The Language of the Real Estate World 2023

Back in the day, people’s options for the building were very limited, and most of the areas were similar to the general character of construction due to the limited resources used and the small number of workers in it, in addition to the lack of diversification of income sources and people’s dependence on themselves to provide the basic requirements of life, which limited their building of large or large houses. within convenient specifications to use.

Means; We can say that residential real estate and commercial real estate during the old time were similar in terms of the nature of the building, which was mostly made of (stone and mud) in addition to the small area of the building units, and even the designs were similar and included only the main facilities.”

But everything has changed and evolved at a different time than today! 

Today we are in another world, a huge real estate world! The mind buzzes with different real estate names of thousands of types, and the eyes are confused between the magnificence of real estate and engineering arts in architecture and urbanization.

So, Homes Jordan chose to take you on an enjoyable journey towards the language used in the real estate world and the most important and latest terms and terminology in this sector that are circulated in most countries.

At the beginning of our journey, let us introduce you to the team working in the real estate sector

Real estate terminology for tasks of workers in the real estate sector 

It is very important to get acquainted with the work team in the real estate sector and the tasks of each of them, as the rapid development in this sector requires real estate specialists with different and varied tasks to facilitate real estate procedures and guarantee rights, noting that the work team may be an individual or a company of a group of individuals.

• Real estate agent: The party that obtains a power of attorney from real estate development companies to manage all real estate buying and selling operations, and this is what we do at Homes Jordan to provide real estate services.

• Real Estate Developer: He owns the site and is responsible for devising the idea of website development and introducing it to build an integrated real estate project or develop an existing project.

• Real estate broker: Responsible for providing services to clients, real estate searchers (buyers), or real estate owners (sellers), as he is not responsible for real estate management.

• Real Estate Consultant: Provides advice and consultations to individuals and companies regarding real estate purchases and investments.

• The real estate broker: His real estate tasks are very close to those of the real estate broker, except that the difference is that the broker may work individually and independently for himself.

• Real estate investor: The owner of the capital responsible for buying, selling, or leasing the property for profit.

• Real estate appraiser (estimator): The person who evaluates real estate and determines its market value, based on various factors. Now in Jordan and Amman in particular, real estate can be evaluated through the Department of Lands and Surveys through the administrative price link.

• Real estate manager: the person responsible for managing and supervising real estate.

• Real estate analyst: preparing statistics, feasibility studies, and marketing studies, in addition to economic and financial analysis skills, as well as data analysis and market studies.

And after we got acquainted with the terms and names of the work team in the real estate sector, let us move on to another round of terms for private real estate and buildings 

Real Estate Terms for Residential Real Estate

• House: An independent housing unit. This name is usually given to housing units in popular areas or neighborhoods.

• Studio: refers to a small apartment that consists of only one or two rooms and service facilities, and is within a residential building.

• Apartment: a single-story residential unit of different sizes within a residential building consisting of several floors, sharing with the rest of the apartments various facilities such as the entrance, stairs, elevator, and other services.

• Duplex apartment: It is a residential unit consisting of two floors connected by an elevator or an internal staircase. It is considered an economical apartment for families who need large residential spaces.

• Triplex apartment: It differs from the duplex apartment in that it consists of 3 floors connected by an elevator or an internal staircase.

• Penthouses: It is the apartment that is located on the last floor of the residential building, and it is distinguished by their design that differs from the rest of the apartments in the same building, their large area, and their possession of a special external gear on the roof of the building, in addition to being isolated from the rest of the apartments in the residential building.

• Villa: An independent residential unit with a garden and a separate entrance. Usually, the villa consists of one, two, or three floors, depending on the design.

• Twin-home: two residential units (twins) separated by a common wall, and they share an external wall and a private gate, but each residential unit has a private entrance, a private garage, and one or more gardens from different sides, and the twin houses are identical in interior and exterior designs.

• Town-home: a group of residential units that may reach 6 housing units in one row, each housing unit shares two sides with the neighboring units, each housing unit has a private entrance, a private garden, and a private garage, and it may consist of one floor or more, and they also match the same internal and external designs.

• Compound: A residential complex within a safe and guarded environment, characterized by the availability of all amenities, entertainment, and shopping that its residents need.

• Block: A group of plots that represent one unit of different buildings of a known area, and it is bounded by streets on its four sides.

• (Hotel Apartments): The hotel system is based on providing bedrooms equipped with all amenities and various services and is considered a successful commercial investment for those who want to invest in this type.

Real Estate Glossary for Commercial Real Estate 

• Shop: A small commercial unit with one commercial opening.

• Showroom: A commercial unit with an area larger than the shop and owns more than one commercial opening.

• Commercial complex: a commercial unit with a large area and several floors, which owns several shops and multiple commercial showrooms.

• Industrial real estate: Any real estate used for manufacturing and production.

and now; Are you ready to move on to the Real Estate Buying and Selling Terminology Tour? 

Let's take a look at real estate terms related to buying and selling 

• Registration Deed (Quoshan): It is a contract or document that proves ownership of the property.

• Common property: It is the property whose ownership is jointly owned by more than one individual so that the property is distributed as shares among the individuals participating in the property, so each of them owns a specific share of the property.

• Deferred sale: the transfer of ownership of the property after a specific time agreed upon in advance between the seller and the buyer in exchange for a cash amount.

• Mortgage: It is a guarantee for the creditor, whatever it is (a bank, a person, or otherwise), whereby the real estate of the debtor is mortgaged at the Land Department in exchange for a cash flow granted to it, and a seizure sign is placed on the property until the debt is paid off.

• Real estate financing or real estate loan: It is an amount of money provided by the bank or any financing institution to the customer who wants to buy a property in exchange for paying this amount in regular payments within a specified period until it is paid in full.

• Real estate barter: It is a real estate exchange, through the purchase of a real estate unit in exchange for another real estate unit or exchange for valuable bonds.

After we reviewed with you the most important real estate terminology traded in this sector, don't forget to contact the Homes Jordan team to answer all your questions and inquiries.