The Living Stone Dictionary
The real estate world is full of terms and concepts that aren’t always immediately clear. In our real estate glossary, we explain the most important real estate terms in a clear and simple way. This way, you’ll know exactly what everything means and can make decisions about buying, selling, renting, or investing in real estate with greater confidence.
Purchase price
The amount paid to purchase a property.
Administrative burdens
Costs and obligations associated with real estate management.
Payment plan
A schedule outlining the repayment of a loan or mortgage.
Annual General Meeting
Mandatory annual meeting of the Co-Owners' Association at which decisions regarding the co-ownership are made.
Condominium
Ownership of an apartment, including a share in the common areas.
Asbestos
Hazardous building materials that must be inspected by law when a home is sold or renovated.
BEN home
A home with very low energy consumption that meets the standards for nearly zero-energy construction.
Soil Test
An official document providing information about potential soil contamination on a parcel of land.
Building depth
The maximum depth to which a building may be constructed on a lot.
Building lot
A plot of land that is suitable and zoned for development.
Building Compliance Certificate
A document certifying the technical condition of a building.
Building permit
Official permission to construct, renovate, or demolish a structure.
Gross revenue
Total income from a real estate property before deducting expenses or taxes.
Gross floor area (GFA)
The total floor area of a building, measured along the outer edges of the exterior walls, including walls, partitions, and common areas.
Canon
A periodic payment made by a leaseholder for the use of land.
Bodywork
The basic structure of a building without finishes or interior fittings.
Cash Flow
Net income from real estate after deducting expenses such as maintenance, loan payments, and taxes.
Clause
A provision in a contract that sets forth the rights and obligations of the parties.
Commercial value
Market value of real estate upon sale or rental.
Committee
The fee that a real estate agent receives for successfully brokering a real estate transaction.
Certificate of Conformity
An official certificate confirming that a residence or building complies with applicable legal requirements.
Construction value
The cost of rebuilding a building in the event of damage or loss.
Condominium
French term for co-ownership of an apartment building.
Subpoena
An official document used to initiate legal proceedings or a lawsuit against someone.
Financial capacity
A buyer’s or tenant’s ability to pay a loan or rent.
Load-bearing wall
A wall that ensures the stability of a building.
Duplex
A two-story home within a single property.
Title Deed
A notarized document that establishes legal ownership of a property.
Energy label
An alternative term for EPC, indicating a home's energy efficiency.
Energy Performance Certificate (EPC)
A mandatory certificate that indicates the energy efficiency of a home or building.
Inheritance tax
A tax levied on the value of an inherited estate.
Easement
A property right that permits the use of a piece of real property for the benefit of another parcel.
Property line
Legal boundary between two parcels of land.
Leasehold
A long-term right to use and develop land in exchange for the payment of ground rent.
Leasehold rights
Legal framework that sets forth the terms of a ground lease.
Operating costs
Costs associated with the use and management of real estate, including maintenance and taxes.
Phasing
Planning a construction or renovation project in successive steps.
Interest expense
Total costs associated with a loan or mortgage.
Tax value
The value of a property used for tax purposes.
Flat-rate fees
Certain costs associated with a purchase or sale are calculated on a flat-rate basis, such as notary fees or administrative charges.
Foundation
The structural support of a building that ensures stability and load-bearing capacity.
Intended use
The officially permitted use of a building under urban planning regulations.
Right of use
The right to use a property without owning it.
Common expenses
With apartments, there are monthly fees for maintenance and common amenities.
Facade Certificate
Document certifying the safety and condition of the facade.
Land value
The portion of the property value attributed exclusively to the land.
Repurposing
Converting a building for a different use, such as from an office to a residence.
Replacement cost
The cost of completely rebuilding a building.
Main Building
The main building on a lot, as opposed to outbuildings.
Lease Agreement
An agreement under which an owner temporarily rents out a property in exchange for payment.
Rent
The amount paid for the temporary use of a home or building.
Rental deposit
A security deposit for a lease agreement, refundable at the end of the lease term.
Mortgage registration
Registration of a mortgage with the Land Registry.
Mortgage
A loan for the purchase of real estate, secured by the property itself.
Real Estate Portfolio
A collective term for multiple real estate properties owned by a single owner or investor.
Indexation
Adjustment of rent, ground rent, or compensation based on inflation or an agreed-upon formula.
Site Plan
A plan showing where a building will be located on a lot.
Inspection Report
A report documenting the condition of a home or building.
