HomeBlogDictionary of real estate. Useful Terminology

Real Estate Dictionary

A
Advance payment	means of enforcing a contract. Represents the down payment
Real Estate Agent/Real Estate Broker	a person who acts as an agent in real estate transactions on behalf of a client or as an intermediary
Tenant	an individual or legal entity who rents an apartment or commercial premises
Affiliates	These are persons who have the ability to influence the decision-making process and the activities of other persons engaged in business activities. An analogue of this concept in public procurement is related persons(SmartTender)
IN
Secondary real estate market(secondary)	These are apartments in ready-made, fully built houses, for which the ownership rights have already been formalized and registered in the unified Register database
Eviction	complete or partial loss of possession or ownership of an item acquired through purchase, division, etc., in favor of a third party who has the legal right to this item(Dictionary)
G
Urban area	area that covers the built-up area of a city or village
Payment schedule	loan repayment schedule, which is attached to the loan agreement. It specifies the amounts and timing of installment payments. The schedule can be agreed upon with the debtor
D
Business contract	an agreement under which someone undertakes to perform, at his own peril and risk, certain work to another party (customer), and he undertakes to accept the work and pay the agreed price
Lease contract	an agreement under which one party (the lessor) undertakes to transfer to the other party (the lessee) certain property for temporary use or for temporary use and possession, for rent
Donation agreement	The gift agreement is concluded in notarial form. Under a gift agreement, one party (donor) undertakes to increase the property of the other party (donee) free of charge at the expense of his property.(LexInvest)
Loan agreement	contract in which one party (the lender) transfers money into the ownership of the other party (the borrower), and the borrower undertakes to return the same amount of money (loan amount) to the lender within a specified time frame. The loan agreement is concluded in writing, regardless of the amount. The lender has the right to receive interest from the borrower on the loan amount in the amount and manner specified in the agreement(Tax code)
Mortgage agreement	an agreement concluded between a mortgage lender and a mortgage debtor, on the basis of which the mortgage lender, in accordance with the procedure established by law, has the right to claim satisfaction of its monetary claim from the value of the real estate encumbered with the mortgage(Mortgage Law, Art. 3)
Contract of sale	according to the Civil Code this isagreement, under which one party (seller) undertakes to transfer the property (goods) to the other party (buyer), and the buyer undertakes to accept this product and pay a certain amount of money (price) for it(Consumer Protection Agency)
Barter agreement	exchange of real estate or exchange of some small items. Barter agreements are also used between legal entities.(Audit)
Debtor	mortgage debtor or other person who has an obligation to the mortgage lender, the fulfillment of which is secured by a mortgage(Mortgage Law, Art. 3)
Early repayment of a loan (mortgage)	reducing the principal debt of a loan by making additional payments that go towards reducing the body of the loan. When the loan debt changes, the monthly payment schedule changes
J
Living space	area of living rooms (bedrooms and living room) of the apartment(Law no. 75 on housing, art. 4)
Housing	a building or isolated premises consisting of one or more living rooms, as well as utility rooms (kitchen, bathroom, etc.), meeting the requirements for residence of one or more persons (family) and meeting the minimum requirements for housing established by regulations; Individual residential buildings, apartments in residential buildings, residential premises in dormitories and buildings for other purposes are recognized as housing.(Law no. 75 on housing, art. 4)
WITH
Will	a unilateral, personal, revocable transaction by which a person, called the testator, makes dispositions in one of the forms prescribed by law in the event of his or her death.(Civil Code of the Republic of Moldova,st. 2191)
Zagorodnaya territory	territory outside the built-up or built-up area, cadastrally demarcated, according to the law(Dictionary)
Deposit	a sum of money or other property transferred by one of the contracting parties to the other party to confirm the conclusion of the contract and to ensure its execution. In case of doubt, the amount paid is considered an advance(Civil Code of the Republic of Moldova, Art. 954)
Pledge	is a right in rem, on the basis of which its owner (pledgee) has the right to receive satisfaction of his secured claims from the value of the pledged property preferentially before other creditors of the owner of the pledged item (mortgagor). The validity of the pledge depends on the validity of the obligation secured by the pledge. A pledge is established in order to ensure the fulfillment of an obligation, is an accessory right in relation to the secured obligation and is determined in time by its duration, unless otherwise provided by law or the pledge agreement(Civil Code of the Republic of Moldova, Art. 667)
