Real estate is a legal Law is a system of rules, usually enforced through a set of institutions. Laws can shape or reflect politics, economics and society in numerous ways and serves as a primary social mediator of relations between people term (in some jurisdictions, such as the United Kingdom The United Kingdom of Great Britain and Northern Ireland[note 7] is a sovereign state located off the northwestern coast of continental Europe. It is an island country, spanning an archipelago including Great Britain, the northeastern part of the island of Ireland, and many small islands. Northern Ireland is the only part of the UK with a land, Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three, Australia For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of the roughly 250 language groups. After sporadic visits by fishermen from the immediate north and discovery by Dutch explorers in 1606, Australia's eastern half was claimed by Britain in 177, USA ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language and The Bahamas The Bahamas (pronounced /ðə bəˈhɑːməz/ ), officially the Commonwealth of The Bahamas, is an English-speaking country consisting of 29 islands, 661 cays, and 2,387 islets (rocks). It is located in the Atlantic Ocean north of Cuba and Hispaniola (Dominican Republic and Haiti), northwest of the Turks and Caicos Islands, and southeast of the) that encompasses land along with improvements to the land, such as buildings Buildings come in a wide amount of shapes and functions, and have been adapted throughout history for a wide number of factors, from building materials available, to weather conditions, to land prices, ground conditions, specific uses and aesthetic reasons, fences, wells and other site improvements that are fixed in location—immovable.[1] Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction Jurisdiction is the practical authority granted to a formally constituted legal body or to a political leader to deal with and make pronouncements on legal matters and, by implication, to administer justice within a defined area of responsibility. The term is also used to denote the geographical area or subject-matter to which such authority and include things such as commercial and residential real property transactions. Real estate is often considered synonymous with real property Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property (sometimes called realty), in contrast with personal property Personal property, roughly speaking, is private property that is moveable, as opposed to real property or real estate. In the common law systems personal property may also be called chattels or personalty. In the civil law systems personal property is often called movable property or movables - any property that can be moved from one location to (sometimes called chattel or personalty under chattel law or personal property law).

However, in some situations the term "real estate" refers to the land and fixtures A fixture is a legal concept that includes any physical property that is permanently attached or fixed to real property. If the property is not affixed to real property it is considered chattel property. Fixtures are treated as a part of real property, particularly in the case of a security interest. A classic example of a fixture is a building, together, as distinguished from "real property Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property", referring to ownership of land and appurtenances In a legal context, an appurtenance could for instance refer to a back-yard that goes with the adjoining house. The idea being expressed is that the back-yard "belongs" to the house, which is the more significant of the two. In 1919, the Supreme Court of Minnesota adopted the following definition of an appurtenance: "That which, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Real property Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property is typically considered to be Immovable property Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it - property that is fixed to the Earth, such as land or a house. In the United States it is also commercially and legally known as real estate and in Britain as property. It is known by other terms in other countries of the world[2] The terms real estate and real property are used primarily in common law Common law is law developed by judges through decisions of courts and similar tribunals , rather than through legislative statutes or executive branch action. A "common law system" is a legal system that gives great precedential weight to common law, on the principle that it is unfair to treat similar facts differently on different, while civil law Civil law is a legal system inspired by Roman law, the primary feature of which is that laws are written into a collection, codified, and not determined by judges. Conceptually, it is the group of legal ideas and systems ultimately derived from the Code of Justinian, but heavily overlaid by Germanic, ecclesiastical, feudal, and local practices, as jurisdictions Jurisdiction is the practical authority granted to a formally constituted legal body or to a political leader to deal with and make pronouncements on legal matters and, by implication, to administer justice within a defined area of responsibility. The term is also used to denote the geographical area or subject-matter to which such authority refer instead to immovable property Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it - property that is fixed to the Earth, such as land or a house. In the United States it is also commercially and legally known as real estate and in Britain as property. It is known by other terms in other countries of the world.