Installation Inspection
Inspection of the electricity, gas, or heating system in a home.
Investment property
Real estate held to generate income or capital appreciation.
Legal advice
Professional guidance for real estate transactions, contracts, or disputes.
Legal ownership
Legally recognized ownership of real property.
Cadastral income (KI)
The assessed value of a property used as the basis for taxation.
Cadastral register
The official land registry in which the cadastral data, owner, and assessed value are listed for each parcel.
Lot
A plot of land designated for construction or agriculture.
Purchase Agreement
A contract in which the buyer and seller set forth the terms of the sale.
Specifications
A document that describes the technical and administrative specifications of a construction project.
Lease
Long-term lease with an option to purchase (less common in Belgium for residential properties).
Vacancy
The period during which a property is not being used or rented out.
Installment loan
A type of loan for purchasing real estate with monthly payments.
Location
The geographical location of a property, which affects its value and appeal.
Real estate agent
Professional real estate agent for buying, selling, or renting property.
Mandate
Power of attorney to conduct a real estate transaction on behalf of someone else.
Co-ownership
A situation in which multiple people jointly own a building or complex.
Multi-Year Plan
Planning document for maintenance and investments in an apartment building.
Added value
Profit on the sale of real estate exceeding the purchase price.
Minimum living space
The legally required minimum floor area for a dwelling.
Proximity clause
A contractual provision referring to the proximity of amenities (schools
Estate
Total assets and liabilities
Net proceeds
The amount the seller actually receives after deducting costs
Net floor area (NFA)
The usable floor area
Non-indexed cadastral income
The base amount on which the property tax is calculated.
New construction
A property that was recently constructed and has not yet been occupied or used.
Notarial deed
An authentic deed executed by a notary public that legally records the transfer of ownership.
Utility connections
Water connections
Below asking price
A situation in which an offer has been made and provisionally accepted
Private sale
A sale in which the buyer and seller reach an agreement directly
Real estate
Land and buildings that cannot be moved.
Expropriation
Compulsory transfer of ownership by the government for reasons of public interest.
Public sale
Sale of real estate through an auction
Condition precedent
A condition that must be met before a contract becomes binding (e.g., obtaining a loan).
Building
A building or piece of real estate.
Parking fees
Requirement to provide parking spaces or make a financial contribution.
Heritage
The total assets of a person or business
Construction plans
Government documents that establish the zoning and use of land.
Post-Intervention File (PID)
Mandatory safety file containing information about completed construction projects.
Price per square meter
Estimated price calculated based on square footage.
Advisor
A company that develops and markets real estate projects.
Almost immediate delivery
Delivery that takes place shortly after purchase or completion of the work.
Co-ownership shares
Shares that determine each owner's share in the common areas and expenses.
Leasehold interest
A long-term right to use land and erect buildings on it.
Right of superficies
A legal right to have buildings or structures on someone else's land.
Registration fees
Taxes due upon the purchase of existing real estate.
Return
The annual return on a real estate investment
Mandatory Renovation
A legal requirement to retrofit a home for energy efficiency within a specified timeframe.
Structural work
Structural component of a building
Valuation Report
A report prepared by an expert stating the market value of a property.
Deed of Division
A notarial deed in which a building is legally divided into private and common areas.
Findings
A description of the condition of a property at a specific point in time.
Building permit
Official permission to renovate
Corporate Counsel
Manager of the common areas of a condominium.
Installment payment
Payment spread out over several predetermined installments.
Title Search
Legal investigation into property rights
Prime location
A highly desirable and sought-after location.
Complete renovation
A major renovation involving work on multiple parts of a building.
Severance pay
Compensation payable upon early termination of a contract.
Available for immediate shipment
A legal designation indicating that a decision may be enforced immediately.
Urbanization
Development of land into building-ready lots.
Property value
The estimated market value of a property.
Leasable area
The portion of a building that can actually be rented out.
Sales Agreement
A written contract setting forth all the terms and conditions of the sale.
Power of Attorney
Written authorization to act or sign on behalf of another person.
Right of first refusal
A legal or contractual right to be the first to purchase a property.
Valuation
Analysis to determine the market value of real estate.
Re-letting
Re-leasing a property after a lease expires.
Right to Housing
The legal right to occupy a home without being the owner.
X-Factor
The unique value of a property
Yield
The English term for the return on a real estate investment.
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Looking for quick answers to frequently asked questions? In our FAQ, you’ll find clear explanations of common real estate topics, from buying and renting to practical and legal questions.
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