The most important real estate terms in Turkey

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The most important real estate terms used in Turkey

They are real estate terms that we hear about sometimes and trade some of them at other times, but the necessity requires possessing the minimum level of this real estate culture to know how to deal in the real estate field.

1. The seller or owner :

It is the person or construction company that wishes to transfer ownership of the property to a new owner, in exchange for cash, barter, or both.

2. Client or customer :

It is the person or party who has the desire to purchase and the ability to make a decision, in addition to the possibility of paying the property allowance.

3. Transfer of ownership of the property :

It is the process of transferring ownership of the property from the owner to the buyer in exchange for a financial consideration equal to the value of the property.

4. Real estate broker :

He is the person who connects the seller with the buyer with the aim of obtaining a financial commission and does not have a license from the Real Estate Finance Authority.

6. The real estate agent :

He is a real estate broker who passed an advanced course specializing in real estate marketing and then obtained a license for real estate marketing and on the other hand, he concluded agreements with real estate construction companies to market their products through him exclusively.

7. Real estate consultant :

He is the person who provides advice and consultations to individuals and companies regarding the purchase and investment of real estate in Turkey, and the real estate consultant also analyzes the suitability of investing the required property for the investor's desires.

8. Title Deed :

It is the document that is organized regarding a specific property, and proves the ownership of the property to the person mentioned in the document, and contains information about the property, the real estate survey numbers, and specifies the location of the property.. The title deed document is organized by the Real Estate Registry Directorate of the Turkish Ministry of Environment and Cities.

9. Real estate marketing:

An integrated science that looks into the current and future needs and desires of customers in the field of real estate ownership in Turkey, so that companies work to achieve them in exchange for an acceptable profit, and this comes through research, investigation, and asking customers about their desires and ambitions.

10. Real estate investment :

It is the process of earning and developing money in the field of real estate as real estate investment is carried out either by renting the property and ensuring a fixed monthly return, or buying the house and selling it after a period with an increase in profitability acceptable to the investor.

11. Real estate development :

Real estate development includes various activities such as partial or complete repair of old or neglected real estate, renovation of existing buildings, or purchase of vacant land and then the establishment of an innovative project on it, then marketing and selling it.

12. Mortgage :

It is a loan that enables 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 is a guarantee for the loan.

In the event that the borrower is unable to pay his debt, the lender has the right to take measures to ensure his ownership of this property, otherwise the property remains mortgaged until the loan is repaid.

13. Real estate barter :

It is the purchase of a property in Turkey in exchange for another property, or the purchase of a property in exchange for money and real estate together, or in exchange for bonds of value.

14. Real Estate Valuation :

It is the science that searches for determining the value of real estate in all its forms (lands - residences - shops - factories - farms) in order to reach the market value in most cases, and reaching the market value of real estate requires knowledge, art and experience.

The real estate appraisal report in Turkey is prepared by companies or experts who have a license to prepare reports of this kind, in accordance with the regulating laws, and the standards applied at the international level.

15. Property management :

Some investors may not have the time or experience to manage their property affairs, so these tasks are assigned to an excellent real estate broker in order to manage real estate.

16. Commission in real estate :

It is the fee charged by the real estate broker for the services it provides to both the buyer and seller as a percentage of the transaction value.

17. The down payment in real estate :

The financial amount presented to confirm the desire to purchase, which is a non-refundable amount in the event that the buyer withdraws from completing the purchase transaction, if the amount does not exceed 2.5% of the actual value of the property.

18. Finishes :

It is the final stage of the construction stages, and it relates to the walls, floors, ceilings, and roofs of the building, and the importance of the finishes stems from the fact that it will appear later as an apparent surface for all parts of the building, whether internal or external.

19. The last payment on the property :

A final payment is an unusual and relatively large payment for the purpose of ending a mortgage or debt.

20. The approved scheme :

The plot of land approved by the concerned authorities to be sorted into allocated plots after deducting the percentages of services.

21. The unapproved scheme :

The piece of land that has not yet been sorted into allotted lots.

22. The Block in Turkey Real Estate :

It is part of an approved scheme of a known area that includes buildings, and is bounded by streets on its four sides.

23. Studio apartment :

A small open-space apartment, containing a bedroom and a bathroom, in addition to an open space that includes the hall, living room, and kitchen. The studio is the ideal practical option for newlyweds, students, and employees, especially if it is close to vital places and workplaces.

24. Duplex Apartments :

It consists of two apartments located on top of each other and connected by an internal staircase, so that each apartment is independent with its rooms, kitchen and bathroom from the apartment on the other floor.

It is possible to allocate the ground floor for living and kitchen, while the upper floor is allocated for bedrooms and bathrooms.

Duplex apartments are distinguished for being able to accommodate large families who do not want or cannot afford to pay the cost of luxury villas or apartments, given that the prices of duplexes are economical compared to the above.

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