Interesting terms about real estate market in Turkey
When you decide to buy property in Istanbul or buy property in Turkey in general, you must be aware of the real estate terms that you may encounter, in order to be aware the meanings and dimensions of these terms so you avoid any problems you may encounter during the purchase process. In this article, we will list some of the most commonly used real estate terms.
1- Seller or owner: a person who wishes to transfer the ownership of the property to a new owner in return for cash or barter or both
2- The customer: here is the other party who has the desire to buy.
3- Transfer of ownership of real estate: It is the process of transferring ownership of real estate from the owner to the buyer in return for financial consideration.
4- Real estate broker: He is the person who connects the two parties, the seller and the buyer, with the aim of obtaining a financial commission, and he does not have a real estate tour operator.
5- Real estate agent: He is a real estate broker who has passed a specialized course in real estate marketing and subsequently obtained a license and is in agreement with real estate construction companies to market their products exclusively through him.
6- Real estate advisor: A person who provides advice to individuals and companies regarding the purchase and investment of real estate.
7- Ownership deed i.e. title deed: It is a document that regulates a specific property and proves the ownership of the property for the person mentioned in the document and mentions information about the property so that it determines (the location of the property - real estate product numbers) and this document is regulated by the Land Registry Directorate of the Ministry of Environment and Turkish Cities.
8- Real estate marketing: This marketing examines the financial needs and desires of customers in the field of real estate ownership in Turkey and working in companies to achieve an acceptable profit.
9- Real estate investment: It is the process of earning money and developing it in the field of real estate.
10- Real estate development: This development is as a partial or complete repair of old neglected properties or the renewal of existing buildings or, for example, the purchase of vacant lands and the establishment of projects on them, and then marketing and selling them.
11- Mortgage: These are loans in which the borrower, whether an individual or an institution, can borrow money to buy a house or any second property.
12- 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 property together, or in exchange for valuable financial bonds.
13- Real estate appraisal: This appraisal looks at determining the value of the real estate in all its forms, whether it is lands, houses, shops, factories, or farms, to reach the popular value in the market, and this access needs science, art, and experience.
14- Property management: This management is through an excellent real estate broker, because some investors may not have the time or experience necessary to manage their property affairs.
15- Real estate commission: This is the fee commission charged by the real estate broker in return for the services he provides to both the buyer and the seller.
16- Deposit in real estate: It is the financial amount provided to confirm the desire to purchase and is non-refundable in the event the buyer refuses to complete the transaction if the amount is not more than 2.5 percent against the financial transaction.
17- Finishes: This is the final stage in the construction stages and is related to the walls, floors, and surfaces of the building.
18- The last payment in the real estate: The final payment is an unusual and relatively large payment for the purpose of ending the mortgage or debt.
19- The approved scheme: it is the plot of land that the concerned authorities have approved, sorting it into allocated plots after deducting the service percentage
20- Unapproved plan: Here is the plot of land that has not yet been sorted into allocated plots
21- The block in Turkey real estate: It is part of an approved plan with a known distance, which includes construction, and defines the streets from its four sides
22- Studio apartments: They are small open-space apartments and consist of a bedroom and a bathroom, in addition to an open space containing the hall, living room, and kitchen.
23- Duplex apartments: They are two residential apartments on top of each other, linked by an internal staircase, and are characterized by being able to accommodate members of a large family that cannot pay the cost of villas or luxury apartments on the basis that their prices are somewhat economic
24- Triplex apartments: They are three apartments on top of each other, linked by an internal staircase
25- Penthouse apartments: These are the apartments that occupy the upper and lower roundabouts of high-rise buildings..they have a large balcony of their own.
26- Commercial complex: This complex usually consists of a group of various exhibitions and shops in one building
27- Hotel apartments: They consist of a single or double bed, a table, an air conditioner, a TV, an Internet service, a wardrobe, and a small refrigerator. As for their area, they generally vary between small and large, whose area exceeds 90 square meters.
28- Turnkey: It is the process of handing over the house to its owner after mastering its exceptional works agreed upon according to a prior contract.
29- Building facade: means every aspect of the building, especially the front face.