Real estate has its own working language: listings, viewings, offers, mortgages, deeds and leases come up in almost every conversation between agents, buyers, sellers, landlords and tenants. Foreign clients, international developers and global investors do much of this business in English, and American and British English often use different words for the same step. This glossary explains the core terms of buying, selling, renting, financing, valuing and managing property in plain English and Turkish, for real estate agents and investors.
100 terms
11 topics
40 core terms
208 example sentences
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Property Types & Features
real estate
noun
Meaning
Land and anything built on it, such as houses, flats, offices and shops, and also the business of buying, selling and renting them.
Where you use it
The standard term in American English and in international business; British speakers more often say property. It is uncountable: you work in real estate, invest in real estate or buy a piece of real estate.
Examples
She left banking ten years ago and has worked in real estate ever since.
The company owns real estate in Istanbul, Izmir and Antalya.
Many families see real estate as a way to protect their savings from inflation.
Usage note
Real estate is uncountable. Say 'a property' or 'a piece of real estate', not 'a real estate'.
Common phrases
real estate market · invest in real estate · real estate developer · real estate agency · piece of real estate
A building, a piece of land or both, especially one that someone owns, sells or rents out. In British English it is also the general word for the real estate business.
Where you use it
One of the most frequent words in the field. As a countable noun it means one building or unit (a two-bedroom property); as an uncountable noun it means real estate in general (property prices, invest in property).
Examples
The property has three bedrooms, a garden and a garage.
Property prices in the city centre rose sharply last year.
We manage around forty rental properties for owners who live abroad.
Usage note
Property also means things you own in general (personal property) and a quality of something (the properties of steel). In real estate it nearly always means a building or land.
Common phrases
property market · property prices · rental property · list a property · invest in property
The size of a property's floor area measured in square feet, the usual way of describing space in American and many British listings.
Where you use it
Buyers compare homes by square footage and price per square foot, written sq ft or ft². One square metre is about 10.76 square feet, so a 100 m² flat is roughly 1,076 sq ft. Metric countries say floor area in square metres.
Examples
The square footage is smaller than it looks in the photos.
What's the total square footage, including the basement?
Usage note
Turkish listings separate gross (brüt) and net area, while English listings usually give a single figure. Explain which one you mean to foreign clients.
Common phrases
total square footage · price per square foot · usable square footage · square footage of the home
A set of rooms for living in, usually on one floor, that forms one unit inside a larger building with other similar units.
Where you use it
American English; the British word is flat. Listings describe apartments by bedrooms, floor and features. In the US an apartment is usually rented, while one that is owned is often called a condo.
Examples
We have a bright two-bedroom apartment available from next month.
The apartment is on the fifth floor, and the building has an elevator.
Usage note
False friend: Turkish apartman means the whole building, while English apartment means one unit (daire). The building is an apartment building or a block of flats.
Common phrases
two-bedroom apartment · apartment building · rent an apartment · studio apartment · luxury apartment
A house that stands on its own and shares no walls with neighbouring buildings, usually with its own garden or yard.
Where you use it
A key word in British listings, which describe houses as detached, semi-detached (sharing one wall) or terraced (in a row). American English often says single-family home for the same type. Detached houses usually cost more than attached ones of the same size.
Examples
They're looking for a detached house with a big garden outside the city.
Detached houses in this village rarely come on the market.
Usage note
What Turkish ads call a villa is often just a detached house in English. In English, villa suggests a large, luxurious house, often a holiday home.
Common phrases
four-bedroom detached house · detached house with a garden · semi-detached house · detached garage
Used for, or made up of, homes where people live, as opposed to offices, shops or factories.
Where you use it
Used to divide the market: residential property, residential agents, residential lettings, a residential area. Planning maps mark land as residential or commercial, and the opposite of residential is commercial.
Examples
Most of our agents work in residential sales.
The land is zoned residential, so you can't open a shop here.
Common phrases
residential property · residential area · residential market · residential lettings · residential development
Bought or sold before the building is finished, or even started, based on plans, drawings and a show flat rather than the real property.
Where you use it
British and international English; Americans often say pre-construction. Developers sell off-plan to raise money early, often at lower prices. Buyers talk about buying off-plan and about the completion date, when keys are handed over.
Examples
We bought the flat off-plan two years ago, and the keys are due in spring.
Off-plan prices are about 15% lower than for finished units.
A professional who helps people buy, sell or rent property, for example by marketing homes, arranging viewings and negotiating prices, usually in return for a commission.
Where you use it
American English says real estate agent or realtor; British English says estate agent, and letting agent for rentals. In the US the agent who works for the seller is the listing agent, and the one who helps the buyer is the buyer's agent.
Examples
Our real estate agent arranged six viewings in one weekend.
Most sellers in this area use a real estate agent rather than selling privately.
Usage note
In the US, Realtor is a registered trademark for members of the National Association of Realtors, so not every agent is a realtor.
Common phrases
hire a real estate agent · listing agent · buyer's agent · estate agent (UK) · letting agent (UK)
The price a seller puts on a property when it goes on the market. Buyers may offer less or, when demand is strong, more.
Where you use it
Agents and buyers compare offers with the asking price: below asking, at asking or over asking. Sellers may reduce the asking price if the property does not sell. In the US the same figure is often called the list price.
Examples
They accepted an offer 5% below the asking price.
The asking price is a bit high for this street, so expect some negotiation.
Common phrases
below the asking price · over the asking price · reduce the asking price · set the asking price
The price a buyer formally proposes to pay for a property, often with conditions such as a completion date or a successful inspection.
Where you use it
Buyers make, put in or submit an offer; sellers accept, reject or counter it. In the US offers are usually written and signed, while in England they are often passed on by the agent by phone or email before any contract is drawn up.
Examples
We'd like to make an offer of 4.2 million on the flat.
Good news: the seller has accepted your offer!
There are two other offers on the table, so you may need to move quickly.
Usage note
Turkish speakers often say 'give an offer'. The natural verbs are make, put in or submit an offer.
Common phrases
make an offer · accept an offer · reject an offer · best and final offer · cash offer
The final stage of a property sale, when the remaining money is paid, the documents are signed and ownership passes from the seller to the buyer.
Where you use it
American English. Buyers and sellers sign on the closing date, often at a title company or a lawyer's office, and receive a closing statement listing every cost. British English calls the same stage completion.
Examples
Closing is set for June 15, so the movers are booked for the 16th.
Please bring your ID and a cashier's check to the closing.
Usage note
The verb is close: 'We close on the house next Friday.' In British English you complete on a property.
Common phrases
closing date · closing costs · closing statement · close on a house · at closing
A detailed check of a home's condition by a trained inspector, covering the structure, roof, plumbing, wiring and heating before the purchase is completed.
