Glossary of real estate terms., This includes concepts frequently used by professionals in the real estate sector. These terms, encountered in the processes of buying, selling, and renting real estate, can be confusing, especially for first-time traders.
In this article, we have compiled the essential concepts you may need in real estate transactions in simple and understandable language. Thanks to this glossary, you can manage the process more consciously and securely.
Real estate agency:
An organization that acts as an intermediary in all legal and technical processes such as the purchase/sale/rental of real estate by entering into (fixed/permanent) employment contracts upon the request of the rights holders.
Estate agent:
The person responsible for the buying/selling and renting of real estate and other properties.
Depreciation:
Depreciation, wear and tear allowance of the property
Valuation:
An opinion or estimate of the value of a property.
Agreement:
A document that authorizes or prohibits the performance of certain actions and/or requires or prevents certain uses of the property.
Title deed:
An official document issued by the Land Registry Office showing the owner of a specific plot of land or an independent unit built thereon.
Power of attorney:
A power of attorney is a document issued by a notary public authorizing someone else to perform an action on your behalf.
Mortgage:
A registration in the land registry in favor of a creditor on a property offered by the debtor, as security for the repayment of a debt, with the condition that it will be removed upon repayment of the debt.
Attachment:
A legal transaction that provides security for the payment of a debt, judgment, mortgage, or taxes against property.
Market value:
Theoretically, the highest price would be the lowest price a buyer is willing to pay but not obligated to, and a seller is willing but not forced to sell.
Personal Property:
Privately owned property or real estate
Purchase and Sale Agreement:
A document in which the seller undertakes to complete the sale of the property according to the sale price, and the buyer undertakes to purchase the property by paying the price.
Real estate:
Goods that cannot be transferred from one place to another without changing their value or quality, and that can be converted into cash.
Joint ownership:
The right of persons who have a partnership relationship due to a law or contract to jointly own a property as a result of this partnership.
Reconstruction:
The process of making a place suitable for human habitation (construction/urbanization)
Zoning Status:
A document that shows the limits of how a zoned plot of land can be used according to the zoning plan and zoning regulations of the area in which it is located.
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