The term 'Real Estate' is included in the Investments edition of the Financial Dictionary. Get your copy on Amazon in Kindle, Paperback or Audio edition. Choose your edition here...
Real estate turns out to be a phrase that is used legally to describe property and the structures on such property. It refers to the land and the residential, commercial, or industrial structures on the land. Other improvements to the property can also be covered by the term, such as wells, fences, and other immobile objects fixed on the property. The natural features of the property are also included in the phrase, like lakes, streams, and trees. Real estate can be natural land, residential property, commercial property, and even industrial property.
Real Estate is governed by real estate law. This represents the legal codes and regulations that have to do with real estate in a given jurisdiction. It covers such elements as the specifics of transactions of residential and commercial real estate. Real estate attorneys practice this form of law.
Realtors are the principal professionals who work in the field of selling real estate. Realty is the term that pertains to realtors and their firms. Real estate and realty companies are often equated with real property. This stands in contrast to personal property and personal property law.
As real estate property has developed and become more complex, it has evolved into an important part of business. This is referred to as commercial real estate. Commercial real estate can be buildings and office spaces used by businesses. Buying real estate is an expensive proposition requiring large investments. As every type and zoning of land has its own characteristics, the real estate industry has developed into a variety of different fields. There are people who specialize in valuing different kinds of real estate and helping the transactions to come together.
Many different types of real estate related businesses have developed as a result. Brokers are third parties who collect a fee in exchange for mediating real estate transactions between two different entities or individuals. Appraisers perform professional level evaluations of properties. Developers improve a land’s value, typically by building or rebuilding structures on it.
Property managers handle the management of a given property on behalf of the owner. Real estate investors handle real estate investments. Real estate marketers handle the promotion and sales aspects of any property business. Corporate real estate people deal with the real estate portfolios of a company in support of its main businesses. Relocation servicers function to move businesses or individuals to a different part of the country or internationally from one real estate property to another.
The different types of real estate involve specialists in the various branches of real estate. In each of the different fields, real estate businesses commonly focus on a single type of real estate. This might be residential realty, commercial property realty, or industrial property realty. Construction businesses are involved significantly with sometimes either one branch, or sometimes even two or all three branches of real estate. They develop and build real estate to an end user’s specifications.