Where you use it
American English; the buyer usually pays for it and receives an inspection report. Problems found may lead to repairs, a lower price or the buyer walking away. In the UK buyers order a survey instead.
Examples
The home inspection found a small leak under the bathroom floor.
We'll schedule the home inspection for early next week.
Common phrases
schedule a home inspection · home inspection report · pass the inspection · home inspector
To discuss the price and terms of a sale or lease with the other side in order to reach an agreement that both can accept.
Where you use it
Agents negotiate on behalf of their clients, and buyers try to negotiate the price down. Rent, repairs, dates and what stays in the house can all be negotiated. The noun is negotiation, and a price open to discussion is negotiable.
Examples
Our agent negotiated 80,000 off the asking price.
The landlord is willing to negotiate on the rent if you sign for two years.
Common phrases
negotiate the price · negotiate a deal · negotiate on behalf of · room to negotiate · price negotiable
A new proposal made in reply to an offer, usually with a different price or conditions, which the other side can accept, reject or answer again.
Where you use it
Common in US sales, where buyers and sellers may exchange several written counteroffers. Also spelled counter-offer. As a verb people simply say counter: 'The seller countered at 510,000.'
Examples
The seller rejected our offer but made a counteroffer at 495,000.
We have 24 hours to respond to the counteroffer.
Common phrases
make a counteroffer · accept a counteroffer · respond to a counteroffer · final counteroffer
A deposit a buyer pays soon after an offer is accepted to show they are serious. It is usually held by a third party and counted toward the price at closing.
Where you use it
American English, also called a good faith deposit. The money is usually kept in an escrow account. If the buyer pulls out without a valid contingency, the seller may be entitled to keep it.
Examples
We put down 10,000 dollars in earnest money when the seller accepted our offer.
The earnest money will be credited toward your down payment at closing.
Common phrases
earnest money deposit · put down earnest money · lose the earnest money · hold earnest money in escrow
To fail to happen or be completed, said when a sale or deal is cancelled after an offer has been accepted.
Where you use it
A very common phrase among agents and buyers. Deals fall through when the buyer's mortgage is refused, the survey finds problems or a chain of linked sales breaks. It takes no object: the sale fell through.
Examples
The sale may fall through if the buyer's mortgage isn't approved.
We had two sales fall through before we finally found the right buyer.
Deals like this rarely fall through once contracts are signed.
Usage note
The past tense is fell through: 'The deal fell through.'
Common phrases
the sale fell through · the deal falls through · fall through at the last minute
Describes a property for sale whose owner has accepted an offer, but where the sale is not yet legally complete.
Where you use it
British English, often shown on listings and boards. Agents may keep showing the property and pass on other offers. American listings use pending or under contract for a similar stage.
Examples
Sorry, that flat is already under offer, but we have a similar one nearby.
The house went under offer within a week of being listed.
Common phrases
currently under offer · go under offer · sold subject to contract · under contract (US)
A property that is offered for sale or rent through an agent or website, or the advertisement that describes it with photos, a price and details.
Where you use it
Agents talk about new, active and expired listings, and they win or take a listing when an owner chooses them to sell. Buyers browse listings on property portals. The verb is list: we listed the house last week.
Examples
The listing went live on Monday, and we had twenty calls by Wednesday.
Can you add more photos of the kitchen to the listing?
She won three new listings this month.
Usage note
In the US, many listings are shared between agencies through a database called the MLS (Multiple Listing Service).
Common phrases
new listing · active listing · listing price · win a listing · listing photos
A planned visit to a property by someone who may want to buy or rent it, usually with the agent or the owner present.
Where you use it
British English says viewing; American English usually says showing. You book, arrange or schedule a viewing, and a popular home may have back-to-back viewings. Agents usually ask for feedback after each viewing.
Examples
I've booked a viewing for Saturday at eleven o'clock.
After the second viewing, the couple decided to make an offer.
Common phrases
book a viewing · arrange a viewing · second viewing · virtual viewing · viewing feedback
A set time, often at the weekend, when a property for sale is open for anyone interested to walk in and look around without booking.
Where you use it
Very common in the US and Australia, less so in the UK. Agents host or hold an open house, put up signs and collect visitors' contact details. Buyers say they are going to a few open houses on Sunday.
Examples
We're holding an open house this Sunday from 1 to 4 p.m.
More than forty people came to the open house.
Common phrases
hold an open house · host an open house · open house sign · attend an open house
A drawing that shows the layout of a property from above, with the rooms, doors, windows and their measurements.
Where you use it
Listings usually include a floor plan next to the photos so buyers can understand the layout. An open floor plan, or open-plan layout, means the kitchen, dining and living areas form one space.
Examples
Could you send me the floor plan so I can see where the bedrooms are?
Buyers love the open floor plan on the ground floor.
Usage note
Turkish 'Amerikan mutfak' is not an English expression. Say open-plan kitchen or open kitchen.
Common phrases
open floor plan · floor plan with measurements · include a floor plan · practical floor plan
Extra facilities and features that make a property or area more pleasant or convenient, such as a gym, a pool, parking or nearby shops.
Where you use it
Usually plural. Listings mention building amenities (concierge, gym, pool) and local amenities (schools, parks, transport). Luxury developments compete on amenities, which often push up service charges.
Examples
The building's amenities include a rooftop terrace, a gym and 24-hour security.
It's a quiet street, but all the local amenities are within walking distance.
Common phrases
local amenities · building amenities · close to amenities · luxury amenities
How attractive a property looks from the street, which shapes a buyer's first impression before they even go inside.
Where you use it
American spelling; British English writes kerb appeal. Agents encourage sellers to boost curb appeal with a painted front door, a tidy garden and clean windows before the listing photos are taken.
Examples
A fresh coat of paint on the front door gave the house real curb appeal.
The house has little curb appeal, but the inside is beautiful.
An informal word for a house in poor condition that needs repairs or renovation, usually sold at a lower price because of the work involved.
Where you use it
Mainly American English, common in casual talk and on TV shows. Buyers on a tight budget and investors who flip houses look for fixer-uppers. Listings may say 'needs TLC' or 'renovation project' to mean the same thing.
Examples
It's a fixer-upper, but the location is excellent.
They bought a fixer-upper and spent a year renovating it.
Common phrases
buy a fixer-upper · a real fixer-upper · fixer-upper project
An agreement that gives one agent or agency the sole right to market and sell a property for a set period.
Where you use it
Agents value exclusive listings because no other agency can sell the same property. In the US the usual form is an exclusive right-to-sell agreement; in the UK it is called sole agency. The opposite is an open listing, where several agents compete.
Examples
We have an exclusive listing on the house for six months.
Sellers who sign an exclusive listing often get more marketing from the agent.
Common phrases
exclusive listing agreement · sign an exclusive listing · sole agency (UK) · open listing
An online walk-through of a property using video or 360-degree photos, so people can look around without visiting in person.
