Property / RealEstate · October 29, 2021

Real Estate Dictionary

The terms in the real estate world are usually very confusing and uncommon in our daily lives that is why at Habi we compile several of them to help you clarify all your doubts. 

Creditor

It is the person or entity that has the right to claim an obligation, for example, when you ask for a home loan from the bank, that entity is the creditor.

Rent

Give the use of an asset for a specified time in exchange for money.

Well

It is everything tangible that you buy, everything you acquire with the intention or not to satisfy a need.

Capital

They are all your assets and rights, everything that you are the owner of. Debts and obligations are not considered in your capital.

Contract

It is an agreement that is made between parties, it can be verbal or written, and the participants in it are obliged to comply with everything that is stipulated there.

Debtor

It is someone of a physical or legal nature who acquired a debt and is obliged to pay it, it is who owes the creditors.

Duplex

It is a type of house with two floors that are connected by an internal staircase.

Writing

It is a document of high legal capacity that demonstrates and verifies a fact, it is of a public nature and is signed and authorized by a Notary to attest to its content.

Statutes

They are a kind of rules that serve to regulate, oblige and commit people, for example to a community of owners.

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Financing 

In short, it is the borrowed money that a company, person, or entity gives you to carry out or start something, for example the purchase of an apartment.

Lease bond

It is a kind of guarantee or support in the event of non-compliance with the payment of the rent, its use benefits the tenant in case of not receiving payment.

Warranty

It is to ensure the proper functioning of something for a certain time, when you buy a new apartment you have the guarantee of the builder if something breaks down.

Assessment

It is a tax that is applied to someone’s property.

Mortgage

It is a real security right that is made on the real estate, it is created to ensure that an obligation is fulfilled, otherwise the creditor can dispose of those properties.

Inheritance

They are apartments, houses, farms, goods, money, rights or obligations that are received when someone dies, this is done in compliance with the law or a will made by said person in life.

Property tax

It is a contribution made by all citizens who own a property, hence the word “property”.

Real estate

A company that provides the service of sale, purchase and / or rental of real estate, can be apartments, houses, farms, premises or more.

Owner board

It is a group of people who represent a community of horizontal property neighbors, they are a body that watches over the decisions and well-being of all, they are usually democratic in nature.

Horizontal property law

A set of statutes that regulate coexistence in buildings or complexes.

Building license

It is the official permission that construction companies or people need when starting a project or making modifications to a property, if they do not have it they can suspend the work or the entire project.

Helpful improvements

They are the arrangements that a tenant makes to a property, most of them are linked to the lifestyle of the property, they are not essential but they generate value for those who live in the property.

Blackberry

It is the state in which someone enters when they stop meeting their payment obligations at the defined time, it is when there are delays in payment.

Notary

He is a public official authorized by law to give validity and truthfulness to acts, contracts or wills.

Novation

This term refers to a change in something agreed, it occurs when one obligation is replaced by another, leaving the first one annulled.

Gray work

It is another phase of the construction more advanced than the black work, at this stage the main elements are already working and only the finishes are needed.

Black work

It is the initial phase of the construction of a property, in it the land is prepared and all the details are planned.

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I will pay

It is a document in which there is a promise of payment, a person agrees through this title to pay an amount of money on a certain date.

Estate

It is another way of calling real estate, generally they relate it more to farms.

Auction

It is the final value that a property can reach.

Revaluation 

It is when external factors such as time affect the value of a property or the rental of a property.

Subsidy

It is an economic support that someone receives from a public or private entity in order to satisfy some type of basic need, for example, housing or education.

Property title

They are the rights that one has over something, it is a deed that proves the ownership of a property.

Usufruct

It is a right that says that someone can enjoy someone else’s assets with the commitment to preserve them.

Cadastral Value

To define this term, we must first know what the “Cadaster” is, it is an appraisal made by the administrative entities on all the properties in the city, the cadastral value is the monetary estimate that is reflected in said estimate.

VIS

They are the acronym for social housing, its maximum value is 135 and 150 monthly legal minimum wages in force depending on the municipality, and to know them you can consult decree # 1467 of 2019.

VIP

They are the acronym for priority interest housing, its maximum value is 70 monthly legal minimum wages in force.

Common zones

They are spaces shared by all the residents of the buildings or complexes, among them are the gardens, the elevators, the stairs, and the social areas such as the gym or the park, among others.

At Habi we are experts in the real estate market, all our knowledge and experience is always at your disposal, no matter if you want to sell or buy, we advise you and clarify all the doubts you may have, from financial to decoration! .