15 most interesting Real estate terms in Turkey!
The Real estate terminology used in the real estate world is very important for the employees of this sector, especially for real estate companies who are aiming to succeed but in order to succeed they must be able to understand these terms.
There are many terms in real estate sector, some of which are common. Knowing real estate terms indicates that you are a professional in your business and provides a good and reliable image in the eyes of customers.
So we have collected 15 interesting real estate terms!
1- Collection of profits
Indicates movable and immovable property. Real estate investment comes with the rental income it will provide over the years. To calculate the depreciation period and the present value of the investment must be divided by the monthly rental income.
2- Real estate portfolio
All investment instruments held for earning purposes are called a real estate portfolio. All properties for sale or rent created by real estate consultants are called real estate portfolios.
3- Report of the region
It is easy for a real estate agent to provide the information they need to purchase real estate for clients in the desired area.
This report provides instant information for those who want to invest, buy, sell or rent real estate in Turkey
Through this report, users can access information about real estate sales, annual rental price trends, sales price, rental value and socio-economic characteristics.
In addition, users can easily see social areas like transportation, schools, hospitals and cafes through the features it provides.
4- Total area
This means all apartment areas, the projected areas of the house and balcony walls are included in one square meter, and in some apartments the area includes parking, shelter room and social areas.
5- The value specified by the municipality
In general terms, the value specified by the municipality means the value of the hinge, but in the real estate field it indicates the minimum purchase and sale amount of a specific property according to the current real estate market conditions. This value is determined by the municipal services.
This value is the price reported by the municipality and officially estimated the purchase price of the house.
Determining this value is essential for the purchase and sale of real estate. For example, the first process taken during the purchase of a home is the determination of the value by the municipality.
6- Property details
Individuals, institutions and organizations must submit applications to the municipality and provide certain documents to prove that real estate (construction, house, land) belongs to them. Based on these documents, the goverment Apply taxes on these properties
7- Document of debt completion
It is an Arabic word origin, meaning termination, removal, cutting, separation, finishing.
8- Real estate certificate
Real estate certificates are securities issued by the Real Estate Projects Company used for financing the project. In simpler terms, citizens can buy square meters in Real estate projects that are traded under state security.
9- Shared Tapu
A title deed that indicates who owns the property is called Tapu, in some cases where the title deed belongs to several persons. It therefore determines the number of partners to which this property belongs.
10- the land which is able to be divided
It means that there are cases which changes can be made to the title deed, as dividing immovable properties registered first time as a single property.
11- Invitation of dividing the property
Property can be divided in some cases between owners, or can be sold by the court and to one of the shareholders.
12- Rent taxes
Tax deduction is the payments added to rental values for properties that are used as a place of work.
According to the law, “public administrations and corporations, public economic corporations, other corporations, commercial corporations, associations, economic corporations of corporations and cooperatives, investment fund managers, commercial persons and self-employed persons obliged to declare their real income, farmers who determine their agricultural profits should also clarify their incomes”
13- Division of real estate
It is the process of determining the exact (or estimated) value of a property. This process is determined on the basis of independent and objective criteria and data.
This is the percentage that the real estate agent receives for a fee after a lease or sale deal by the real estate agent. The estate agent usually receives a commission of 3%from the buyer and 3% from the seller from the real sales value of the property.
15- Right of residence
According to Article 823 of the Civil Code, the right to residence is the right to use a building or part of it as a residence. The most important rule of the right to reside is that a person who resides cannot transfer this right to another person, if its about renting then It ends with the expiration of the period or the death owner. The right of residence shall be established with an official document. It is issued at the Land Registry Office.