Where you use it
Now a standard part of many listings, especially for overseas buyers and off-plan projects. Agents also run live virtual viewings by video call. Buyers often take a virtual tour first and then book an in-person viewing.
Examples
You can take a virtual tour of the apartment on our website.
The buyer from Germany made an offer after only a virtual tour and a video call.
Common phrases
take a virtual tour · 360-degree virtual tour · virtual viewing · video tour
A long-term loan used to buy a property, in which the property itself serves as security for the lender until the loan is paid back.
Where you use it
Buyers apply for, take out or get a mortgage, then make monthly mortgage payments over many years. Agents often ask buyers early on whether they need a mortgage or are paying cash. It is also a verb: the house is mortgaged.
Examples
We took out a 20-year mortgage to buy our first home.
Are you buying with cash or with a mortgage?
Their monthly mortgage payment went up when the fixed period ended.
Usage note
In English, mortgage usually means the home loan itself, while the Turkish word ipotek means the legal charge registered on the property. A Turkish konut kredisi is simply a mortgage in English.
Common phrases
take out a mortgage · apply for a mortgage · pay off a mortgage · mortgage payment · mortgage lender
The part of the purchase price a buyer pays with their own money at the start, while the rest is usually covered by a mortgage.
Where you use it
Usually given as a percentage: a 10% or 20% down payment. Buyers save for, put down or make a down payment, and a larger one often means better loan terms. British English usually calls it the deposit.
Examples
They're saving for a down payment on a two-bedroom flat.
With a 25% down payment, you'll need a smaller loan.
Usage note
In British English, deposit means the down payment when you buy, but the security deposit when you rent. Check the context.
Common phrases
make a down payment · save for a down payment · put down 20% · minimum down payment
The percentage a lender charges for borrowing money, which decides how much a mortgage costs on top of the amount borrowed.
Where you use it
Buyers, agents and brokers watch interest rates closely because they affect monthly payments and demand. Rates can be fixed or variable, and people say rates rise, fall or are locked in.
Examples
Higher interest rates have slowed down sales this year.
The bank offered them an interest rate of 4.5%, fixed for five years.
Usage note
Turkish banks usually quote loan rates per month, but lenders in English-speaking countries quote them per year (APR in the US). Check which one is meant before comparing.
Common phrases
low interest rate · lock in an interest rate · interest rates rise · annual interest rate
A lender's written statement, given after checking a buyer's income, debts and credit history, that it is willing to lend up to a certain amount.
Where you use it
Agents often ask buyers to get a mortgage pre-approval before viewings, because sellers take pre-approved buyers more seriously. It is stronger than a pre-qualification, which is only an estimate. Final approval still depends on the appraisal.
Examples
Do you have a pre-approval letter we can send with your offer?
They got pre-approved for up to 300,000 pounds.
Usage note
In the UK the same document is usually called an agreement in principle (AIP) or a mortgage in principle.
Common phrases
get pre-approval · pre-approval letter · mortgage pre-approval · pre-approved buyer
A bank or other financial company that lends money, especially one that provides mortgages to home buyers.
Where you use it
A key party in property deals: the lender orders the appraisal, sets the loan conditions and holds a charge on the property until the loan is repaid. Agents and lawyers often say 'the lender needs...' when documents are missing.
Examples
The lender wants three months of bank statements before approving the loan.
We compared five lenders before choosing a mortgage.
Common phrases
mortgage lender · speak to a lender · lender requirements · the lender's valuation
The size of a mortgage compared with the value of the property, shown as a percentage. A 200,000 loan on a 250,000 home is an 80% ratio.
Where you use it
Usually shortened to LTV. Lenders use it to judge risk: a lower LTV, meaning a bigger down payment, often brings a better interest rate. Brokers talk about 90% LTV mortgages and the maximum LTV a bank allows.
Examples
With a 10% deposit, you'd need a loan-to-value ratio of 90%.
Rates are lower for loans with a loan-to-value ratio under 60%.
Common phrases
high loan-to-value ratio · maximum LTV · 90% LTV mortgage · calculate the loan-to-value ratio
A home loan whose interest rate stays the same for an agreed period or for the whole loan, so the monthly payment does not change.
Where you use it
In the US a 30-year fixed-rate mortgage is the standard product. In the UK fixed rates usually last two to five years, after which the loan moves to the lender's variable rate unless the borrower remortgages.
Examples
We chose a five-year fixed-rate mortgage so our payments stay predictable.
Most first-time buyers here take a 30-year fixed-rate mortgage.
Common phrases
30-year fixed-rate mortgage · two-year fixed · fixed-rate period · lock in a fixed rate
An adviser who compares loans from many lenders and helps buyers find and apply for a mortgage, paid by a fee, by the lender or both.
Where you use it
Common in the UK, the US and Australia. Agents often refer buyers to a mortgage broker early in their search. Brokers talk about deals, products, rates and lender criteria.
Examples
Our mortgage broker found a deal with a lower rate than our own bank offered.
Have you spoken to a mortgage broker yet?
Common phrases
independent mortgage broker · speak to a mortgage broker · broker fee · whole-of-market broker
A home loan whose interest rate can go up or down over time in line with a market index, so the monthly payment may change.
Where you use it
American English, shortened to ARM. A 5/1 ARM has a fixed rate for five years and then adjusts once a year. In the UK people say variable-rate or tracker mortgage.
Examples
An adjustable-rate mortgage starts cheaper, but the payments can rise later.
They switched from an adjustable-rate mortgage to a fixed one.
The legal process in which a lender takes back and sells a property because the borrower has stopped making the mortgage payments.
Where you use it
American English; the British word is repossession. Homes in foreclosure are often sold at auction, and some investors look for them because they can be priced below market value. The verb is foreclose: the bank foreclosed on the house.
Examples
After missing payments for a year, the family faced foreclosure.
He buys foreclosure properties at auction and renovates them.
Common phrases
face foreclosure · foreclosure auction · in foreclosure · foreclose on a property
The part of a property's value that the owner truly owns: its current market value minus whatever is still owed on the mortgage.
Where you use it
Owners build equity as they pay off the loan and as prices rise. People can borrow against their equity, for example with a home equity loan. Negative equity means the home is worth less than the loan.
Examples
After ten years of payments, they have about 60% equity in the house.
They used some of their home equity to pay for the renovation.
Usage note
In finance, equity can also mean shares or a company's own capital. In home ownership it means the owner's share of the value.
Common phrases
build equity · home equity · negative equity · equity release · borrow against equity
To replace an existing mortgage with a new one, usually to get a lower interest rate, change the term or borrow extra money against the property.
Where you use it
American English; British owners usually say remortgage. Homeowners tend to refinance when rates fall, but refinancing has its own costs, so people compare the savings with the fees. Often shortened to refi in US speech.
