Property / RealEstate / Realtor · October 29, 2021

Concepts you should know about buying and selling real estate

The real estate industry is huge and has hundreds of terms that we are not so used to hearing. That is why so that you can learn more about the world of buying and selling real estate, we once again gathered more concepts in a second version of our Real Estate Dictionary.

Don’t miss the first part of this glossary! Click here and visit the previous entry.

Amortization: It is a distribution process in which a debt is gradually extinguished, payments are periodic and can be in equal or different parts.

Beneficiary: He is the one who obtains benefit or profit from something, he is a natural or legal person who receives powers over an asset.

Broker: It is an Anglicism that refers to a real estate agent, these people are professionals in the sale of real estate, and they are in charge of the processes and procedures in a personalized way. Most brokers do not charge buyers money, only sellers.

purchase sale of real estate

Canon: is the amount of money that the tenant must pay the landlord to rent a property.

Administration fee: It is a payment that the tenants of apartments or houses make to the residential unit. It is mandatory and is done for common purposes, for example, the maintenance of social areas, repairs and payments for surveillance and cleaning services.

Notarial rights: it is a cost that must be paid for carrying out the processes of the deed of a property in a notary’s office.

Usufruct right: it is a real right of use by which the use and enjoyment of a property is assigned to a third party. However, ownership remains with the person listed on the certificate of tradition and freedom.

Stratum: It is a categorization or classification that is assigned to a property according to its location.

You may also be interested in: The 3 most common questions before selling a property

Alienation: It is a legal act where an asset is transmitted from one person to another.

Financing: it is one of the most common terms in the sale of real estate. It is the act of giving money to someone for some activity, for example, mortgage loans are a way to finance a new home. There are many types of financing, for example: Did you know that you can add income from up to 4 relatives in your family group to make your credit approval easier? Banks can finance up to 30 times your personal or family income.

Fiduciary: It is a mechanism used by natural or legal persons, where money or assets are delivered to a fiduciary so that it can manage its collection, administration and guarantee. The advantage of buying a house in a trust is that the resources are exclusively managed, that is, they are for a specific purpose: the purchase and sale of real estate.

Neighborhood community expenses: it is usually related to the administration fee. It is the collection of all the neighbors to take care of common expenses.

purchase sale of real estate

Investment: It is when a capital is located in something and it is expected to obtain a return. The sale of real estate is one of the most profitable investments.

You may also be interested in: If you are going to buy an apartment in Bogotá, you must first read this.

Commercial premises: it is a type of real estate that is destined to commercialize goods or services. They are usually called shops, stores or points of sale.

Improvements: it is an arrangement or adjustments to a property.

purchase sale of real estate

Minute: it is a kind of draft contract for the sale of real estate.

Property: is any property, farm or lot.

Architectural plans: It is a technical drawing where spaces and characteristics of a property are graphically represented.

Ruin: it is a state of a property where there is a great risk of falling, it can be very dangerous and to avoid risky situations, they usually force the owner to demolish it.

Sales room: It is a commercial space where construction companies serve their clients and carry out sales processes. There those interested in a real estate project can obtain all the necessary information and be attended personally.

Segregation: It has to do with the verb to segregate, that is to say to separate, in a real estate field it is usually used to refer to the act of separating a part of a property to form another independent one.

Property titles: this is another of the most used terms in the sale of real estate, it is one of the most important documents in these processes, and in it accredits the ownership of an asset.

Urbanism: it is the study of the organization and planning of cities.

Market Value: it is an average price at which a property can be sold, in Habit we obtain it after an extensive investigation of the offer in the sector where we compare your property with those in the area and the like.

Concepts you should know about buying and selling real estate

The real estate industry is huge and has hundreds of terms that we are not so used to hearing. That is why so that you can learn more about the world of buying and selling real estate, we once again gathered more concepts in a second version of our Real Estate Dictionary.

Don’t miss the first part of this glossary! Click here and visit the previous entry.

Amortization: It is a distribution process in which a debt is gradually extinguished, payments are periodic and can be in equal or different parts.

Beneficiary: He is the one who obtains benefit or profit from something, he is a natural or legal person who receives powers over an asset.

Broker: It is an Anglicism that refers to a real estate agent, these people are professionals in the sale of real estate, and they are in charge of the processes and procedures in a personalized way. Most brokers do not charge buyers money, only sellers.

purchase sale of real estate

Canon: is the amount of money that the tenant must pay the landlord to rent a property.

Administration fee: It is a payment that the tenants of apartments or houses make to the residential unit. It is mandatory and is done for common purposes, for example, the maintenance of social areas, repairs and payments for surveillance and cleaning services.

Notarial rights: it is a cost that must be paid for carrying out the processes of the deed of a property in a notary’s office.

Usufruct right: it is a real right of use by which the use and enjoyment of a property is assigned to a third party. However, ownership remains with the person listed on the certificate of tradition and freedom.

Stratum: It is a categorization or classification that is assigned to a property according to its location.

You may also be interested in: The 3 most common questions before selling a property

Alienation: It is a legal act where an asset is transmitted from one person to another.

Financing: it is one of the most common terms in the sale of real estate. It is the act of giving money to someone for some activity, for example, mortgage loans are a way to finance a new home. There are many types of financing, for example: Did you know that you can add income from up to 4 relatives in your family group to make your credit approval easier? Banks can finance up to 30 times your personal or family income.

Fiduciary: It is a mechanism used by natural or legal persons, where money or assets are delivered to a fiduciary so that it can manage its collection, administration and guarantee. The advantage of buying a house in a trust is that the resources are exclusively managed, that is, they are for a specific purpose: the purchase and sale of real estate.

Neighborhood community expenses: it is usually related to the administration fee. It is the collection of all the neighbors to take care of common expenses.

purchase sale of real estate

Investment: It is when a capital is located in something and it is expected to obtain a return. The sale of real estate is one of the most profitable investments.

You may also be interested in: If you are going to buy an apartment in Bogotá, you must first read this.

Commercial premises: it is a type of real estate that is destined to commercialize goods or services. They are usually called shops, stores or points of sale.

Improvements: it is an arrangement or adjustments to a property.

purchase sale of real estate

Minute: it is a kind of draft contract for the sale of real estate.

Property: is any property, farm or lot.

Architectural plans: It is a technical drawing where spaces and characteristics of a property are graphically represented.

Ruin: it is a state of a property where there is a great risk of falling, it can be very dangerous and to avoid risky situations, they usually force the owner to demolish it.

Sales room: It is a commercial space where construction companies serve their clients and carry out sales processes. There those interested in a real estate project can obtain all the necessary information and be attended personally.

Segregation: It has to do with the verb to segregate, that is to say to separate, in a real estate field it is usually used to refer to the act of separating a part of a property to form another independent one.

Property titles: this is another of the most used terms in the sale of real estate, it is one of the most important documents in these processes, and in it accredits the ownership of an asset.

Urbanism: it is the study of the organization and planning of cities.

Market Value: it is an average price at which a property can be sold, in Habit we obtain it after an extensive investigation of the offer in the sector where we compare your property with those in the area and the like.