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Common Real Estate Terms

: 2015-07-12 Modified date : 2019-08-23

Common Real Estate Terms
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Real estate terms or expressions, we hear about them sometimes, but it is necessary to have the minimum knowledge of this real estate culture for anyone wishing to make deals in the real estate.

Real estate terms are essential

Seller or Owner

He is the person or construction company that wishes to transfer ownership of the property to a new owner, in return for cash or a swap or both.

Client or customer

The person or party who has the desire to buy and the ability to make a decision, as well as the possibility of payment of a real estate allowance.

Transfer of a real estate

The Waiver process of the property ownership from the owner to the buyer for a financial allowance equal to the value of the property.

Realtor

The person who connects the seller to the buyer in order to obtain a financial commission and does not have a license from the Real estate Finance Authority.

Real Estate Broker

The person who connects the seller to the buyer in order to obtain a commission and has a license from the Real estate Finance Authority.

Real estate agent

A real estate broker who passed an advanced course and specialized in real estate marketing and then obtained a license for real estate marketing, and concluded on the other agreements with real estate developers to market their products exclusively.

Real estate consultant

The person who gives a piece of advice and consultations to individuals and companies regarding the purchase and investment in real estate. The real estate consultant also analyzes the appropriateness of investing the property required for the investor's wishes.

The title deed

This document is organized on a particular property, and it proves the ownership of the property to the person mentioned in the document, stating information about the property and the figures of the real estate survey, specifying the location of the property. The document is organized by the Directorate of the Land Registry of the Ministry of Environment and the Turkish cities.

Real Estate

Real Estate Marketing

An Integrated science examines the needs and desires of current and future customers in the field of real estate ownership so that the companies work to achieve in return for an acceptable profit, and this comes through research and inquiry and asking customers about their wishes and ambitions.

Real Estate Investment

The process of making money and developing it in the field of real estate. The real estate investment is either by leasing the property and guaranteeing a fixed monthly income or buying a house and selling it after a period by increasing the acceptable profitability of the investor.

Real estate development

Real estate development includes various activities such as the partial or total repair of old or neglected properties, the renovation of existing buildings, buying vacant land, establishing an innovative project, then marketing and selling it.

real estate development

Mortgage

A loan that allows the borrower, whether an individual or an institution, to borrow money to buy a house or any other property and his ownership of this property are to guarantee the loan.

In the sense that if the borrower is unable to pay his debt, the lender has the right to take the necessary measures to own the property, otherwise, the property remains mortgaged until the loan is repaid.

Mortgage

Real Estate Barter

Buying property in return for another property, Buying a property for both money and property, or for bonds with value.

Real Estate Appraisal

The science that seeks to determine the value of a real estate in all its types (land - housing - shops - factories - farms) to reach a market value in most cases, thus, reaching the market value of real estate needs science, art, and experience.

The real estate appraisal report is prepared by companies or experts with a license to prepare reports of this type, in accordance with the regulative laws, and the measures and standards applied at the international level.

Real Estate Management

Some investors may not have the time or experience to manage their property, so they assign an excellent real estate broker to manage real estate.

Commission

The fees charged by the real estate broker for services rendered to both the buyer and the seller as a percentage of the value of the transaction.

Advance payment

The financial amount provided to confirm the desire to buy, which is non-refundable if the purchaser fails to complete the purchase if the amount is not more than 2.5% of the actual value of the property.

Finishes

The final stage of construction, and related to the walls, floors, ceilings, and roofs of the building. The importance of finishes stems from the fact that they will emerge later as a manifest surface of all parts of the building, whether internal or external.

The last installment

The final payment is an unusual and relatively large payment to end the mortgage or debt.

Approved schema

The piece of land that stakeholders have sorted into custom pieces after deducting service ratios.

Disapproved schema

A piece of land that is not yet sorted into custom pieces.

Block

It is part of a chart that its space is known includes buildings, and bordered by streets from its four sides.

Studio

A small open-space apartment with a bedroom and a bathroom, as well as an open space that includes a salon, living room and kitchen. The studio is the best option for newlyweds, students, and staff, especially if they are close to vital places and workplaces.

Duplex

They are two apartments lying on top of each other and an internal staircase connects them so that each apartment is detached rooms with its rooms, kitchen, and bathroom for the apartment on the other floor. 

The ground floor can be allocated for living and kitchen, while the upper floor is allocated for bedrooms and bathrooms.

Duplex apartments are capable of accommodating large families who do not wish or cannot afford the cost of villas or luxury apartments since duplex rates are economical compared to the above.

Duplex

Triplex

These three apartments are located on top of each other and are connected by an internal staircase and are ideal for very large families and its prices are very affordable compared to detached villas with a detached garden.

Demir project is one of the most distinctive projects with duplex and Triplex options.

Triplex

Penthouse

These are the apartments that occupy the upper floors of tall buildings, and sometimes we may find them in the lower floors, with their own spacious balcony.

It gives full privacy as is completely isolated from the rest of the apartments in the same building, making them distinctive and unique with a calm and comfortable living style.

Penthouse

Dues

The cost of managing residential complexes. Maintenance, security, and cleanliness of residential complexes require the use of specific resources, capacities, tools, and contracts.

Of course, meeting these needs entails periodic expenses, and these expenses may increase because of the desire of the residents of the complex to add some means of luxury.

Commercial Complex

Usually consists of a variety of showroom and shops within a single building.

Residence "Hotel Rooms"

Consists of a single or double bed, a desk, TV and internet access, a wardrobe and a mini-fridge.

The area is generally small, some are very small, and others may exceed 90 square meters, suitable for two people with a maximum of two children, 24-hour room service and access to restaurants and facilities within the building.

Studio



Compound

A residential complex within a secured environment with fences and gates on which private security personnel operate. The compound includes all the services that the resident needs inside of recreational places and shops sometimes, and services vary from one compound to another depending on the size and the company implementing it.

Compound

Fair Value

The value of an immovable property that changes from year to year according to market conditions and according to the conditions of supply and demand.

Edited by: Imtilak Real Estate ©

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