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Common Terms in Real Estate Field

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Like any other field, Real Estate field has its own special terminologies that need to be defined to ease it for the normal people to understand it. This article will tackle and define some of these terms:

Property Management:

This term refers to the process of assigning the property’s management to a real estate broker who is specialized in such thing

Real Estate Investment:

It means investing your money in the field of real estate, whether by renting or selling a certain property; when the prices rise up.

Real Estate Marketing:

the main aim, here, is to satisfy the customer through providing him with all his needs and requirements, and at the same time to gain a reasonable profit

Broker:

The broker is the person who acts as the link between the seller and the buyer. Besides, the broker takes his commission or salary regarding the agreed deals. The broker is the first one that the buyer deals with while indulging in the searching process for a suitable property

Real Estate Usufruct:

meaning getting use of a property that is owned by someone for a period of time and ending with his death, while the family doesn’t have the right to use it after his death.

Real Estate Development:

meaning that the specialized companies renovate and develop the properties to sell it with higher price after renewing it.

Endowment:

it is the donated assets to the poor people whether it is fixed or movable assets; moreover it worth mentioning that there is a ministry that is responsible for such endowments.

Common Property:

meaning sharing a property with a group of people.

Property Deed:

it is the contract that proves the property ownership

Forward Sales/Contract:

meaning selling a property but receiving the money lately regarding the agreement with the buyer.

Real Estate Exchange:

meaning buying a property in exchange with another one; it is a kind of exchange.

Mortgage:

meaning buying a property through mortgage, like taking a loan and the property will be under mortgage till paying the loan completely, and if you don’t pay it, the property ownership will move to the bank.

Conclusion

Before start dealing with the real estate field you have to be aware of too many related terms. Here, in this article we mentioned some of them which may help you.

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