The Most Commonly Used Real Estate Terms and Their Meanings
There are many real estate terms used in the purchase, sale, rental and legal transactions of real estate. By learning the meanings of the most curious real estate terms, you can perform transactions related to your real estate without any question marks in your mind.
What is a parcel?
The piece of land that is divided and whose boundaries are determined within the framework of the Zoning Law is called a parcel. The parcel may be owned by a single person or by more than one person.
What is an Island?
The island is a collection of parcels surrounded by natural and artificial formations such as avenues, streets and lakes. Island and parcel numbers can be found on the Land Registry Information Inquiry page of the General Directorate of Land Registry and Cadastre in the e-government.
What is a Layout?
It is not useful to show all landforms and plots in one piece on large-scale maps or plans. For this reason, maps or plans are created by dividing them into parts. These parts that make up maps or plans are called maps.
What is Cadastre?
The process of determining and recording the border and value of all lands within the borders of the country by the state is called cadastre. There are three types of cadastre: financial, legal and geometric cadastre. The value of the land with the financial cadastre, the legal rights on the land with the legal cadastre, the boundaries and structure of the land with the geometric cadastre.
What is Rent Withholding?
Withholding means discounting. Rent withholding is the withholding of tax on the rental price of the workplace. Before the rent amount reaches the landlord, the rent tax is deducted and deposited by the tenant. For detailed information on calculating rent withholding, “What is withholding rent and how is it calculated?” You can read our article.
What is a Deposit?
The security deposit given to the real estate owner or real estate agent by the people who want to buy or rent real estate is called a deposit. The deposit ensures that the house is not sold or rented to anyone else for a period of time. If the buyer or tenant abandons the transaction, the deposit remains with the owner of the property; If the house is not rented or sold for a reason arising from the real estate owner, the deposit is returned. In order to have detailed information about the deposit, “How much deposit is given when renting a house?” You can read our article.
What is a Deposit?
The amount paid in order to ensure that the real estate is not damaged during the leased period is called the deposit. The deposit, which must be agreed before the rental, can be up to 3 rental fees at the most. For detailed information about the deposit, you can read our article titled “What is a Deposit: Everything About the Deposit”.
What is a Property Statement?
Real estate declaration or real estate declaration is the declaration of individuals or organizations that a real estate belongs to them. The real estate declaration made to the relevant units of the municipalities is examined and the tax amount to be paid is determined. For more detailed information about the real estate declaration, “What is a Real Estate Declaration?” You can read our article.
What is the Current Value?
The current purchase and sale value of a real estate is called the current value. The current value determined by the persons appointed by the municipalities shows the lowest purchase and sale value of the real estate. For more detailed information about the current market value, “What is the current market value and how is it calculated?” You can read our article.
What is Depreciation?
Depreciation, which means the share of depreciation, expresses the sales price of a rented real estate in the real estate sector in how many years. To learn how to calculate the depreciation period that affects the value of the investment, “What is Depreciation, How is it Calculated?” You can read our article.
What is Condominium Ownership?
It is a statement stating that the independent parts of a building such as warehouse, office, flat, floor have the right of ownership. In order to obtain the condominium title deed, the building construction must be completed and the occupancy certificate must be obtained.
What is Floor Easement?
Demonstrating the ownership right of persons on a real estate whose construction has not yet been started or whose construction has not been completed is called construction servitude. The floor easement shows that the real estate to be built is registered in the title deed. After the occupancy of the building is taken, the title deed can be obtained by applying to the Land Registry and Cadastre Directorates.
What is Independent Section?
Each part of a completed real estate that can be used, such as flats and shops, is called an independent section. Independent sections suitable for use alone can be in the same building or in the same parcel.
What is a gauge?
The maximum height allowed for the construction of a real estate is called the gauge. The gauge is determined by the municipality of the region where the real estate will be built.
What is Assignment?
The transfer of ownership of a real estate to another person is called assignment. There are three types of assignment: statutory, consensual and accidental. Legal assignment is the transfer of property made for legal reasons such as a will, without the consent of the real estate owner. Consensual assignment is the transfer of ownership realized as a result of the agreements between the parties. On the other hand, accidental assignment is the process of realizing the transfer of real estate as a result of the decision of the court.
What is a Contract?
A contract, also known as a contract, is a transaction that is based on mutual declaration of individuals and has legal consequences. Provided that it is not contrary to the law, the parties can make a contract on any subject they wish.
What is Tensile Floor?
It is the expansion of the section between the top floor and the roof of a real estate and adding a new floor to this area. The pulling floor must be constructed in accordance with the provisions of the Zoning Law numbered 3194.
What is Settlement?
After the construction of a real estate is completed, it is inspected by the relevant municipality. Criteria such as the availability of tax and fee debts and their suitability for the project are examined. If there is no violation of these criteria, a residence permit is granted to the building. This residence permit is also called iskan.
What is Shared Deed?
The type of title deed where the real estate is stated to have more than one right is called a share title. The shareholder deed states who the shareholders are. However, it is not clear on which parts of the real estate these shareholders have ownership rights.
What is an allotment?
Dividing a real estate into parcels and processing it into title deed is called allotment. For information about this transaction, which the real estate owner can carry out in order to sell a part of his property, “What is the Allotment Transaction, How Is It Done?” You can read our article
What is Abandonment?
In the zoning plans, some areas are reserved for public use such as parks or roads. These designated areas may be within the boundaries of the real estate. In this case, the owner of the real estate leaves the determined part of the real estate to the public interest in return for a price or free of charge. This process is called abandonment to the road or abandonment to the public.
What is TCIP?
TCIP is Compulsory Earthquake Insurance that aims to secure houses against natural disasters. House purchase and sale transactions, that is, title deed transfer, cannot be carried out without TCIP.
What is Mortgage Release?
The process of removing the mortgage on the real estate is called mortgage release. The waiver letter received from the bank is delivered to the General Directorate of Land Registry and Cadastre and the mortgage is removed. For more detailed information about the mortgage release, “What is a Fee Letter, How Can I Get It?” You can read our article.
What is a Consent?
The authorization document that allows another institution or person to use some of the rights that a person has is called a consent letter. In the field of real estate, the situation in which consent is required is the sale of a house. Married people who want to sell the house are required to obtain a consent document from their spouses.
What is Usufruct?
Usufruct, which is a type of easement right, enables a person to benefit from a real estate or right that belongs to someone else. It is similar to the right of ownership in that it provides the right to use the real estate and to benefit from rent or similar income. However, the difference between usufruct right and property right is that it cannot be transferred to third parties by inheritance. Upon the death of the person entitled to usufruct v
