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Term   Description


The process of determining the value of an apartment usually against values of apartments in the same building or similar-type buildings in the immediate neighborhood.



The right to transfer a contract or a lease from one party to another. The term is often used to describe the process of assigning ones primary lease to that of a second party until the end of the term.



An outdoor space that protrudes from a building and is usually enjoyed for the private use of an apartment owner.

Building Amenities

Házi szolgáltatások

Each building has something to offer its owners or tenants. These are called amenities. Amenities can be basic such as a doorman or as unique as high speed Internet access. Other common amenities include garages, valet services, health clubs, pools, recreational rooms, laundry facilities, etc. 

Certificate of Occupancy (C of O)

Alapító okirat

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.



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 may increase the commission rate to a higher percentage of the purchase price.

Common Area

Közös területek

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 or roof garden or the hallways.



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 concierges duties can include accepting packages, informing tenants of visitors, etc.



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; individual owners are responsible for monthly Common Charges.

Contact Person


This is the individual usually hired by the owner of the building or the developer to show and promote the property.


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 his/her 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.

Jól alakítható
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.

Belső udvar
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

Közös költség
This refers to the amount of monthly charges paid by an individual cooperative owner to the co-operative as their proportionate share of the expenses of the building. Maintenance can comprised of two components: 1) The daily cost to run and operate the building; 2) A fund for the 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 New York apartment house also saw dramatic change. Plain red and white brick exteriors replaced the ornate limestone detailing of the pre-war apartment house.

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.
Dual Sinks/Dual Vanity

Dupla mosdó
When there are two separate sinks in a bathroom, usually his and hers.
Duplex Apartment

Belső kétszintes lakás
An apartment that is spread out over two levels.
EIK  The acronym used to describe an Eat-In-Kitchen.
En Suite Bathroom  French term literally meaning together. In the realtors lexicon, this term refers to a bathroom that is one with the adjoining bedroom. In other words, one does not have to leave his/her bedroom in order to go to the bathroom. This type of setup is most common with Master Bedrooms.

The procedure of placing money in an account where neither buyer nor seller can access the money without the consent of an escrow agent.

This is the front of a building. The facade can consist of any number of building elements, such as limestone, brownstone, cement, glass, granite, marble, and or any combination of the aforementioned.
Floating Rate One of two types of rates offered by lending institutions. In a floating rate scenario, the lender offers an interest rate which fluctuates with the prevailing rates offered to lending institutions.

An apartment that extends from a buildings façade to its rear wall, so that the unit exclusively occupies an entire floor.
High Ceilings

Magas belmagasság
When we refer to high ceilings, one usally refers to ceilings with a height of at least 3 meters. Most pre-war apartments and many of the newer, more expensive condominiums have high ceilings as do loft spaces. This gives a more spaciuos feeling, but indicate higher heating costs as well.
Interest Rate  The amount charged by a lending institution to mortgage holders for the use of borrowed money. Rates can vary over time and are set by the Federal Reserve Board.
Keyed Elevator  This terminology refers to a situation when an apartment occupies an entire floor in a building. In other words, the elevator opens up right into the apartment on into a foyer which leads directly to the particular apartment. This type of elevator can be seen in loft spaces where an apartment can occupy an entire floor or in high-end apartments where one must use a key to control access to a penthouse apartment.

Bérleti szerződés
A legal document which outlines the responsibilities and parameters between a landlord and a tenant.
LEED  The Leadership in Energy and Environmental Design (LEED) Green Building Rating System? encourages and accelerates global adoption of sustainable green building and development practices through the creation and implementation of universally understood and accepted tools and performance criteria. 

