An ‘application’ usually means any request of a formal nature that is made officially in writing to any authority figure, company/organization or any other institution. For example, we are familiar with the term leave application or application for property registration for example. It also means putting something into operation or applying something. For example- The Company was stringent about the application of its regulations pertaining to worker safety.
Application may be defined in several ways. These include the following:
1. A spoken/written appeal, request, or plea for clearance, admission, employment, funding, approval, etc. This usually involves a form filled out by the one who is applying (the applicant) or a written appeal by him/her.
2. Being relevant/usable for any specific purpose or putting to any use.
There are multifarious uses of application in real estate. These are summed up below:
1.Application Property means any land or multiple lands which cumulatively make up the total land holdings for a single application, for which someone is looking for a matching grant in exchange for a perpetual agricultural easement being sold.
2.Mortgage application means applying for getting funding for buying real estate. These applications are made to lenders and financial institutions by prospective real estate buyers. The application encompasses various details including the borrower’s identity, income, financials, repayment track record, employment history, and a lot more. This information is used by lenders for determining whether to approve a loan for buying property or not. Nowadays, there are real estate applications or mobile/web applications created by lenders that help prospective borrowers apply online.
3.There are a plethora of applications made by developers or those who are building their own homes. These include applications made to Governments, development authorities, departments, planning authorities, and other institutions for project approvals, clearances, building approvals, plan approvals, completion certificates, fire safety, and environment and other clearances, and civic utilities including electricity, water, and sanitation.
4. It could also mean real estate applications on the web and mobile for helping people search for properties as per their needs, while also enabling them to sell and purchase real estate online. These applications also help them obtain more information on real estate, along with getting in touch with sellers/brokers/developers. They also get assistance and guidance in choosing the best properties in their preferred locations while also getting help with mortgages.
