(Submit Articles) Real Estates
Real estate is a legal term (in some jurisdictions, such as the United Kingdom, Canada, Australia, USA and The Bahamas) that encompasses land along with
improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in locationimmovable.[1] Real estate law is the body of
regulations and legal codes which pertain to such matters under a particular jurisdiction and include things such as commercial and residential real property
transactions. Real estate is often considered synonymous with real property (sometimes called realty), in contrast with personal property (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 together, as distinguished from "real property", referring to ownership of
land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.
Real property is typically considered to be Immovable property The terms real estate and real property are used primarily in common law, while civil
law jurisdictions refer instead to immovable property.
Real estate terminology and practice outside the United States (around the world)
Real estate as "real property" in the U.K.
In British 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 law, and means all interests in land held by a deceased person at death, excluding interests in money arising under a trust for sale of
or charged on land
Real estate in Mexico and Central America
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
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 (31 mi) of the coast or 100 km (62 mi) 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, real estate agents do not need a license to operate, but the transfer of property requires a lawyer.
Business sector
With the development of private property ownership, real estate has become a major area of 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:
Residential real estateThe legal arrangement for the right to occupy a dwelling is known as the housing tenure. Types of housing tenure include owner occupancy,
Tenancy, housing cooperative, 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:
* Attached / multi-unit dwellings
o Apartment - An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable
doors. Often seen in multi-story apartment buildings.
o Multi-family house - Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
o Terraced house (a.k.a. townhouse or rowhouse) - A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
o Condominium - Building or complex, similar to apartments, owned by individuals. Common grounds are owned and shared jointly. There are townhouse or
rowhouse style condominiums as well.
o Cooperative (a.k.a. "co-op) - A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation
that owns the property, giving each resident the right to occupy a specific apartment or unit.
* Semi-detached dwellings
o Duplex - Two units with one shared wall.
* Single-family detached home
* Portable dwellings
o Mobile homes - Potentially a full-time residence which can be (might not in practice be) movable on wheels.
o Houseboats - A floating home
o Tents - Usually very temporary, with roof and walls consisting only of fabric-like material.
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.
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