Examples
We refinanced last year and cut our monthly payment by 300 dollars.
Many owners rushed to refinance when rates dropped.
Common phrases
refinance a mortgage · cash-out refinance · refinance at a lower rate · remortgage (UK)
A person or company that owns a property and rents it out to someone else in return for regular payments.
Where you use it
Used in every rental conversation and contract. Landlords collect rent, deal with repairs and sign leases; tenants contact the landlord or the letting agent when something goes wrong. Landlady is sometimes used for a woman, but landlord is the neutral term.
Examples
The landlord agreed to fix the boiler before we move in.
In most leases, the landlord is responsible for major repairs such as the roof.
Usage note
In British English, landlord can also mean the person who runs a pub.
Common phrases
private landlord · contact the landlord · landlord and tenant · absentee landlord
A person or business that pays rent to live in or use a property owned by someone else, usually under a lease.
Where you use it
Used for both homes and commercial units. Agents find and screen tenants, and landlords look for reliable tenants who pay on time. In the UK a property sold with someone still renting it is sold with a sitting tenant.
Examples
The current tenant's lease ends in March.
We check every tenant's income and references before signing.
Usage note
Do not confuse tenant with tenet (a principle). The stress is on the first syllable: TEN-ant.
The money a tenant pays regularly, usually every month, to live in or use a property that belongs to someone else.
Where you use it
Rent is also a verb: tenants rent a flat from a landlord, and landlords rent it out. People pay, raise, collect or fall behind on the rent. Homes are usually quoted per month; offices per square foot or square metre.
Examples
The rent is 25,000 lira a month, plus bills.
They fell two months behind on the rent.
Rents in the business district have risen this year.
Usage note
In British English, landlords let a property, and a sign saying 'To Let' means it is available to rent. American English says 'For Rent'.
Common phrases
pay the rent · monthly rent · rent increase · fall behind on the rent · rent out
A legal contract in which an owner lets a tenant use a property for a fixed period in return for rent, setting out the rights and duties of both sides.
Where you use it
Common in both residential and commercial property. You sign, renew, extend or break a lease; a home lease often runs for a year, an office lease for five or ten. British English often says tenancy agreement for homes.
Examples
We signed a two-year lease on the apartment.
The company wants to renew its lease for another five years.
Usage note
Rent is the money; lease is the contract. Both can be verbs: lease an office, rent a flat.
Common phrases
sign a lease · renew a lease · break a lease · lease term · commercial lease
Money a tenant pays at the start of a lease, held to cover unpaid rent or damage and returned at the end if everything is in order.
Where you use it
Often equal to one or two months' rent. Landlords take, hold or deduct from the deposit; tenants ask for it back when they move out. In England, deposits for most private tenancies must be protected in a government-approved scheme.
Examples
The security deposit is two months' rent, payable when you sign.
Part of their security deposit was kept to repair the damaged floor.
Common phrases
pay a security deposit · return the security deposit · deduct from the deposit · deposit protection
Rented or sold with furniture already inside, such as beds, sofas and tables, and often kitchen appliances too.
Where you use it
Rental listings say whether a home is furnished, unfurnished or part-furnished. Furnished homes usually rent for more and suit short stays, students and people moving from abroad. An inventory lists every item included.
Examples
The flat is fully furnished, so you only need to bring your clothes.
Do you have any unfurnished two-bedroom flats near the university?
The legal process of making a tenant leave a property, for example after unpaid rent or a serious breach of the lease.
Where you use it
Landlords start or file for eviction; tenants face eviction or receive an eviction notice. The rules are strict and differ by country and state, so landlords normally go through the courts rather than simply changing the locks.
Examples
After six months without rent, the landlord began eviction proceedings.
The tenant received an eviction notice last week.
Usage note
The verb is evict: 'The landlord evicted the tenant.' It is not used for a normal move at the end of a lease.
Common phrases
eviction notice · eviction proceedings · face eviction · file for eviction
Basic services supplied to a home or building, such as electricity, gas, water and often internet, and the bills paid for them.
Where you use it
Rental listings say whether the rent includes utilities ('utilities included', or 'bills included' in British English) or whether the tenant pays them separately. Tenants usually set up or transfer the utilities into their own name when they move in.
Examples
The rent is 1,800 a month, and utilities are extra.
Remember to transfer the utilities into your name before you move in.
Common phrases
utilities included · pay the utilities · utility bills · set up utilities · transfer utilities
The amount of time a landlord or tenant must warn the other side in advance before ending a lease, such as one or two months.
Where you use it
Set by the lease and by law. People say give notice, serve notice or hand in their notice. Tenants check the notice period before planning a move so they do not end up paying rent on two homes.
Examples
The lease has a two-month notice period, so we need to tell the landlord by the end of this month.
What notice period does the landlord have to give?
Common phrases
give notice · serve notice · one month's notice · written notice · notice period ends
To rent all or part of a property you are renting yourself to another person, who then pays rent to you instead of to the owner.
Where you use it
Most leases do not allow tenants to sublet without the landlord's written permission. The person renting from the tenant is the subtenant. It is also used for commercial space: a company may sublet an unused floor. The past tense is also sublet.
Examples
I'm going abroad for six months. Can I sublet my room?
The company sublet two floors of its office to a start-up.
Common phrases
sublet a room · sublet without permission · subtenant · sublease
To start living in a new home or using new business premises after taking your belongings there.
Where you use it
Used all the time with tenants and buyers. People ask about the move-in date, and agents prepare a move-in checklist. The opposite is move out. Compare: move to a city, move into a flat, move in on Monday.
Examples
When can we move in?
The tenants moved in on the first of the month.
The move-in date is flexible, but the lease starts on 1 September.
Usage note
Used as a noun or adjective it takes a hyphen: move-in date, move-in ready.
Common phrases
move in on · move into a flat · move-in date · ready to move in · move out
A signed legal document that transfers ownership of a property from one person to another or proves who owns it.
Where you use it
In the US the seller signs a deed at closing, and it is then recorded at a local county office. In the UK people speak of the deeds or title deeds of a home. Lawyers draft, sign, record and transfer deeds.
Examples
Once the deed is recorded, you are the legal owner of the house.
The lawyer checked the deed for any errors in the property description.
Usage note
In English, deed (the document) and title (the right of ownership) are different ideas, but Turkish uses tapu for both.
Common phrases
sign the deed · record a deed · title deeds · transfer the deed · deed of sale
The legal right to own a property, together with the records that show who the owner is and whether anyone else has a claim on it.
Where you use it
Before a sale, lawyers or title companies run a title search to confirm the seller really owns the property and no debts are attached to it. A clear title means no problems were found. US buyers often buy title insurance.
Examples
The title search showed an old loan still registered on the property.