Brokers refer to available apartments as listings. These can be either sale or rental availabilities.
Loft Space

Loft lakás
By definition, this term refers to space which has been converted from commercial usage to residential usage. This can include the conversion of office space, factory space or warehouse space. At present, there is a wave of conversion of downtown space from commercial office building space to residential loft or loft-like space. Some of the attributes of loft space may include high ceilings, open space, raw space, large windows, etc.
New Windows  When a building replaces its windows. The monies for this type of capital expenditure comes from either the buildings reserve fund, a building wide assessment or a maintenance increase. A building will change its windows for a variety of reasons. These include noise abatement, heating isolation, aesthetics, and the ability to keep out silt from the city traffic.
Open House  In order to promote a property, the listing broker or the owner of the property may hold an open house in order to get a large number of people and/or brokers through the property in a short period of time. 
Open Kitchen

Amerikai konyha
A kitchen which opens up to the living space of an apartment. There is no door separating the kitchen from the rest of the apartment. .
Original Detail

Korhű díszítés
This term is used to describe detailing in pre-war apartments. This can include ceiling moldings, chair rails, ornamental decorations around doors or fireplaces, etc.
Owner Pays (OP)  A situation when an owner of an apartment building or an individual apartment will offer an inducement to a prospective tenant or to a broker by paying all or part of the commission on the rental of an apartment. In hot rental market, it will be less likely that an owner will pay any portion of a rental commission.

There are several different types of residential ownership in Manhattan. Each of them has their distinct characteristics. They are Condominiums; Co-operatives; and Cond-ops.
Outdoor space

Garden, terrace, balcony which belongs to the apartment. Apartment owner is the only disposable person of this space.
Partial Views

Részleges kilátás
This term refers to views that offer partial vistas of Danube, Szabadsag square or other nice environment.
Pet Policy  Each building has a pet policy particular to that building. This can vary from a strict no pet policy to a more liberal pet policy in which tenant or owner can harbor as many pets as he/she desires. Some particularisms to different pet policies may includes the following: No dogs, weight limits on dogs, no pets on sublets, board interviews of pets or pets by written permission of the board.

This term refers to the time (month and day) that a new purchaser or a new tenant can actually take possession of an apartment.
Powder Room 
Refers to a bathroom with no bath or shower. A powder room is also commonly referred to as half-bath.

Belső 4 szintes lakás
An apartment that is spread out over four levels.
             Recessed Lighting

This term refers to lighting that is located above the ceiling and does not have alight fixture hanging from the ceilings. This type of lighting provides a very clean and contemporary look to an apartment.
Rental Building

These buildings are owned by an individual or a company and the apartments are available on a rental basis only.
Rental Commission

Bérbeadási jutalék
A broker earns a rental commission on the rental of an apartment. The prospective tenant typically pays this commission which can range from ten to fifteen percent of a years aggregate rent. In a hot rental market, these fees will tend to be in the neighborhood of fifteen percent. In a soft market, one may induce a real estate agent to reduce his/her fee in order to conclude a transaction.
Rental Sublet  When a tenant in a rental building decides that he/she must rent out their apartment for a short period of time because they are leaving New York, they have an opportunity to assign their lease to another tenant for the period of time that they will be out of town. These types of sublets are usually furnished and last for less than a year in duration.
Room Count  In Hungary legally a "room" have to be at least 13 m2, if it is smaller it is a "half-room" . We don t count kitchen, dining room as rooms, just the bedrooms, living room, study room.
Security Deposit

A rental tenant will put down a security deposit on an apartment so that the owner of the apartment has security against any potential damages in the apartment during the term of tenancy. This security deposit is not in lieu of a tenant paying his/her last month s rent.

Practically terrace is a balcony, which is large enough to place chairs on it. So it is a large balcony. (By definition, a terrace is a roof or part of a roof in a building. In Manhattan, terraces can be found when there is a setback on a high-rise. These terraces are also enjoyed for the private use of an individual apartment owner. We categorize a terrace as outdoor space. A terrace and balcony are often confused and the terms are used interchangeably.)
Triplex Apartment

Belső 3 szintes lakás
An apartment that is spread out over three levels.
Utilities Included

Rezsivel együtt
In some buildings you will find that Electric and Gas (sometimes Cable TV) is included in the monthly maintenance charges.