Commonly used real estate terms

In every class and every discipline or specialty, there are terms or words specific to that discipline and class and they are used. Not knowing the meaning and place of use of these terms may cause confusion or the occurrence of small or big mistakes. In the real estate consultants' association as well as for the purpose of investing or buying and selling property or land, there are private terms, knowing the meanings of these terms is very useful and mandatory for real estate consultants.

Commonly used real estate terms

 

In every class and every discipline or specialty, there are terms or words specific to that discipline and class and they are used. Not knowing the meaning and place of use of these terms may cause confusion or the occurrence of small or big mistakes.

In the real estate consultants' association as well as for the purpose of investing or buying and selling property or land, there are private terms, knowing the meanings of these terms is very useful and mandatory for real estate consultants.

 

The name, meaning and place of use of some real estate terms:

 

Field and Facade:

A field is a land where all the buildings and equipment of a building are located or will be built, but facade is a building or a visible building built on the ground.

 

Master bedroom:

Usually, one or more bedrooms of a residential unit which has a larger area and more facilities than the usual bedrooms of residential units is called the master bedroom and some of these facilities are independent toilets and bathrooms and Skylight windows are among the main requirements of master rooms and some other facilities such as closets, deep wall closets and different decoration or lighting are considered as additional options of master rooms.

 

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TV room - TV wall:

In modern architecture, for the greater comfort of the residents of a residential unit, a separate part is allocated for watching TV which can be in the form of a separate room or a part of the hall and it is called a TV Room. A separate part on the wall at the end of the TV room which has the most visibility is installed to install the TV on the wall which is called the TV Wall.

 

Patio:

One of the parts of the building that is usually placed in the middle of the building design which is a suitable place for growing flowers and plants or keeping birds or pets and it is usually covered by a movable roof or a fixed roof that can transmit light to It has a bottom and in some cases it is not considered for a roofed patio.

In the past, the patio was also referred to as a skylight or a backyard.

 

Roof garden:

In order to facilitate the use of green space on the roof, modern buildings are decorated with flower and tree planting and adding conveniences such as barbecue, swing, gazebo or children's playground which are designed for this green space on the roof of the building. It is called Roof Garden.

Due to the high cost of designing, building and maintaining a roof garden, usually buildings and units of buildings with a roof garden have a higher financial value and are priced higher.

Bargain property:

Some buildings or villas or independent buildings are built with special and modern designs, using brand and modern materials or different architectural designs of the world and with special plans which seem to be higher than the price of the property. They have a much higher value, which is usually called bargain property.

 

Hall:

In luxury houses or villas, there is a special part with a very stylish and usually classic design inside which the most stylish furniture, chandeliers and decorative items are used which is a suitable place for celebrations and parties.

 

Not keyed:

A renovated property or unit that may have been built for one or more years, but no one has lived in that unit, is called an not keyed property.

 

Two cornered property:

A property that is connected on both sides by two intersecting streets and is L-shaped is called two cornered property.

 

Two heads property:

A property that is connected north-south or east-west with two parallel streets is called a two heads property.

 

Transaction price:

The transaction price is the amount or cost paid by the buyer or tenant to the seller or lessor or owner for the purchase or rental of the property

 

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Commons:

A part of a building or property or an apartment that can be used by all the owners of that property is called common and the sum of these parts is called commons.

Usually the names of all the owners and people who have the right to use the common part are written in the common documents.

In buildings or residential complexes, various parts such as courtyards, stairs, elevators, swimming pools, saunas, jacuzzis, playgrounds and et al are called building commons.

 

Laundry:

The word laundry is an English word and it means laundry room which is usually called a laundry room in hotels, hospitals or homes.

In European and modern architecture, they put a special part in the form of a room or a closet in houses for washing clothes or a place to install a washing machine which is called a laundry.

 

Right of business:

Right of business is usually used in commercial properties which is also called right of occupation.

Right of business in commercial real estate can be bought and sold separately and exclusively. In the case of commercial real estate, the person who owns the property may be different from the person who owns the right of business and each of them has their own rights.

 

Land or treed ally:

The land or alleys where trees have been planted in the past years and are full of trees are called land or treed ally.

 

Right of benefit:

It is possible for a person or persons who are not the owner of the land or property, have an official permission from the legal owner of the property to use and exploit the property, this official permission is called benefit right or exploitation permission and this right may be granted by the owner. It is possible that officially transferred this right to another person or persons.

 

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Abatement:

The term "abatemet" also means termination and a contract is said to be terminated when the parties have mutually agreed to terminate the contract.

 

Separation:

The division of a property that has more than one owner between the owners according to each of their shares is called the separation of the land or property. In order to separate the ownership of each owner's property separately, new documents must be issued for the properties based on these shares.

 

Aggregation:

Aggregation is actually the opposite of separation and usually for the purpose of renovating old properties with small areas. This is done when two or more properties or lands are combined according to the agreement of their owners and construction is carried out on it or with the consent of the owners, ownership of two or more properties next to each other are transferred to another person at once.

 

Easement:

The right of easement usually refers to the conditions or common facilities between several properties that all owners are allowed to use these facilities and one of the owners is not allowed to deprive others of the right to use them.

For example, a water stream that passes through several gardens, one of the owners is not allowed to block or change the direction of the water.

 

Many specialized terms and words are used in the real estate profession and we tried to address the most important and common terms here.

 

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translator: Mr Saman Sayah