We can't complete the sale until the seller proves clear title.
Common phrases
clear title · title search · title insurance · transfer title · hold title
A written contract between buyer and seller that sets out the price, conditions and dates of a property sale before ownership is transferred.
Where you use it
American English; also called a sales contract. Once both sides sign, the property is under contract. In England the matching step is the exchange of contracts, after which pulling out becomes very costly.
Examples
Both parties signed the purchase agreement on Friday.
The purchase agreement says the seller must leave the kitchen appliances.
Common phrases
sign a purchase agreement · draft a purchase agreement · terms of the purchase agreement · under contract
A condition in a purchase contract that must be met before the sale can go ahead, such as the buyer getting a mortgage or a good inspection report.
Where you use it
Very common in US contracts: financing, inspection and appraisal contingencies. If a contingency is not met, the buyer can usually withdraw and get the earnest money back. An offer without contingencies is more attractive to sellers but riskier for buyers.
Examples
Our offer includes a financing contingency, so we're protected if the loan is refused.
The buyers waived the inspection contingency to win the house.
Usage note
In general English, contingency also means a possible future event, as in a contingency plan. In real estate contracts it means a condition.
An arrangement in which a neutral third party holds money or documents until all the conditions of a deal are met, then releases them to the right person.
Where you use it
Mainly American English. The earnest money goes into escrow, an escrow agent or title company manages the process, and the sale closes when escrow closes. After purchase, lenders may also use an escrow account to pay property tax and insurance.
Examples
Your deposit will be held in escrow until closing.
We're in escrow now, so the house is off the market.
Common phrases
hold in escrow · escrow account · escrow agent · close escrow · in escrow
The legal work involved in transferring ownership of a property from seller to buyer, from checking the title to registering the new owner.
Where you use it
British English. A solicitor or licensed conveyancer does the conveyancing: searches, contracts, exchange and completion. Buyers ask for conveyancing quotes and often complain when the process is slow.
Examples
Conveyancing can take two or three months if there is a long chain.
We got three conveyancing quotes before choosing a solicitor.
The government office or database that records who owns land and buildings, together with any mortgages or rights attached to them.
Where you use it
In England and Wales the official body is HM Land Registry. Lawyers check the register before a sale and register the new owner afterwards. In the US, deeds are recorded at county offices instead.
Examples
The land registry shows that the flat is owned jointly by a married couple.
Once the sale completes, your solicitor will send the forms to the Land Registry.
Common phrases
Land Registry records · register with the Land Registry · land registry search · title register
Full ownership of a property and the land it stands on, with no time limit. The owner is called the freeholder.
Where you use it
Mainly British English, where listings state whether a home is freehold or leasehold. Most houses in England are sold freehold, while most flats are leasehold. It works as a noun and as an adjective: a freehold house.
Examples
The house is freehold, so there's no ground rent or service charge.
The residents bought the freehold of the building from the developer.
Common phrases
freehold property · own the freehold · buy the freehold · share of freehold
Ownership of a property, usually a flat, for a fixed number of years under a long lease, while someone else owns the building and the land.
Where you use it
British English. Leaseholders often pay ground rent and a service charge to the freeholder. The years left on the lease matter: a short lease can make a flat hard to sell or mortgage, so owners may extend it.
Examples
The flat is leasehold, with 92 years left on the lease.
Many buyers avoid leasehold flats with less than 80 years remaining.
Common phrases
leasehold flat · lease extension · years left on the lease · ground rent
A legal claim on a property by someone who is owed money, such as a lender, a tax office or a builder, which usually has to be paid off before the property is sold.
Where you use it
Common in US title work. A title search shows any liens, and the property usually cannot be sold with clear title until they are released. Types include mortgage liens, tax liens and mechanic's liens from unpaid contractors.
Examples
There's a tax lien on the property that must be paid before closing.
The builder put a lien on the house after his invoice went unpaid.
Usage note
Lien is pronounced like lean.
Common phrases
place a lien · release a lien · tax lien · lien on the property · free of liens
An official document from the local authority confirming that a building was built according to the rules and is safe for people to use or live in.
Where you use it
American English, often shortened to CO or C of O. A new building or a major conversion needs one before people move in, and lenders and buyers ask to see it. In the UK the closest document is a building regulations completion certificate.
Examples
The developer expects to receive the certificate of occupancy next month.
The bank won't approve the loan without a certificate of occupancy.
Common phrases
issue a certificate of occupancy · obtain a certificate of occupancy · temporary certificate of occupancy
Local rules that divide land into areas and control what can be built there and what it can be used for, such as homes, shops or industry.
Where you use it
American English; British English talks about planning and planning permission. Developers check the zoning before buying land and may apply to have it rezoned. Zoning also limits height, density and parking.
Examples
The zoning only allows residential buildings of up to four floors.
They applied for a zoning change so they could build shops on the land.
A legal document that gives someone the authority to act for another person, for example to sign property documents when the owner cannot be present.
Where you use it
Common in international sales, when buyers or sellers live abroad and a lawyer or relative signs for them. People grant or hold power of attorney. For use in another country, the document usually has to be notarised, and sometimes apostilled and translated.
Examples
The seller lives in London, so her brother will sign at the land registry with a power of attorney.
The power of attorney names the property and allows the lawyer to complete the sale.
Usage note
Attorney here means someone authorised to act for you, not necessarily a lawyer. The abbreviation is POA.
Common phrases
grant power of attorney · sign by power of attorney · notarised power of attorney · hold power of attorney
A professional estimate of how much a property is worth, made by a qualified appraiser, often because a bank needs it before lending.
Where you use it
Mainly American English; the British word is valuation. The lender orders an appraisal, and the appraiser inspects the home and studies recent nearby sales. If the appraisal comes in low, the buyer may have to pay more in cash or renegotiate.
Examples
The bank's appraisal valued the house at 50,000 dollars less than the agreed price.
We're still waiting for the appraisal before the loan can be approved.
Usage note
An appraisal is about value; a home inspection is about condition. Turkish ekspertiz can mean both, so choose the English word carefully.
Common phrases
order an appraisal · appraisal report · the appraisal comes in low · appraised value
The price a property would most likely sell for on the open market, between a willing buyer and a willing seller who both know the relevant facts.
Where you use it
Appraisers, agents and lenders all refer to market value. It can differ from the asking price, the price actually paid and the value used for tax. People say a property sold above, below or at market value.
Examples
The flat sold slightly below market value because the owner needed a quick sale.
An appraiser will estimate the current market value of your home.
Common phrases
current market value · below market value · estimate the market value · fair market value
Recently sold properties that are similar in size, location and condition to the one being valued, used as evidence of its likely price.
Where you use it
Usually shortened to comps. Agents pull comps to suggest an asking price, and appraisers adjust them for differences such as an extra bedroom or a sea view. Good comparables are recent, nearby and truly similar.
