Real Estate Dictionary : Below are some practical terms and definitions you may encounter when looking for an apartment in Turkey. Some of these can be used differently in other parts of the country, so please make sure you are familiar with yourself and avoid unnecessary confusion.
Real Estate Dictionary :
Agency:
A legal relationship between a principal and its intermediary arising from a contract in which the principal is assigned to perform certain transactions on behalf of the principal.
Estate agent
Person responsible for buying/selling and renting real estate and other real estate
Depreciation:
gradual payment of the debt in installments.
Valuation:
An opinion or estimate of the value of a property.
Evaluation:
Tax or custom payment amount, depending on a municipality or association. This is true for residential buildings and cooperatives where assessments can often cover substantial monthly spending.
Building codes:
Regulations created by local governments that define minimum structural requirements for buildings. Codes include foundation, roof, plumbing, electricity and other features related to safety and sanitation.
Covenants:
Belli işlemlerin yerine getirilmesi veya yapılmamasını kabul eden ve / veya mülkün belirli kullanımlarını gerektirir veya önleyen sözleşmesi ve diğer belgelere yazılı vaatler.
Counteroffer:
Rejection of purchase or sale offer with simultaneous substitution offer.
Deed:
A written document that carries the title to the immovable is signed and delivered to the property.
Power of attorney:
Transfer of the real estate to a third party, for the benefit of someone else. Trust agreements are widely used in some states in place of mortgages that conditionally provide collateral to the lender.
Unsaved Promissory Note:
A vehicle that transfers the title from one party (grantor) to another party (rights holder) without making a public notice of ownership change. Registration is essential to protect someone’s interest in real estate.
Warranty Certificate:
A contract that includes a contract that the contractor will protect the creditor against any claims. It usually includes a good title, freedom to trade and deals that can be enjoyed quietly.
Discount Points:
The amount paid to the lender (usually by the seller) at the start of debt takes into account the difference between the market’s interest rate and the low face rate of the rating. (They are usually required when using VA loans.)
Encumbrance:
Any rights or benefits to the land that affect its value This includes unpaid mortgage loans, unpaid taxes, auctions, and title restrictions.
Equality:
Interest or value that the landlord holds in real estate above and above the foreclosures against him.
Escrow Account:
A broker is a separate bank account separated from their funds by a broker requested by state laws to deposit all the money the customer has collected.
Grant:
The party to which the property is taken is the buyer or the buyer.
Transmitter:
Senet veren herkes, büyükbabamdır.
Examination:
Physical investigation of property or documents.
Lien:
A charge that provides security in the payment of a debt, provision, mortgage or tax against property. A lien is a lien. A particular lien only belongs to a particular property; a general foreclosure belongs to all property owned by the borrower.
Market value:
Theoretically the highest price would pay the lowest price that a buyer was willing to buy, but not obliged to buy, a seller was willing but not forced to sell.
Personal Property:
private property or real estate
Ratings:
Fees paid to encourage lenders to make mortgage loans. Each point equals 1 of the loan principal. Point has the effect of reducing the amount of money brought by the lender.
Power of attorney:
A tool that allows a person to act as the representative of the person who gave it.
Purchase and Sale Agreement:
It is a written contract between the seller and the buyer, where he agrees to buy a certain real estate and the seller agrees to fulfill the contract. It is also called offer and acceptance, sales contract and serious monetary contract.
Real estate:
Rights to use real estate. Sometimes it is also defined as real estate.
Common property:
It is inherited by the party or parties specified in the will of the property, without the shareholder’s right to share, on the immovable property of each of them with an undivided interest and by 2 or more persons.
Title:
Evidence that the landowner is legally owned. Proof of ownership.
Clear Title:
A title free from any cloud, lien or other interests against it.
Color of Title:
A fake title that looks good, but is not really. Cloud over the title – An outstanding claim or discretion that, if applicable, could affect or corrupt the title of the owner.
Title Chain:
A history and the date of liquidation, as far as the records are available, affecting a title from the moment the original patent was issued.
Summary of the Title:
A historical summary of all recorded vehicles and transactions affecting the title of the property. Title insurance – an insurance policy that protects the owner from losses due to defects in the title.
Title Report:
Document showing the current status of the title, such as easements, contracts, foreclosures and all defects. The title report does not define the title chain.
Title search:
Examination of public records to identify property and property that affect immovable property.
Transfer Tax:
A tax paid by passing the title to the property or to a valuable interest.
Reconstruction:
The legal mechanism for local governments to regulate the use of private property, with the application of special police force, to prevent conflict of land use and to promote regular development. All privately owned lands in the jurisdiction are located in designated areas that limit the type and intensity of allowed development.
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