In general use, esp.

North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of [1] real estate; the profession of buying, selling, or renting land, buildings, or housing." It is a legal term in some jurisdictions, such as the United Kingdom, Canada, Australia, United States of [2] America, Dubai, Trinidad and Tobago, Barbados, and The Bahamas. '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 property ownership, development and transactions. Real estate is often considered synonymous with real property (sometimes called realty), in contrast with personal property (sometimes called 'chattels' or 'personalty' under 'chattel law' or 'personal property law'). The terms 'real estate' and 'real property' are used primarily in common law, while civil law jurisdictions refer instead to immovable property. However, in some situations the term 'real estate' refers to the land and fixtures thereon together, as distinguished from 'real property', referring to the ownership of land and its 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 [3] property.
Contents
[hide]

 

1 Etymology 2 Real estate terminology and practice outside the United States (around the world)

o o       

2.1 Real estate as "real property" in the U.K. 2.2 Real estate in Mexico and Central America

3 Business sector 4 Residential real estate 5 Market sector value 6 Mortgages in real estate 7 See also 8 References 9 External links

[edit]Etymology In the laws of the United States of America, the 'real' in 'real estate' means relating to a thing (res/'rei', thing, from [4] O.Fr. 'reel', from L.L. 'realis' 'actual', from Latin. 'res', 'matter, thing'), as distinguished from a person. Thus the law broadly distinguishes between 'real' property (land and anything affixed to it) and 'personal' property or chattels (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 could lawfully take and would retain title to on disposal of the land. The oldest document using a term recognizable as 'real estate' in historical records is dated 1605. This use of 'real' also reflects the ancient feudalcustoms in relation to land and the ownership (and owners) thereof, introduced into England over 500 years earlier, by William the Conqueror in 1066.
[5]

subject to the rule. no law or language other than those of England shall be used in the courts of England and Wales. because those clauses infringed the human rights of the people that spoke them. who were not the king. and that 'real estate' originally meant all of the earth and all objects and life on and in it. on land beyond the limits of the subject land. or dignity. and thereafter. in cash." which supports the statement in the first paragraph of this section on the Etymology of the term 'real estate' that 'real' = 'relating to a thing…as distinguished from a person'. not imaginary. adherents. or services (including military service). However. Some say this derivation is a misconception. to when it was used on its own. and the English 'law of real estate' became the official real estate law of England and Wales. relating to. substantial. as nowadays. strongly suggests that the concept of 'the King's Highways' in law may have originated in the days of the Roman Empire after Christianity became its official religion. or. of that continent. [8] actually existing physically as a thing. because the Laws in Wales Acts 1535-1542 included clauses requiring that. or. Property tax. (also) befitting a monarch. Two main classes of that allodial land are distinguishable. paid to the state. by inference and synthesis.' Such rights of passage and repassage were known as the 'King's [10] Highways'. as too is the term fee simple. It is evidence from the period of the Crusades in Europe that pilgrims. the passage and enforcement of the Act of Supremacy 1534 and Laws in Wales Acts 1535-1542 by Henry VIII of England. wealth. different [9] meanings. Welsh Law prior to 1535. can be seen as a relic of [6] that system. he can walk on water. it needs to be borne in mind that the time between the Norman Conquest and the earliest recorded documentary appearance of 'real estate' allowed for both meanings of the word 'real' to gain common currency in verbal and written use in England. The clauses concerning language were repealed by Elizabeth II in 1993. and for the term 'real estate' to gain common currency in verbal and written use with the word 'real' in it having the same meanings. though there is evidence that it was much earlier than both. 'All that the king has is the right of passage and repassage for himself and his subjects. The Domesday Book provides evidence that some holdings of land in England and Wales remained in the hands of people. as individual words. in his capacity as the 'King of Kings'." Additionally. or characteristic of a monarch. This meant that the laws of the Roman Catholic Church and of the former Welsh kings were eradicated from use throughout England and Wales. the Domesday Book. and everyone who occupied land paid him rent directly or indirectly (through lords who in turn paid the king). upon the day appointed by the statute. which again . Another etymological consequence of those radical measures by Henry VIII was that the expression 'real estate' became an official English expression. there is evidence that the earliest meaning of 'real' in English included "Having an objective existence. royalty. servants and soldiers of the Roman Catholic Church had similar rights throughout over most. including rights of passage and repassage over other lands. In other words. if not all. namely.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'. that of the Roman Catholic Church. and that it meant all of the earth above sea level apart from the rivers and lakes on it. and the history of Probate in England and Wales. including such parts of those other lands between the high and low water marks of tidal waters adjoinging them. the reason for these several possible meanings of 'real' in relation to 'real estate' may have been that not all of England and Wales became 'real estate' in the 'royal' sense by reason only of the Norman Conquest. one. with regard to power. historical documentary evidence.. the 'Queen's Highways'. depending on the gender of the monarch. and of its supposed blessing by the Pope. but that is countered by evidence that the earliest meaning of 'real' in English included "Of. they wereallodial land. as Christianity believes. etc. but of which there is no specific. and have a history [11] in England stretching back to at least the year 859 of the modern era and at least the C14th in [12][13][14] [15] Wales. as that is what Christianity believes to be his inheritance. or even more. goods. [7] or (by extension) the nobility. and of parts of the Middle East and North Africa. from. and that of the parts of Wales where the custom known as 'dadunnedd' under Welsh Law applied. English Real Estate Law recognises rights of way. In the feudal system (which has left many traces in the common law) the king was the owner of all land. because. to facilitate use of minority languages in the courts of England and Wales as the populations of those nations had by then become multi-cultural. On that basis. Such antiquity and the origins and purposes of the Law of Hywel Dda. and that the 'king' in 'King's Highways' meant the Son of God. for use by the king of the subject land and his servants and assigns for the purposes of travel and transportation. esp.

