Terminology real estate

Real estate terms of the most important types of real estate

1- Block

A set of pieces represents one unit

It is part of an approved, area-known plan that includes buildings, and is bounded by streets on all four sides

2- Square

Real estate square

It is a raw, unconstructed land that includes several blocks

3- Land

It is a piece of an approved plan intended for urban use

4- Building

A multi-storey building that contains residential units (apartments) that share common facilities such as:

Ground stairs, elevators, parking lots, parks etc.

5- The compound

What is the meaning of the word compound or compound in real estate?

 It is a residential complex within a secured environment with walls and gates upon which private security personnel rely, and the compound includes all the services that the resident needs inside it, including recreational places and shops in some cases, and the size of services varies from one compound to another according to the number of buildings in it.

6- the island

A group of sectors (divisions) covered by the reconstruction plan (organization)

7- Flat

A residential unit in a building that shares some facilities with the rest of the apartments, such as stairs and an elevator.

It is each independent part of the real estate parts that are under one roof.

8- Villa

An independent housing unit that has side setbacks on at least three sides.

9- The studio

What is the meaning of the word studio?

A small open space apartment containing a bedroom and bathroom in addition to an open space that includes the hall, the living room and the kitchen,

The studio is a practical option for newlyweds or those without children, students, and employees, especially if it is near vital places in the city or close to workplaces.

10- Duplexes

What is the meaning of the word duplex house?

It is an independent residential unit that has setbacks on three sides and is adjacent to another real estate unit on one side only.

Mostly it consists of two residential apartments located on top of each other and linked 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 to bedrooms and bathrooms.

Duplex apartments are able to accommodate large families, and the duplexes' prices are often economical.

11- Triplex

What is the meaning of the word Tabplex

They are three apartments located on top of each other, linked by an internal staircase, and are ideal for very large families and their prices are also very reasonable compared to the independent villas with a separate garden.

12- Penthouses

They are apartments that occupy the upper floors of high-rise buildings, and sometimes we may find them on the lower floors, and they have a large balcony of their own.

And it allows complete privacy as it is isolated from the rest of the residential apartments in the same building, which makes it distinctive and unique with a very quiet and comfortable living style.

13- Floor 

A residential unit that occupies an entire floor, often with a separate entrance

14- Traditional house 

A standalone real estate unit that has no backlash or patio

15- Exhibition

It is a commercial store with a large area and includes more than one commercial opening

16- Store 

Smaller than the gallery and not more than one opening, and it may be located in a residential complex or separately

17- A commercial complex Mall

It is a group of various galleries and shops within one building, and it may be in an office or residential system

18- Residence / hotel apartments

What is a residence and what is the meaning of the word hotel apartments?

These apartments usually consist of all the services that the visitor needs, including a single, double or double bed with two single beds, a desk, TV and Internet service, a wardrobe, and a small refrigerator. As for its areas, they are generally uneven, some are very small, and others may exceed 90 square meters, so that they are suitable for two persons with a maximum of two children, with room service available around the clock and the possibility of benefiting from restaurants and facilities within the building.

Real estate terms for land and raw lands

19- Raw, unplanned land

Buildable land with a large area, from which public utilities have not been deducted

20- Certified scheme

The plot of land whose distribution has been approved by the competent authorities into plots of lands after deducting the area allocated for public services.

21- Planned and approved land

Conditional on implementation of services (preliminary planning)

 It is a plot of land that has been approved by the relevant authorities to be sorted into designated plots after deducting the percentages of services.

22- The scheme is not supported

It is the scheme whose distribution has not been approved by the competent authorities.

23- Raw land, planned and not approved

Do not adopt an initial idea and it may not be implemented

It is the plot of land that has not yet been sorted into designated plots.

24- Raw land planned and approved

Terminator ready for urban use

Real estate terminology for the type of ownership

25- Ownership of a known and specific real estate

A deed of fixed meters and boundaries owned by a specific person.

26- Corporate ownership

A common or joint ownership is between several people without dividing or determining the share of each party.