Examples
Based on the comparables, I'd put the flat on the market at 3.8 million.
There are very few comparables for a house this unusual.
Usage note
In Turkish zoning, emsal also means the floor area ratio of a plot. In English that is FAR (floor area ratio), not comparables.
A professional opinion of what a property is worth, or the figure that results. Agents, surveyors and lenders all carry out valuations for different purposes.
Where you use it
British and international English; Americans say appraisal for the lender's report. An agent's free valuation helps set the asking price, a mortgage valuation is done for the lender, and a formal valuation by a chartered surveyor follows RICS standards.
Examples
We offer a free valuation if you're thinking of selling.
The lender's valuation came in lower than the agreed price.
Common phrases
free valuation · mortgage valuation · valuation report · carry out a valuation · down valuation
The price of a property divided by its floor area, used to compare homes of different sizes in the same area.
Where you use it
The standard comparison figure in Turkey, most of Europe and much of the world; the US and UK often use price per square foot. Market reports give average prices per square metre by district.
Examples
The average price per square meter in this district is around 65,000 lira.
On a price per square meter basis, the bigger flat is actually cheaper.
Usage note
The British spelling is metre and the American spelling is meter; international reports use both.
Common phrases
average price per square meter · price per square foot · compare prices per square meter
The day-to-day running of a property on behalf of its owner, including finding tenants, collecting rent, arranging repairs and dealing with problems.
Where you use it
Often done by a specialist company for a monthly fee, typically a percentage of the rent. Owners who live abroad or own many units commonly hand over property management. Typical job titles are property manager and portfolio manager.
Examples
Our property management fee is 8% of the monthly rent.
She runs a property management company that looks after more than 200 flats.
Common phrases
property management company · property management fee · full property management · residential property management
The regular work needed to keep a building and its systems in good condition, such as fixing leaks, servicing the boiler and repainting.
Where you use it
Property managers handle maintenance requests from tenants and plan preventive maintenance. Leases say who is responsible for which maintenance, and owners include maintenance costs when they work out the real return on a rental.
Examples
Please report any maintenance problems through the tenant portal.
Older buildings usually have higher maintenance costs.
Usage note
Pronunciation: MAIN-tuh-nuhns, with the stress on the first syllable, even though the verb is maintain.
The share of units in a building, portfolio or market that are empty and not rented at a given time, shown as a percentage.
Where you use it
Investors, property managers and market reports use it to measure demand. A high vacancy rate means lost rent and pressure on prices; a low one points to strong demand. The opposite figure is the occupancy rate.
Examples
The office vacancy rate in the district fell to 12%.
We assume a 5% vacancy rate when we calculate the yield.
Common phrases
high vacancy rate · office vacancy rate · vacancy rates fall · occupancy rate
A person or company paid by an owner to run a property day to day, from finding tenants and collecting rent to organising repairs.
Where you use it
Tenants contact the property manager rather than the owner about rent, repairs and problems. In commercial buildings the property manager also handles service charges, contractors and building safety.
Examples
Please send the repair request to the property manager, not the owner.
Our property manager handles everything while we live abroad.
Common phrases
hire a property manager · contact the property manager · on-site property manager · property manager fees
An organisation that manages a housing development or apartment building, sets its rules and collects regular fees from the owners.
Where you use it
American English, usually shortened to HOA. Owners pay HOA fees every month for shared costs such as cleaning, gardens and pools, and must follow HOA rules on things like paint colours or renting out. Buyers ask to see the HOA's finances and rules.
Examples
The homeowners association charges 350 dollars a month, which covers the pool and security.
Check the homeowners association rules before you plan any changes to the garden.
Usage note
It is written both homeowners association and homeowners' association; both spellings are common.
Common phrases
HOA fees · homeowners association rules · HOA board · join the homeowners association
The normal damage that happens to a property and its contents over time through everyday use, such as worn carpets or faded paint.
Where you use it
Usually 'fair wear and tear' in the UK and 'normal wear and tear' in the US. It matters at the end of a lease: landlords generally cannot take money from the deposit for normal wear and tear, only for real damage.
Examples
Small marks on the walls count as normal wear and tear.
The landlord kept part of the deposit, but the tenant argued the marks were just wear and tear.
Common phrases
fair wear and tear · normal wear and tear · beyond normal wear and tear
A detailed list, often with photos, of a rented property's contents and their condition, checked when the tenant moves in and again when they leave.
Where you use it
British lettings use the terms inventory, check-in report and check-out report, and a clear inventory helps settle deposit disputes. In US real estate, inventory also means the number of homes for sale in a market.
Examples
Please check the inventory and note any damage within seven days of moving in.
Housing inventory in the city is at its lowest level in years.
Property used for business rather than as a home, such as offices, shops, warehouses, hotels and factories.
Where you use it
Often shortened to CRE in the industry. Commercial real estate is usually leased to businesses on long contracts and valued mainly by the income it produces. British English often says commercial property.
Examples
He moved from selling homes to commercial real estate five years ago.
Demand for commercial real estate near the new airport is growing.
Common phrases
commercial real estate broker · commercial real estate market · invest in commercial real estate · commercial property (UK)
A property's yearly income from rent and other sources minus its operating costs, before mortgage payments and income tax are taken off.
Where you use it
Shortened to NOI and central to commercial real estate. Operating costs include management, insurance, repairs and property tax. Investors divide NOI by the price to get the cap rate, and lenders use it to decide how much they can lend.
Examples
The building's net operating income is 1.2 million a year.
Raising rents and cutting energy costs both increase net operating income.
Common phrases
calculate net operating income · stabilized NOI · increase NOI · NOI margin
Short for capitalisation rate: a property's net operating income divided by its value or price, used to compare returns on income-producing buildings.
Where you use it
A key figure for commercial investors and brokers. A building with an NOI of 500,000 bought for 10 million has a 5% cap rate. Lower cap rates usually mean higher prices and lower perceived risk; people say cap rates compress or expand.
Examples
Prime offices in the city centre trade at a cap rate of around 5%.
Logistics warehouses have seen cap rates fall as demand has grown.
Common phrases
going-in cap rate · cap rate compression · low cap rate · market cap rate
Rooms or floors in a building used or available for office work, usually leased to companies by the square foot or square metre.
Where you use it
Uncountable: some office space, 2,000 square metres of office space. Brokers grade it A, B or C (Class A, B or C in the US) by quality and location. Flexible office space and coworking are growing parts of the market.
Examples
We're looking for about 500 square meters of office space near the metro.
Demand for office space has changed since hybrid working became common.
Common phrases
lease office space · Grade A office space · flexible office space · square feet of office space
Commercial property used for selling goods or services to the public, such as shops, showrooms and units in shopping centres.