Contents

Etymology

In law, the word real means relating to a thing (res/rei, thing, from O.Fr. reel, from L.L. realis "actual," from Latin. res, "matter, thing"[3]), as distinguished from a person. Thus the law broadly distinguishes between "real" property (land and anything affixed to it) and "personal" property (everything else, e.g., clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. The oldest use of the term "Real Estate" that has been preserved in historical records was in 1666.[3] This use of "real" also reflects the ancient and feudal Feudalism is a political and military system between a feudal aristocracy , and his vassals. In its most classic sense, feudalism refers to the Medieval European political system composed of a set of reciprocal legal and military obligations among the warrior nobility, revolving around the three key concepts of lords, vassals, and fiefs. Although preference for land Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property, and the ownership (and owners) thereof.

Some people have claimed that the word real in this sense is descended (like French royal and Spanish real) from the Latin word for 'king'. In the feudal system Feudalism is a political and military system between a feudal aristocracy , and his vassals. In its most classic sense, feudalism refers to the Medieval European political system composed of a set of reciprocal legal and military obligations among the warrior nobility, revolving around the three key concepts of lords, vassals, and fiefs. Although (which has left many traces in the common law Common law is law developed by judges through decisions of courts and similar tribunals , rather than through legislative statutes or executive branch action. A "common law system" is a legal system that gives great precedential weight to common law, on the principle that it is unfair to treat similar facts differently on different) the king was the owner of all land, and everyone who occupied land paid him rent directly or indirectly (through lords who in turn paid the king), in cash, goods or services (including military service). Property tax Property tax, or millage tax, is an ad valorem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as "generally, tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such property." There are three species or types of property:, paid to the state, can be seen as a relic of that system, as is the term fee simple A fee simple is an estate in land, a form of freehold ownership. It is the most common way real estate is owned in common law countries, and is ordinarily the most complete ownership interest that can be had in real property short of allodial title, which is often reserved for governments. Fee simple ownership represents absolute ownership of real. However, this derivation of real is a misconception.[4]

Real estate terminology and practice outside the United States (around the world)

Real estate as "real property" in the U.K.

In British British English, or UK English , is the broad term used to distinguish the forms of the English language used in the United Kingdom from forms used elsewhere. The Oxford English Dictionary applies the term to English "as spoken or written in the British Isles; esp[ecially] the forms of English usual in Great Britain...", reserving " usage, “real property”, often shortened to just “property”, generally refers to land and fixtures, while the term “real estate” is used mostly in the context of probate Probate is the legal process of administering the estate of a deceased person by resolving all claims and distributing the deceased person's property under the valid will. A surrogate court decides the validity of a testator's will. A probate interprets the instructions of the deceased, decides the executor as the personal representative of the law, and means all interests in land held by a deceased person at death Death is the termination of the biological functions that sustain a living organism. The word refers both to the particular processes of life's cessation as well as to the condition or state of a formerly-living body, excluding interests in money Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment arising under a trust for sale of or charged on land.[5]

See Real property Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property for a definition and Estate agent An estate agent is a person or business that arranges the selling, renting or management of property/properties, and other buildings, in the United Kingdom and Ireland. An agent that specialises in renting is often called a letting or management agent. Estate Agents are mainly engaged in the marketing of property available for sale and a solicitor for a description of the practice in the UK.

Real estate in Mexico and Central America

This section does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be and removed. (September 2009)

The real estate businesses in Mexico and Central America are different from the way that they are conducted in the United States.

Some similarities include a variety of legal formalities (with professionals such as real estate agents generally employed to assist the buyer); taxes need to be paid (but typically less than those in U.S.); legal paperwork will ensure title; and a neutral party such as a title company will handle documentation and money in order to make the smooth exchange between the parties. Increasingly, U.S. title companies are doing work for U.S. buyers in Mexico and Central America.

Prices are often much cheaper than most areas of the U.S., but in many locations, prices of houses and lots are as expensive as the U.S., one example being Mexico City. U.S. banks have begun to give home loans for properties in Mexico, but, so far, not for other Latin American countries.