27- Ownership of a joint stock company

Ownership of a shareholding bond in a common land with whoever heads the share

Real estate terms for types of sale in the real estate field

28- Selling for cash

Cash sale

Ownership of the property transfers for cash only.

29- Selling by installments

The ownership of the property transfers in exchange for a split cash amount over specified periods of time

(The emptying may be at the beginning or at the end of time periods depending on the agreement)

It may be an initial payment with installments over a number of months, and the number of months in installments varies according to whether the property is under construction or ready for use.

30- The sale is part of the value

A transfer and the other part in cash, such as a partial swap.

31- Sale on credit

Sale On Credit

What is the meaning of the word forward sale?

It is the transfer of ownership of the property at the present time and the collection of the value of selling the property in the future. Where the ownership of the property is transferred in exchange for a cash sum paid by the seller

32- Rent

The process of utilizing a real estate unit for an estimated period in exchange for cash or eye

33- Rent ending to own

Rent ending in ownership

The ownership of the property is transferred in exchange for a cash sum that the seller will receive after an agreed-upon time.

34- Rent of time

The process of benefiting from a real estate unit for a certain period of the year for a number of years.

Real estate terms used to describe the tasks of real estate companies of all kinds

35- Real estate developer

It is a person or a commercial company whose mission is to develop a specific area or site or rebuild an existing entity and update it or reform it partially or completely

Or to take advantage of its position or raise its investment value

Or buy vacant lands and then establish a project on them

The main interest of the real estate developer is in the financial and mathematical aspects of the projects, which include under their list of malls and commercial establishments.

The real estate developer contracts with building contractors and fully financing the project, such as residential cities or large residential complexes,

Until its completion, the basic skill required for the developer is the financial and economic aspect of the project, and only he enters into large material risks if he lacks these skills.

36- Real estate development companies

They are mostly companies because it is difficult for individuals to bear the costs and time, and their mission is to promote and raise the level of urban spaces in certain areas.

And these companies can be considered a type of real estate development company or part of its tasks.

But here it is mainly aimed at residential projects or resorts and hotels.

The real estate development department must have the economic and financial skills and the ability to finance or provide financing sources for these projects.

37- Building and construction companies

They are companies whose task may be to prepare drawings and structural designs for projects, as well as carry out implementation work after that.

Construction or construction companies need architects to accurately execute project drawings

And it is the contracting part

38- Real estate agent

It is the person or company that obtained a power of attorney from real estate owners or real estate development companies for the purpose of selling and marketing these properties.

Also, it is defined as a person or company that obtained a power of attorney from persons or companies for the purpose of purchasing real estate for them at the best price.

It is also defined as an experienced real estate broker or an experienced company who has passed an advanced and specialized course in real estate marketing.

He must have information about the supply and demand ratios in the real estate market and he must be able to determine the best time to buy the property and the best time to sell the property.

Then he obtained a license for real estate marketing, and on the other hand he entered into legal contracts agreements with real estate construction companies to market their products exclusively through him

Or non-exclusive contracts to market real estate to real estate developers.

39- Real estate company

All companies operating in the real estate field can carry this name, but it is customary for this description to be comprehensive, either a developer or a real estate marketer, or both.

40- Real Estate Brokerage / Brokerage Company or Real Estate Broker

Real estate terms are similar, but they must be distinguished for the accuracy of the differences between them. Real estate brokerage companies are companies that play the role of mediator between the seller and the buyer and often have a number of brokers (individuals)

Or the branches that use them to provide their services in return for a commission previously agreed upon with the two parties

You need social communication skills and constantly follow the real estate market to know the available real estate opportunities and variables in the region

One of its most important tasks is to search for the buyer for a property at a fair market price, by using its wide network of relationships.

It is her duty to inform the seller of the advantages and disadvantages of his house and the average prices of houses similar to his home in terms of area and location, and of course he needs selling and negotiation skills.

