There are many terms associated with the real estate market in Turkey that every investor, financier and businessman must know, especially those who wish to buy a residential apartment for the purpose of residency or obtaining Turkish citizenship.
In this article, we will answer a number of questions that clarify what is meant by the most important of these terms.
What is meant by transferring property ownership?
It is the process of transferring ownership of the property from the owner to the buyer in exchange for a financial consideration equal to the value of the property. That is, it is a procedure by which ownership of real estate and lands is transferred from the owner of the property, whether an apartment or a building, to a new buyer. This process is carried out according to official papers such as contracts and the procedures that follow. In the competent authorities, led by the Land Registry Department, it is also one of the procedures that prevents the buyer or owner from getting into an ownership dispute over an apartment, real estate, or land.
What is a tapu?
It is the document that is organized regarding a specific property, proving ownership of the property to the person mentioned in the document, mentioning information about the property, cadastral survey numbers, and specifying the location of the property. The land title document is organized by the Land Registry Directorate of the Turkish Ministry of Environment and Cities.
Who is a real estate broker?
He is the person licensed by the official authorities to facilitate the procedures for buying and selling Turkish real estate between all parties, whether they are buyers or sellers of those properties.
Who is the real estate developer?
It is a company that specializes in developing ideas for developing a residential or commercial project, or modernizing, developing, or rebuilding old properties. The real estate developer bears responsibility for the entire real estate project. The real estate developer may be the financier of the project and the owner of the trademark, or he may be the supervisor of the entire project management and its success.
Who is a real estate agent?
He is the person who obtains power of attorney from persons who own real estate or from real estate development companies for the purpose of selling and marketing these properties. A real estate agent is a person who obtains power of attorney from people or companies for the purpose of purchasing real estate for them at the best prices.
What is meant by a real estate consultant?
He is the person who provides advice and consultations to individuals and companies regarding purchasing and investing in real estate in Turkey. The real estate consultant also analyzes the suitability of the required real estate investment to the investor’s desires.
What does real estate investment mean?
It is the process of making and developing money in the field of real estate, and real estate investment is done either by renting the property and ensuring a fixed monthly return, or buying the house and selling it after a period with an acceptable profit increase for the investor.
What is meant by real estate marketing?
An integrated science that examines the current and future needs and desires of customers in the field of real estate ownership in Turkey, so that companies work to achieve them in return for an acceptable profit, and this comes through research, investigation, and asking customers about their desires and ambitions.
What is understood by the term real estate evaluation?
It is the science that investigates determining the value of real estate in all its forms (land - housing - stores - factories - farms), in order to reach the market value in most cases, and reaching the market value of real estate requires science, art, and experience.
What do 'returns' mean?
These are expenses assigned by the administration of residential complexes, as maintaining and maintaining the security and cleanliness of residential complexes requires employing specific resources, energies, tools, and contracts. Naturally, meeting these needs entails periodic expenses, and these expenses increase if the complex’s residents wish to add some luxury means.
What is meant by real estate swap?
It is the process of exchanging or buying a property in exchange for giving another property or buying real estate, money and real estate or against valuable bonds.
What is a deposit?
It is the process of reserving the property indirectly, where an amount of money is paid as a down payment by the client or customer for the property to be purchased, and you must be aware that this amount will not be recovered in the event of retracting the decision to purchase the property, whatever the reason.
What is the meaning of mortgage?
It is to buy a property with a mortgage. A loan is taken from the bank and repaid at intervals. The property remains mortgaged to the bank until the full amount is paid. In the event of a delay in the specified date, ownership of the property is transferred to the bank. A mortgage differs from real estate financing in that a mortgage means that the individual will not benefit from the property until full payment. Its cost.
What does the term finishes mean?
It is the final stage of construction, and relates to the walls, floors, ceilings and roofs of the building. The importance of finishes stems from the fact that they will appear later as a visible surface for all parts of the building, whether internal or external.
What are studio apartments?
It is a small, open-space apartment that contains a bedroom and a bathroom, in addition to an open space that includes the hall, living room, and kitchen. The studio is considered the ideal practical choice for newlyweds, students, and employees, especially if it is close to vital places and workplaces.
What are duplex apartments?
These apartments consist of two floors connected to each other by means of an internal ladder or staircase, that is, inside the house. Each floor is considered a complete apartment separate from the other. On each floor there are utilities and a living room, so on one floor you can dispense with going down to the other floor, and if you wish, you can Make the lower level for living and the upper level for bedrooms and the like.
What is the real estate registry?
The process of determining and recording the boundaries and value of all lands within state borders by the state is called cadastral survey. There are three types of cadastre: financial, legal and engineering cadastre. The value of the land with the cadastre, the legal rights to the land with the legal cadastre, and the boundaries and structure of the land with the engineering cadastral registry.
What does usufruct mean?
Usufruct right, which is a type of easement, enables a person to benefit from a property or right owned by others. It is similar to a property right in that it provides the right to use property and benefit from rent or similar income. However, the difference between a usufruct and a property right is that it cannot be transferred to third parties by inheritance. Upon the death of the usufruct holder, the rights granted to him lapse.
What is title insurance?
Title insurance is a form of insurance that insures against risks to real estate, protects the rights of the property owner within the legal system, and pays insurance coverage losses to the insured property owner.
What is a compound?
It is a residential complex within an environment secured by walls and gates maintained by private security personnel. The compound includes all the services that the resident needs inside it, including entertainment places and sometimes commercial stores. The size of the services varies from one compound to another depending on the number of buildings in it.
What is a penthouse?
A type of apartment usually found on the last floors of skyscrapers. The penthouse apartment extends over the entire floor and has glass facades and a 360-degree view. It is considered one of the most understandable types of apartments ever.
What does the term real estate speculation mean?
It is an investment with a large percentage of risk, because the speculator buys the property during price fluctuations, not caring about the current price of the property, but depends on its price in the future.
What does common property mean?
It is the property that is jointly owned by more than one individual and has one real estate number.
What is a housing document?
It is the document that is obtained after the completion of construction work on the building in order to use it for residential purposes.
What is a real estate statement?
It is the document required by a person or institution to prove ownership of a property, and it is obtained from the municipality of the region in which the property is located in exchange for a financial receipt.