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Real estate glossarys List

Browse alphabetically by choosing a letter from the list below. Upper row ordered by english terms, bottom row by hungarian ones.

Term Description
Certificate of Occupancy (C of O) Each building in Budapest possesses a Certificate of Occupancy which outlines the legal uses of the piece of property. The Certificate of Occupancy may allow a building owner to enjoy certain uses not allowed by the particular zoning in which the property falls.
Commission When a property is sold or rented out, the brokers involved in the transaction are entitled to payment in the form of a commission. In a sale transaction, the commission rate is usually set by the owner and is 3-6 percent of the sales price. If the property is of great value, the owner and the broker(s) may agree to cut the commission to a lower percentage of the sales price. If the property for sale is a particularly difficult property to sell, the owner, to create an incentive, may increase the commission rate to a higher percentage of the purchase price.
Common Area The area in a building that is shared by all of the tenants/owners of the building. This could include the lobby, a common courtyard, a roof garden or the hallways.
Concierge A concierge is an individual who sits inside the building lobby and acts as a clerk as well as a security person for the comings and goings in a building lobby. A concierge is not situated at the door and does not open the door for tenants. The duties of the concierge can include accepting packages, informing tenants of visitors, etc.
Condominium A type of apartment ownership in which the owner owns real property, yet the apartment is part of a much larger building in which other owners own individual units. Condominiums are a very liberal type of ownership and are usually favored by foreigners looking to buy in Budapest. The regulations regarding ownership are more lax than those in co-operative apartments. Subletting rules and pet policies are more open than in co-operatives; and individual owners are responsible for monthly Common Charges.
Contact Person This is an individual, usually hired by the owner of the building or the developer, to show and promote the property.
Conversion A term used to describe the change in usage of a building. A classic example is when an older, underutilized commercial space is converted into residential space. An owner of a building may do this in order to derive the best financial means from their property. A large commercial vacancy rate, a change in the make-up of a neighborhood, a tight residential market, or city tax incentives may lead an owner to alter the usage of a building.
Convertible Refers to a situation when a large one or two bedroom contains a Dining-L which could be converted into another bedroom with the construction of a wall. In order to be transformed into a legal bedroom, these L-shaped areas need to contain a window.
Courtyard This term most often refers to the interior outside grounds of a building. When you see the term courtyard views in an advertisement or on a listing, this usually means that the apartment receives little light an looks away from the street.
Common Charges This refers to the amount of monthly charges paid by an individual cooperative owner to the condominium as their proportionate share of the expenses of the building. Maintenance can comprise two components: 1) The daily cost to run and operate the building; 2) A fund for developing and renovating the building /Felújítási alap/.
Concrete Refers to buildings built after World War II. Post-war building needs and modern building techniques dramatically altered the composition of the middle and upper-class apartment house. Apartment houses were built in a plain vanilla style with lower ceilings, fewer moldings and details, an absence of fireplaces and reduced room proportions. The exterior of the Budapest apartment house also saw dramatic change. Plain grey exteriors replaced the ornate brick and plaster detailing of the pre-war apartment house.
Classical Refers to buildings built prior to the start of World War II but not built under the influence of Bauhaus. Some common elements of these structures include hardwood floors, moldings, high ceilings and fireplaces.