Real estate broker / broker:

The broker: is a free individual or a small office and works independently or with a brokerage firm, and it is often of a specific geographical area or region that he does his work within only and does not need a license to practice his work

And this type is also very common and depends on communication and negotiation skills

Real estate broker: It is the person who participates in introducing the seller to the buyer and obtaining a commission for that. And shall have a license from the Mortgage Finance Authority

41 - An electronic real estate portal / an electronic real estate market

Real estate Portal \ Online Marketplace

The electronic real estate market: it is a place of supply and demand

The electronic real estate portal: It mainly contains the market of supply and demand, in addition to that it contains a lot of features

Of work teams for marketing and providing real estate studies, as well as many other service forms

This type needs high technical capacity, and in the case of gates, it needs marketing skills and market analysis.

42- Real estate marketing companies

Real estate marketing is broader than just photographing the property or placing an advertisement on real estate sales websites on the Internet. Real estate marketing is an integrated process to meet customers' desires and establish a long-term relationship with them.

Real estate marketing is an integrated science that must be researched in the current and future needs and desires of customers in the field of real estate ownership, where work must be done to achieve them in return for an acceptable profit for the company.

This comes through research and investigation and asking customers about their desires and ambitions.

As for the term real estate marketing companies, it is one of the most confused terms in which it has become used to refer to brokerage and brokerage companies, but the basis for them is for those who implement these two stages:

Preparing pre-construction marketing studies

And preparing promotional campaigns for real estate development companies

There is also another activity that real estate marketing companies may undertake, which is advertising a certain brand or real estate brand

And it needs a great degree of understanding of the nature of buyers in the target areas.

43 - Real estate investment

Property Investment

It is the process of earning money and developing it in the real estate field, and this is done either by renting the house or real estate and achieving a fixed monthly return or buying and selling the house after a period with an acceptable profit increase for the investor.

And real estate development is one of the real estate investment strategies.

44- Real estate investment companies

And here we have two different levels under the name of real estate investment companies in Turkey,

The first type: is for that company to participate or finance only in projects, either existing or under construction, and its role is only the financial side and its follow-up.

The second type: It is often an individual person and not a company that studies the market and the conditions of the owners in the targeted areas and buys or finances real estate in those areas

And thus benefit from monthly or annual returns on that property

Therefore, the term real estate investment companies is confused and wrongly used when describing real estate development companies or real estate development companies

45- Real Estate Analyst

It is a person or company, but its mission is to prepare statistics, feasibility studies and market studies.

And he presents it to those who bear the costs of real estate construction and this field requires a high level of economic and financial analysis skills.

As well as analyzing data and how to conduct market studies.

46- Real estate advisor

Real Estate Consultant

A person who provides advice and advice to individuals and companies regarding buying and investing in real estate.

It also analyzes the suitability of the required real estate investment to the investor's wishes.

Real estate terms circulating between the seller and the buyer.

47- Seller or owner

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

48- Client

Client or Customer or Buyer

It is the person or entity that has the desire to buy, the ability to pay the property allowance, and the ability to make a decision.

49- Entry costs

What is the meaning of entry costs in real estate?

Calculating the start-up costs of the purchase process, which are full property search fees, property registration fees, taxes, etc. and brokerage fees for the company or broker who found this property for you

These costs vary from country to country, and even from state to state, such as some US states

In Egypt, you must add an additional 5% of the purchase price for all fees, at least

In Turkey, the commission of the real estate company or broker is 3% of the property price

In Spain you will need an average of 10%

In Germany, fees may exceed 20%.

The important thing is that you know how much you will have to pay and that you should include it in your budget to avoid any bad surprises and to ensure that your investment becomes profitable.

50- Exit costs

 If you were to incur capital gains taxes (some countries even calculate capital gains taxes) when you sell your real estate investment for profit, does that make the investment no-profit? In Spain, a foreign buyer can get a tax of 35% of the capital gains, while in Turkey, on the other hand, real estate sales are capital gains without taxes if the basic real estate has been owned for more than five years.

51- Commission, quest or indication

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

52- Deposit

What is the meaning of the word deposit or horror?