Land plot	part of the earth's surface that has a fixed border, area, location, legal status and other characteristics reflected in the state. land cadastre and documents of state registration of land rights
AND
Property that is common property in a multi-apartment residential building	premises and areas in an apartment building that do not have the status of isolated premises, including premises intended and used for engineering and technical support of apartments and the entire house, common areas intended and used for access to residential premises, structural elements of the house, engineering equipment, intended for general use, which are an integral part of the house. The common property in the house belongs by right of compulsory and perpetual ownership to the owners of apartments and premises having a purpose other than residential, in accordance with the provisions of the Civil Code and condominium legislation(Law no. 75 on housing, art. 4)
Individual (private) house	a separate building consisting of one or more rooms, one or more floors, intended for permanent residence, usually of one family(Law no. 75 on housing, art. 4)
Mortgage	property right, on the basis of which the creditor has the right, if the debtor does not fulfill the obligations secured by the mortgage, to receive satisfaction of his claims from the value of the real estate transferred under the mortgage, preferentially before other creditors, including the state(Mortgage Law, Art. 3)
Mortgage requirement	mortgaged claim(Mortgage Law, Art. 3)
Mortgage guarantor	a person who mortgages one or more real estate objects in order to ensure the fulfillment of the debtor’s obligation(Mortgage Law, Art. 3)
Mortgage debtor	a person who mortgages one or more objects of real estate in order to ensure the fulfillment of his obligation or the obligation of the debtor to the mortgage lender(Mortgage Law, Art. 3)
Mortgage	is a long-term loan intended for the purchase, construction or renovation of housing and is insured by the same property to secure debt payment obligations(Bank of Transylvania)
Mortgage Lender	creditor whose claim is secured by a mortgage(Mortgage Law, Art. 3)
TO
Real estate cadastre	general cadastre, which is a unique multifunctional system of state registration of real estate and ownership rights to it
Cadastral plan	a graphic representation of the territory containing information about the location, boundaries and cadastral numbers of land plots, etc.(LexInvest)
Apartment	housing consisting of one or more living rooms and ancillary premises, meeting the requirements for residence of one person or family and being part of a residential building(Law no. 75 on housing, art. 4)
Real estate loan	a loan that can be obtained not only for the purchase of a house, but also for other purposes: purchase of real estate, purchase of land for the construction of an individual house, construction of an individual house, modernization of an existing house (finishing, extension). In order to secure the loan repayment obligation arising from this loan, the loan may be secured by other real estate
L
Liquidation value	the minimum limit at which the bank can sell the pledged property
Loggia	this is a room built into a building or attached to it, having walls on three sides (or two in a corner location) to the entire height of the floor and a fence on the open side(Dictionary)
M
Mandate	through this agreement, one party (the principal) authorizes the other party (the attorney) to represent its interests when concluding legal acts
Multi-apartment residential building	a building with two or more apartments (residential premises), intended for living, which, in addition to apartments, includes: premises other than residential, purposes and common areas, engineering and technical equipment, the main structural elements of the building (foundation, walls, ceilings, roofing and other elements)(Law no. 75 on housing, art. 4)
N
Landlord	owner or representative of the owner - an individual or legal entity transferring housing to the tenant for use on the basis of a property lease agreement concluded for a limited period, or on other legal grounds in accordance with the law(Law no. 75 on housing, art. 4)
Tax certificate	a document confirming that the seller has no debts on taxes and duties to the state
Employer	an individual or legal entity to whom housing is provided for use on the basis of a property rental agreement concluded with the owner of this housing for a limited period, or on other legal grounds in accordance with the law(Law no. 75 on housing, art. 4)
Heir	a person who receives or has received an inheritance by will or law. Heirs of the first priority are relatives in the descending line (sons and daughters of the testator, including those born alive after the death of the testator, as well as sons and daughters adopted by him), the surviving spouse of the testator and privileged relatives in the ascending line (parents, adoptive parents) of the testator. Heirs of the second stage are privileged relatives in the lateral line (brothers and sisters) and next relatives in the ascending line (grandfather and grandmother on both the father's and mother's sides) of the testator.Heirs of the third stage are the next collateral relatives (aunts and uncles) of the testator