One important difference from the United States is that each country has rules regarding where foreigners can buy. For example, in Mexico, foreigners cannot buy land or homes within 50 km of the coast or 100 km from a border unless they hold title in a Mexican Corporation or a Fideicomiso (a Mexican trust).[6] In Honduras, however, they may buy beach front property directly in their name. There are different rules regarding certain types of property: ejidal land – communally held farm property – can only be sold after a lengthy entitlement process, but that does not prevent them from being offered for sale.

In Costa Rica Costa Rica (pronounced /ˌkoʊstə ˈrikə/ ), officially the Republic of Costa Rica (Spanish: Costa Rica or República de Costa Rica, pronounced [reˈpuβlika ðe ˈkosta ˈrika]) is a country in Central America, bordered by Nicaragua to the north, Panama to the east and south, the Pacific Ocean to the west and south and the Caribbean Sea to the, real estate agents do not need a license to operate, but the transfer of property requires a lawyer.

Business sector

This section needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be and removed. (September 2009)

With the development of private property Property is any physical or intangible entity that is owned by a person or jointly by a group of persons. Depending on the nature of the property, an owner of property has the right to consume, sell, rent, mortgage, transfer, exchange or destroy their property, and/or to exclude others from doing these things. Important widely recognized types of ownership Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. Ownership involves multiple rights, collectively referred to as title, which may be separated and held by different parties. The concept of ownership has existed for thousands of years and in all cultures, real estate has become a major area of business A business is a legally recognized organization designed to provide goods or services, or both, to consumers, businesses and governmental entities. Businesses are predominant in capitalist economies. Most businesses are privately owned. A business is typically formed to earn profit that will increase the wealth of its owners and grow the business, commonly referred to as commercial real estate. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:

Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. In addition, almost all construction In the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of multitasking. Normally the job is managed by the project manager and supervised by the construction manager, design engineer, business effectively has a connection to real estate.

Professional university-level education in real estate is primarily focused at the graduate level. Focus in towards the commercial real estate sector, primarily real estate development or investment rather than residential real estate sales conducted by a REALTOR.

See also graduate real estate education The study of real estate and real estate development takes many forms, giving rise to various educational models in the US and abroad. Programs include all types, from the Master of Business Administration with a specialization in real estate development or real estate finance to the one- or two-year Master of Science in Real Estate or Master of for a discussion and list of university-level real estate programs.

"Internet real estate Internet real estate is a term used to describe the online promotion of commercial and residential real estate or the ownership of revenue-producing online properties such as domain names or websites. The term Internet Estate Realty is also used" is a term coined by the internet investment community relating to ownership of domain names and the similarities between high quality internet domain names and real-world, prime real estate.

Residential real estate

The legal arrangement for the right to occupy a dwelling is known as the housing tenure Housing tenure refers to the financial arrangements under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid to a landlord, and owner occupancy. Mixed forms of tenure are also possible. Types of housing tenure include owner occupancy An owner-occupier is a person who lives in a home that he or she owns. It is a type of housing tenure. The home of the owner-occupier may be, for example, a house, apartment, condominum, or a housing cooperative. The immovable property of the owner, which includes the home and the land upon which it sits, is known as the real estate, Tenancy A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord, housing cooperative A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. The occupancy agreement specifies the co-op's rules, condominiums (individually parceled properties in a single building), public housing, squatting, and cohousing. The occupants of a residence constitute a household.

Residences can be classified by, if, and how they are connected to neighboring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.

'Single-family detached home'

Major physical categories in North America and Europe include:

The size of an apartment or house can be described in square feet or meters. In the United States, this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe may report the total area of the walls enclosing the home, thus including any attached garage and non-living spaces, which makes it important to inquire what kind of surface definition has been used.

It can be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). A one-bedroom apartment has a living or dining room separate from the bedroom. Two bedroom, three bedroom, and larger units are common. (A bedroom is defined as a room with a closet for clothes storage.)

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market and house or home for more general information.

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