Where you use it
Brokers talk about high-street retail space, retail units in a mall and ground-floor retail in mixed-use buildings. Footfall, frontage and visibility have a strong effect on rents.
Examples
The ground floor has 300 square meters of retail space with a large shop window.
Retail space on this street rarely stays empty for long.
Common phrases
ground-floor retail space · lease retail space · prime retail space · retail unit
A commercial lease in which the tenant pays rent plus the property's taxes, insurance and maintenance costs, leaving the owner with almost no running costs.
Where you use it
American English, written NNN. Common for single-tenant buildings such as chain restaurants, pharmacies and warehouses. Investors like NNN leases for their steady income; the opposite is a gross lease, where the landlord pays these costs.
Examples
The pharmacy signed a 15-year triple net lease.
Under a triple net lease, the tenant pays the property tax directly.
Common phrases
NNN lease · triple net lease property · gross lease · single-tenant net lease
The work of preparing the inside of a commercial space so it can be used, such as building walls and ceilings and installing lighting, cabling and kitchens.
Where you use it
British and international English; Americans often say tenant improvements (TI). Offices may be let as shell and core, with the tenant paying for the fit-out, or fully fitted. Landlords sometimes offer a fit-out contribution or a rent-free period.
Examples
The fit-out will take about three months before we can move in.
The landlord offered six months rent-free to cover part of the fit-out costs.
Usage note
The noun is written fit-out; the verb is fit out: 'We fitted out the new floor.'
Common phrases
office fit-out · fit-out costs · Category A fit-out · fit-out contractor · shell and core
A large, well-known tenant, such as a supermarket or department store, that draws visitors to a shopping centre and helps attract smaller tenants.
Where you use it
Used in retail and mixed-use development. Developers sign anchor tenants early, often at lower rents per square metre, because they make the rest of the space easier to lease. Losing an anchor can hurt the whole centre.
Examples
The new supermarket will be the anchor tenant of the shopping centre.
Since the anchor tenant left, footfall has dropped by a third.
Common phrases
sign an anchor tenant · anchor store · major anchor tenant · lose an anchor tenant
A term in a lease that lets the landlord, the tenant or both end the lease early on a set date, usually after giving notice.
Where you use it
British English, common in commercial and longer residential leases, such as a ten-year lease with a break at year five. Tenants exercise a break, and conditions such as paying all rent must usually be met exactly. American English often says early termination clause.
Examples
The lease runs for ten years, with a break clause after year five.
We want to use the break clause and move to a bigger office.
Common phrases
exercise a break clause · tenant-only break clause · break date · break notice
The fee an agent earns for selling or letting a property, usually a percentage of the sale price or of the rent.
Where you use it
Agents earn, charge, split or negotiate commission. In the US the commission is often shared between the seller's and the buyer's agents, and inside an agency it is split between the agent and the broker. Rates vary by country and are sometimes limited by law.
Examples
The agency charges a commission of 2% plus VAT on the sale price.
On this deal, the commission is split fifty-fifty between the two agents.
Common phrases
earn commission · commission rate · split the commission · commission-based · negotiate the commission
A tax that owners pay every year, usually to the local government, based on the value of the land and buildings they own.
Where you use it
Common in American English; it pays for local services such as schools and roads. Buyers ask what the annual property tax is, and in the US it is often paid through the monthly mortgage payment. UK homes pay council tax instead, charged to whoever lives there.
Examples
The annual property tax on this house is around 6,000 dollars.
Property tax is included in your monthly mortgage payment.
The fees and charges paid when a property sale is completed, on top of the price, such as lender fees, title insurance, taxes and legal costs.
Where you use it
American English. Buyers usually plan for closing costs of a few percent of the price, and the exact figures appear in the closing documents. British buyers speak of buying costs or completion costs instead.
Examples
Don't forget closing costs; they can add several thousand dollars to the purchase.
The seller agreed to pay part of the buyer's closing costs.
A tax paid in England and Northern Ireland by people who buy property or land above a certain price. Its full name is Stamp Duty Land Tax (SDLT).
Where you use it
Rates rise in bands with the price, and second homes and buy-to-let properties usually pay more. The buyer's solicitor normally calculates and pays it after completion. Scotland and Wales have their own similar taxes.
Examples
First-time buyers may pay less stamp duty, or none, on cheaper homes.
Our solicitor paid the stamp duty a few days after completion.
Usage note
Do not confuse it with Turkish damga vergisi, a small tax on documents such as contracts. British stamp duty on property works more like Turkish tapu harcı.
A regular fee that owners or tenants of flats and commercial units pay toward the upkeep of shared areas and services, such as cleaning, lifts, security and insurance.
Where you use it
British English for flats and offices; Americans say HOA fees, or CAM charges (common area maintenance) for commercial buildings. Buyers check the service charge and whether it is likely to rise. Commercial tenants usually pay a share of the building's service charge.
Examples
The service charge for the flat is 2,400 pounds a year.
Tenants in the office tower pay a service charge based on their floor area.
Usage note
In restaurants, a service charge is an amount added to the bill for the staff. In property it is a fee for running the building.
Common phrases
annual service charge · pay the service charge · service charge increase · service charge budget
A tax on the profit made when you sell an asset, such as a property, for more than you paid for it.
Where you use it
Shortened to CGT in the UK. Rules differ widely: many countries exempt or reduce the tax on your main home but charge it on second homes and investment property. Accountants talk about gains, allowances and holding periods.
Examples
They had to pay capital gains tax when they sold their holiday flat.
Their accountant explained how capital gains tax would apply to the sale.
Common phrases
pay capital gains tax · capital gains tax on property · capital gains allowance · CGT liability
A tax charged when ownership of a property passes from one person to another, usually calculated as a percentage of the price.
Where you use it
A general term used in the US and in international reports; in England the local version is stamp duty. Whether the buyer or the seller pays depends on the country and sometimes on the contract.
Examples
In some states the seller pays the transfer tax; in others the buyer does.
Foreign buyers often ask how the transfer tax is calculated in Turkey.
Common phrases
pay the transfer tax · real estate transfer tax · transfer tax rate
A fall in value over time or, in accounting and tax, the way the cost of a building is spread over its useful life and deducted from income.
Where you use it
Investors and accountants use the tax meaning: buildings can be depreciated, but land cannot. In everyday speech it means losing value, the opposite of appreciation. The rules on property depreciation differ from country to country.
Examples
Depreciation on the building reduced the company's taxable income.
Older office buildings can suffer depreciation if they don't meet modern standards.
Usage note
Turkish amortisman is depreciation, but 'yatırımı amorti etmek' (earning back the money invested) is a different idea, closer to payback or breaking even.
Market conditions in which there are more properties for sale than buyers, so prices tend to fall and buyers have more power to negotiate.