Immovable things	materials temporarily separated from the land for reuse, as long as they are kept in the same form, as well as components of the immovable property, temporarily separated from it, if they are intended for new placement. Materials imported for use to replace old ones become immovable things(Civil Code of the Republic of Moldova, Art. 459).Things that have a fixed, stable location and therefore cannot be moved from one place to another without losing their original purpose or identity (apartment, house, land, commercial premises, etc.)(Real Estate Dictionary)
Notary	is a government official responsible for authenticating legal documents, certifying documents, legalizing signatures, issuing legalized copies, certificates of inheritance, etc.(Fiscal monitor)
Immovable things	materials temporarily separated from the land for reuse, as long as they are kept in the same form, as well as components of the immovable property, temporarily separated from it, if they are intended for new placement. Materials imported for use to replace old ones become immovable things(Civil Code of the Republic of Moldova, Art. 459). Things that have a fixed, stable location and therefore cannot be moved from one place to another without losing their original purpose or identity (apartment, house, land, commercial premises, etc.)(Real Estate Dictionary)
Property that is common property in a multi-apartment residential building	premises and areas in an apartment building that do not have the status of isolated premises, including premises intended and used for engineering and technical support of apartments and the entire house, common areas intended and used for access to residential premises, structural elements of the house, engineering equipment, intended for general use, which are an integral part of the house. The common property in the house belongs by right of compulsory and perpetual ownership to the owners of apartments and premises having a purpose other than residential, in accordance with the provisions of the Civil Code and condominium legislation(Law no. 75 on housing, art. 4)
N
Employer	an individual or legal entity to whom housing is provided for use on the basis of a property rental agreement concluded with the owner of this housing for a limited period, or on other legal grounds in accordance with the law(Law no. 75 on housing, art. 4)
Notary	is a government official responsible for authenticating legal documents, certifying documents, legalizing signatures, issuing legalized copies, certificates of inheritance, etc.(Fiscal monitor)
ABOUT
total area	this is the sum of the areas of all rooms that make up this apartment, including utility rooms, except for loggias, balconies, verandas and terraces. Walls and partitions are also included in the total area of the apartment
Total land area	the sum of the area of land on which construction will be carried out (the so-called “area”) and the area of free land (yard)
Total area of an apartment building	the total area of all premises in the house, including premises for purposes other than residential(Law no. 75 on housing, art. 4)
Property Valuation Report	This is a document drawn up by an independent appraisal company that contains information about the market value of a property. The report may take up to 3 business days
P
Primary real estate market ("primary")	These are apartments in apartment buildings under construction. Sale of such apartments (more precisely,rights of claimfor such apartments) occurs directly in the process of their construction. Moreover, this process can be at the excavation stage (then the price of such a “virtual” apartment is much lower), and at the stage of putting the house into operation (but ownershipnot yet issued)
Square	surface built at ground level
Buyer	an individual or legal entity who, for a fee, acquires ownership of real estate(Real Estate Dictionary)
Effective area	this is the living space that is enclosed between the walls, and the thinner the walls, the larger this very space that is living
Right to debt collection	civil right of the entity providing financial support, called the creditor, to claim the fulfillment of obligations by the debtor(Legal Dictionary)
Ownership	according to the Civil Code, represents the right to use and dispose of real estate, within the framework provided by law(Ownership)
Preliminary agreement	This is an agreement by which one party (the promisor) undertakes to the other party (the beneficiary) to enter into another agreement in the future (the final agreement) at the request of the beneficiary. This obligation can be accepted by both parties. The preliminary agreement must provide for the basic terms of the final agreement and be concluded in the form prescribed by law for the final agreement, under the same penalty(Civil Code of the Republic of Moldova, Art. 999)
Pre-contractual information	information that the credit intermediary provides to the consumer based on the terms of the agreement and the terms of the loan, and, if applicable, on the basis of the consumer's expressed preferences and information provided by the consumer, information that allows the consumer to compare different offers in order to make an informed decision about the possible conclusion of the loan agreement .(Law on Consumer Credit Agreements, Chapter II, Art. 5)
Pre-emptive right to purchase	When selling a share in property that is in common ownership, with the exception of a sale at auction, other co-owners have a preemptive right to purchase the share being sold. In the event of a sale at auction, the participant in shared ownership or the organizer of the auction must notify the other co-owners at least ten days before the date of sale. If the price is equal, the co-owners have a preferential right to award the share to them(Civil Code of the Republic of Moldova, Art. 552)
