social and economic aims. Socially, successful planning tends to make people’s lives happier because it results in a physical environ which is conducive to health, allowing for convenient and safe passage from place to place and facilitates social intercourse is conducive offering visual attractiveness.

Persons ordinarily mean any living human beings. Law however gives a wide interpretation to the term. In law, persons include any human being or body or other things which the law recognises as having rights and duties. Examples of bodies or things recognised by law as having legal personality are…

Generally, perpetuity means continuity forever, without maturity, for life. In Estate Management terminology, freehold means an estate forever, for life. That is a person having a freehold interest in a property is having an estate lasting him forever. It is forever because it can be inherited by the heirs of…

Performance measures to cover all aspects of a contract should be designed to suit the requirements of a particular contract and should be set out in the contract documentation to ensure suppliers are fully aware of both the measures and the measurement methodology before any contract is awarded.

This is the length of time for which an investment will elapse after the initial capital outlays until the cash flow of generated benefits equal to the original investment (Lowe, 1979). In a simpler way Meigs and Meigs, (1997), define it as the length of time necessary to recover the…

Partnerships are purposive strategic relationships between independent firms who share compatible goals, strive for mutual benefit, and acknowledge a high level of mutual interdependence. They join efforts to achieve goals that each firm, acting alone, could not attain easily (Mohr and Spekman, 1994).