Where you use it
Agents and journalists use it to describe a local market. In a buyer's market homes stay on the market longer, sellers cut prices and buyers can ask for repairs or extras.
Examples
It's a buyer's market at the moment, so sellers are more open to negotiation.
With so many new flats unsold, the city has turned into a buyer's market.
Common phrases
in a buyer's market · a strong buyer's market · shift to a buyer's market
Market conditions in which there are more buyers than properties for sale, so prices rise and homes often sell quickly, sometimes above the asking price.
Where you use it
In a seller's market buyers compete, multiple offers are common and sellers can choose the best terms. Agents may ask for 'best and final offers' when several people want the same home.
Examples
In a seller's market like this, good flats are gone within days.
Low supply has created a seller's market in the city centre.
Common phrases
in a seller's market · a hot seller's market · competitive seller's market
The yearly rent from a property shown as a percentage of its price or value. A home worth 200,000 that earns 10,000 a year has a 5% gross yield.
Where you use it
Investors compare areas and properties by rental yield. Gross yield uses the rent before costs; net yield subtracts costs such as maintenance, management, insurance and empty periods.
Examples
Student flats near the campus offer a rental yield of around 6%.
The net rental yield is much lower once you include fees and repairs.
Usage note
Turkish investors often talk about the payback period instead: 'Ev kendini 20 yılda amorti ediyor.' A 20-year payback is roughly a 5% gross yield.
Common phrases
gross rental yield · net rental yield · high rental yield · calculate the rental yield
The profit from an investment compared with the money put into it, usually shown as a percentage.
Where you use it
Shortened to ROI in speech and reports. In property it can include both rental income and the rise in value when the property is sold. Investors ask about the ROI on a renovation, a buy-to-let or a shop unit.
Examples
A new kitchen often gives a good return on investment when you sell.
What return on investment are you expecting from the shop?
Common phrases
high return on investment · calculate ROI · ROI on a renovation · expected return on investment
Of a property or other asset, to increase in value over time because of demand, location or improvements.
Where you use it
Common in investment talk, for example when homes near a new metro line appreciate quickly. The noun is appreciation: capital appreciation means growth in value, as opposed to income from rent.
Examples
Property in the area has appreciated by 40% in five years.
Investors bought land here, expecting it to appreciate once the new bridge opened.
Usage note
In everyday English, appreciate means to be thankful for something or to value it. In property and finance it means to rise in value.
Common phrases
appreciate in value · capital appreciation · appreciate steadily · rate of appreciation
To buy a property, often improve it quickly, and sell it again within a short time to make a profit.
Where you use it
Informal; used by investors, agents and TV shows. Someone who does this is a flipper, and the activity is house flipping. The profit depends on the purchase price, renovation costs, taxes and how fast the property sells.
Examples
He flips two or three houses a year in the suburbs.
They bought the flat off-plan and flipped it before the building was finished.
Common phrases
flip a house · house flipping · fix and flip · quick flip
Buying a property in order to rent it out to tenants, or a property bought for this purpose.
Where you use it
British English; Americans say rental property or investment property. There are special buy-to-let mortgages, which usually need a bigger deposit and are assessed on the expected rent. Buy-to-let landlords are a large part of the UK rental market.
Examples
She owns three buy-to-let flats near the university.
Buy-to-let mortgages usually require a larger deposit than ordinary home loans.
Short for real estate investment trust: a company that owns or finances income-producing property and whose shares investors can buy, often on a stock exchange.
Where you use it
Pronounced 'reet'. REITs let people invest in offices, malls, warehouses or apartments without buying a building themselves. In many countries they must pay out most of their income as dividends to keep their special tax status.
Examples
The REIT owns twelve shopping centres across the country.
Some investors buy REIT shares to get exposure to commercial property.
Common phrases
listed REIT · REIT shares · residential REIT · invest in a REIT
All the properties owned or managed by one investor, company or fund, considered together.
Where you use it
Investors build, grow, diversify or sell a portfolio, and a portfolio manager oversees it. Agencies sometimes speak of their portfolio of properties for sale, but in English the word most often refers to an owner's holdings.
Examples
The fund has a portfolio of 40 logistics warehouses across Europe.
She started with one flat and now has a portfolio of eight rental properties.
Usage note
Turkish agents call the properties they have for sale their portföy. In English these are usually called listings, or stock in British agency talk.
Common phrases
property portfolio · build a portfolio · diversify a portfolio · portfolio manager
Ten questions from this glossary. Pick the right meaning for each term and see your score.
How to learn real estate vocabulary
Follow one sale from start to finish and learn the words in that order: listing, viewing, offer, counteroffer, purchase agreement, inspection, appraisal, closing. Each step brings its own verbs, such as list, book, make, accept and close.
Learn American and British words in pairs: real estate agent and estate agent, closing and completion, down payment and deposit, appraisal and valuation, apartment and flat. Foreign clients will use whichever version they grew up with.
Read real English property texts every week: listings on international portals, agency market reports and the property pages of English-language newspapers. Note how they describe size, condition and location in a few short words.
Watch out for false friends. An apartment is one flat, not the whole building; a mortgage is the home loan itself, not only the ipotek; and a portfolio usually means an investor's properties, not an agent's listings.
Practise the phrases you use with clients out loud, for example “Is the property still available?”, “Would you like to book a viewing?” and “The seller has accepted your offer.” Short, clear sentences build trust with foreign buyers.
Frequently asked questions
What is the difference between a real estate agent, a realtor and an estate agent?
All three help people buy, sell or rent property. Real estate agent is the general American term, and estate agent is the British one. In the US, Realtor is a registered trademark that only members of the National Association of Realtors may use, although many people use it loosely for any agent.
Is mortgage the same as ipotek in Turkish?
Not exactly. In everyday English a mortgage is the home loan itself: you take out a mortgage and make monthly mortgage payments. The Turkish word ipotek refers to the legal charge registered on the title as security for the loan. So a Turkish konut kredisi is simply a mortgage in English, and the ipotek is one part of that arrangement.
What is the difference between rent and lease?
Rent is the money a tenant pays, usually every month. A lease is the contract that sets out the rent, the length of the tenancy and the rules for both sides. Both words can also be verbs: you rent a flat or lease an office. For home rentals, British English often calls the contract a tenancy agreement.
Why do American and British property words differ so much?
The two markets grew up with different laws and buying processes, so many terms differ: closing and completion, down payment and deposit, appraisal and valuation, apartment and flat, real estate and property. International reports often mix both. Learn the terms in pairs and check which country a text or client comes from.
Do Turkish real estate professionals use the English terms?
Partly. Commercial and investment teams often use English words such as fit-out, cap rate, NOI and yield as they are. In everyday residential work, Turkish words like tapu, iskan, kapora and aidat are standard. Agents who work with foreign buyers need both sets and should watch for false friends such as apartman and apartment.