The financial amount provided to confirm the desire to purchase and is not refundable in the event that the buyer returns from the purchase, provided that the amount of the deposit does not exceed 2.5% of the actual value of the property.

53- Final payment

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

54. Proceeds

They are expenses assigned by the housing complex administration. Maintaining the security and cleanliness of residential complexes and their maintenance requires the employment of specific resources, energies, tools, and contracts.

Of course, meeting these needs entails periodic expenses, and these expenses increase in the event the residents of the complex want to add some luxury means.

55- Title deed / Tapu

Instrument Or Deed

The identification document for the ownership of a real estate unit, also known as the word taboo.

The title deed or taboo is organized for a specific property, ownership of the property is proven for the person mentioned in the deed, and detailed information about the property is mentioned.

And real estate survey numbers, in which the location of the property is specified in detail and clearly.

The title deed or title deed is regulated by the Land Registry Directorate in the country in which you want to buy the property.

56- Real estate stocks

It is a document confirming the owner’s ownership of a part or a specific area of ​​a specific land, which is measured in square meters

57- Mortgage

It is a financial loan that enables the borrower, whether an individual or an institution, to buy an apartment or any other property, and his ownership of this property or of the mortgaged property is a guarantee of the loan,

In other words, the property remains mortgaged until the loan is repaid.

In the event that the borrower is unable to pay off his debt, the lender has the right to take measures to ensure his ownership of this property.

With a more detailed explanation, the mortgage is based on the premise that you own a property and want money for any reason. Some people want money to expand a business or start a new business.

The difference between mortgage and financing: In real estate mortgage you own a property and want money, but in real estate financing you do not own a property and you pay to buy a property.

The value of the amount that you will get from the mortgage is determined on the basis of 80% of the property value in most Arab countries.

In the clearest sense, you own a property, and you go to the lender, so the lender evaluates the property through an expert real estate appraiser and then gives you 80% of the property's value.

58- Real estate swap

It is the process of swapping or buying a real estate in exchange for giving another property or buying a property for money and real estate.

Or in exchange for bonds of value.

59- Real estate appraisal

It is the science that seeks to determine the real value of real estate in all its forms (lands - housing - stores - factories - farms) to reach the market and real value in most cases.

And access to the market value of real estate requires knowledge, art and experience.

The real estate appraisal report is prepared by companies or experts who have a license to prepare reports of this type,

And that is in accordance with the regulatory laws, and the standards and measures applied at the international level.

There are some countries that have designated specialized bodies or individuals appointed experts and accredited by the state to provide this report to buyers, such as the State of Turkey (Real Estate Appraisal Authority)

60- Real estate valuation

Determine the price of the real estate unit for sale or otherwise.

61- The prevailing real estate allowance

It is the financial value or movable property that changes from one year to another according to market conditions and according to the conditions of supply and demand.

62- Property management / or management of investment or real estate portfolios

In addition to other real estate terms that express the idea, but these two phrases are the most used in the real estate field:

There are many investors who own administrative or residential buildings and may not have the time or experience to take care of the day-to-day operations of building shaking.

Therefore, it is assigned to a third party, who is a real estate broker with experience in this field, or a company that carries out the process of managing, maintaining, collecting rents and resolving all tenants' problems on behalf of the owner and other matters in exchange for fees that he receives in return for managing these real estate properties.

63- Conveyance or Assignment

It is the process of assigning ownership of the property and its deed from the ownership to the buyer in exchange for a financial allowance equal to the value of the property.

64- Finishing

The operations of completing building or real estate requirements after the completion of the bone from plumbing, electricity and paint so that the property is ready for housing.

As it is the final stage of construction, and it also concerns the walls, floors, ceilings and surfaces of the building.

The importance of finishes stems from the fact that they are the stage that will later emerge as a surface surface for all parts of the building, whether internal or external.

65- Hand over the key

It is a sentence used by many in the real estate field, which is the process of handing over the house to its owner after completing all the construction work agreed upon according to a prior contract.