Real Estate Terms in Turkey
Turkey attracts large numbers of Arab and foreign investors from all over the world. Moreover, entering the Turkish real estate market requires knowledge about the most important real estate terms used in Turkey. In this article from Ebla Real Estate, we will talk about the most important real estate terms.
Real Estate Terms:
There are several terms and concepts related to real estate, which interest everyone, especially those working in the real estate field. The most prominent of these terms:
Real estate (Gayrimenkul):
It is any fixed property that is not transferable or transferable from one place to another, such as lands, buildings, apartments, villas, offices, and shops.
Owner or Seller (Mülk sahibi):
The person who owns the property and can transfer the ownership of the property from his name to the name of the customer in exchange for a certain amount of money.
Client or Buyer (Alıcı):
The person who wants to buy and own a property, according to certain legal and administrative procedures.
Transfer the Title Deed (Mülk devri):
It is the process of assigning ownership of the real estate and its title deed (tapu) from the owner to the buyer in exchange for a financial allowance equal to the value of the property.
Realtor:
The person who connects the seller to the buyer to obtain a commission and he has no license from the Finance Authority.
Real Estate Broker:
The person who connects the seller of the property to the buyer to obtain a commission and he has a license from the Real Estate Finance Authority.
Real Estate Consultant:
The person who provides advice and consultation to individuals and companies regarding buying and investing in the field of real estate.
The Title Deed (Tapu):
It is a document, organized regarding a specific property. It proves the ownership to the person mentioned in the document. Moreover, it contains all the information about the property.
Real Estate Investment (Gayrimenkul Yatırım):
The process of making money and developing it in the field of real estate either by renting your property or selling it during periods of high real estate prices in Turkey.
Real Estate Marketing (Gayrimenkul Pazarlama):
It is a common term in the Turkish real estate market. Furthermore, it is not just placing advertisements for apartments and real estate but rather it is an integrated process through which the customer’s desires are studied. Therefore, after examining the need and desire of the client.. The company or marketer works on finding the suitable property for the client.
Real Estate Development (Kentsel Dönüşüm):
It is the restoration and development of neglected or destroyed real estate units then marketing and selling it. Moreover, investing in land and establishing housing projects on it and selling it is a real estate development par excellence.
Mortgage (İpotek):
A loan that allows the borrower to borrow money to buy a property, regardless of the type of property and his ownership of this property is to guarantee the loan. In the event that the borrower is unable to pay his debt, the lender has the right to own the property, as stipulated in the Mortgage Law.
Real Estate Appraisal (Gayrimenkul değerlendirme):
It is the determination of the value of the real estate in all its types (land – shops – factories – farm, etc.).. According to several factors, including the location, the condition of the property, the region, the prices in it, and others.
The real estate appraisal report is called Ekspertiz in Turkish and is prepared in Turkey by accredited real estate companies and consultants.
Real Estate Barter (Emlak Takas):
Buying a property in return for another property. Or buying a property in return for both money and property or for bonds with value. Or buying a property in return for more than one property or other things such as cars and others.
Real Estate Management (Mülk Yönetimi):
Assigning a certified real estate company or a real estate consultant, to manage real estate properties for the purpose of investing especially if the investor does not have time or experience.
Commission in real estate (Emlak komisyonu):
The fees charged by the real estate broker for the services he provided to the buyer and seller. Moreover, the commission is a certain percentage of the total value of the property.
Deposit (Kapora):
It is a sum of money paid before the purchase in Turkey to confirm the desire to buy a property.
Dues (Aidat):
They are fees, paid by property owners to the supervisors of the residential complex. These fees are paid for the services like the recreational and vital facilities such as gardens and swimming pools in addition to the wages of cleaners, maintenance workers, security men and guards in the residential complex. Furthermore, the value of these fees may change from one residential complex to another depending on the nature of the services.
Fair Value (Rayiç Bedel):
The value of the real estate property that varies from year to year according to supply and demand and market conditions.
Penalty Clauses (Cezai Şartlar):
It is a condition set as a guarantee for the two parties. In case one of the parties breached the contract such as delaying the completion of the work on the date specified in the contract, or retracting the sale or purchase, the other party would take compensation.
Correcting The Type Of The Property (Mülk Cinsiyet Düzeltmesi):
Changing the type of the property registered in the Tapu in Turkey.. Such as changing the agricultural property to a residential property and others.
Assignment (Feragat):
It is a transaction that takes place in the Tabu Department in Turkey, through which the ownership of the property is transferred from its owner to a new owner.
Real Estate Share (Hisseli Tapu):
The part of the real estate that belongs to one of the real estate owners, which is a title deed for the real estate owned by more than one person, that determines the share of each owner.
Housing Document (Kat Mülkiyeti):
It is a document that the construction company extracts after the end of the construction project in Turkey. Moreover, it indicates that the building is ready for housing.
Shared Facilities (Ortak Alan):
The facilities in buildings such as gardens, recreational places and others.. All owners in these buildings have the right to use and benefit from them.
Thus, through this article from Ebla Real Estate in Bursa.. We talked about the most important real estate terms in Turkey.
Read about the Turkish traditions..
Edited by: Ebla Group Real Estate
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