Advantage	the preferential right of one mortgage lender in relation to other mortgage lenders in the execution of their mortgage right, as well as in relation to other creditors in monitoring the condition of real estate(Mortgage Law, Art. 3)
Accommodation	a legal act confirming the right to live in the home of another person together with his spouse and children, even if he was not married or had no children at the time the right of residence was established, as well as with his parents or other dependent persons(Civil Code of the Republic of Moldova, Art. 635)
R
Construction permit	an act issued by the issuer, which authorizes the execution of construction work on the basis of and in compliance with the conditions of the urban planning certificate for design and developed and verified design documentation(Law no. 75 on permission to carry out construction work, art. 2)
Rehabilitation of multi-apartment residential buildings	performing work in multi-apartment residential buildings to eliminate serious damage to their supporting structure and major defects in thermal and waterproofing systems(Law no. 75 on housing, art. 4)
Real estate market	is a set of transactions that provide the right to ownership or use of land and buildings (Dictionary of real estate)
Market price	or, as it is also called, the appraised value of an apartment is the price for which it is sold and bought. It is indicated in advertisements for the sale of real estate and purchase and sale agreements(Domclick)
WITH
Family	spouses, children, parents and their legal representatives, as well as other persons supported by them, who live together and run a common household(Law no. 75 on housing, art. 4)
Easement	is an obligation under which real estate (real estate encumbered by an easement) is encumbered to ensure the use of real estate or the needs of the real estate of another owner (dominant real estate). The need may be to improve the comfort of the dominant property or stem from its economic purpose(Civil Code of the Republic of Moldova, Art. 639)
Deregistration of a mortgage	the process of deregistering a mortgage from the Real Estate Register. The application is submitted to the territorial cadastral authority where the mortgage is registered
Owner	a person who holds title to certain property; owner, owner; a person who owns real estate(Legal Dictionary)
Joint ownership	property acquired by spouses during marriage, according to the law, belongs to both of them by right of joint ownership(Annotated Codex)
Certificate of right to inheritance	is a public document confirming the right to the inherited property indicated in it. The certificate indicates the size of the inheritance shares of all co-heirs(Annotated Codex)
Maturity	the period during which the borrower undertakes to return the funds borrowed from the lender in full, taking into account accrued interest
Replacement cost	indicated in the assessment report. The cost is determined by the cost approach and is the basis for determining the cost and amount of insurance
Real estate insurance	This is a type of voluntary insurance of apartments, houses, garages, sheds, and any other types of real estate that have economic purposes against damage or destruction. Despite the fact that real estate insurance is a voluntary type of insurance, there are cases of imputed insurance provided for by the requirements of banks when they issue mortgage loans. The bank obliges to take out insurance, but leaves the policyholder the right to independently choose the insurer. In addition to your own and mortgaged property, rented property may also be subject to insurance.As a rule, real estate insurance contracts are concluded for 1 year.(Rapidasig.md)
U
Usufruct	Usufruct is the right of possession and use by one person (usufructuary) for a certain or determined period of time of the thing of another person (nominal owner), receiving its fruits on the same terms as the owner, but with the obligation to preserve the essence of the thing. The usufructuary has the right to own the thing, but cannot alienate it. Usufruct may be limited by excluding certain types of use and may be established simultaneously or successively in favor of one or more persons existing at the time of the opening of the usufruct( Civil Code of the Republic of Moldova,st. 604)
Real estate services	include the following activities: online and offline promotion of real estate for sale, purchase or rental. Consultations on selling, buying or renting real estate. Real estate services, property management
Ts
Assignment (Assignment of the right of claim)	transfer by one person to another of a claim for financial liability under a contract(Monitorul Fiscal)
E
Exclusive agreement	is between the client and one single real estate company and provides exclusive right of representation in the event of sale, rental or purchase. In the case of exclusivity, the real estate company uses all its resources and competence aimed at selling the property, the terms of this contract are clearly predetermined. The advantages of such an agreement: advertising; consulting and support during negotiations; after-sales or post-lease service(Real Estate Dictionary)