it follows that all of England and Wales is now 'real estate' in the 'royal' sense. the word 'highway' became common currency wherever English was spoken in those parts of the world. but. The reign of Elizabeth I is particularly noteworthy as the start of the growth and development of the British Empire beyond the shores of Great Britain. but in the United States of America in particular. distinguished from a person' sense in Britain except as an academic interest in the history of the land law of Britain. the first statutory law of highways was the Highways Act 1555 byElizabeth I of England. So. and thus entitled to the use and enjoyment of those highways. wagon trains. such as the routes of pony-express riders. the 'king of kings'. open space was common. hence Henry VIII's need to eradicate the common law of Wales on 1535). such as property deeds and court records in England for many centuries in common law. in the form of the resurrected Son of God. with only one exception. any immigrant allowed access to those parts of the world via their borders became regarded as subjects of the Crown of Great Britain for the duration of such visa granted by the border authority. which are worthy of note in the context of the meaning. as Christianity believes. there is no longer any allodial land in England and Wales. Therefore. the land designated in law over which such travel and transportation rights of passage and repassage for a king and his subjects existed could be a candidate for the 'real' in 'real estate' meaning 'relating to a thing. it is not physically possible for a king to be everywhere at once on all parts of his kingdom and throughout the rest of the world to superintend all of the 'real estate' in the 'royal' sense. roads and streets. distinguished from a person'. Vast tracts of land became regarded as highways in these new territories where wide. 1783. who sought to rectify the confusion that her sister. and only to ensure currency of the 'highway' sense in the territories outside Great Britain. . where settlement occurred.suggests that they originated in the days of the Roman Empire after Christianity became its official religion and originally meant all of that land. and. returns to reclaim God's kingdom on earth and rule over it. The earliest legal document containing a word that is recognizably 'highway' was the one in the year [16] 859 mentioned above. and. caused by attempting to reinstate the status of the Roman Catholic Church in England and Wales because she became a Roman Catholic in order to marry Philip of Spain. of all of the property and rights of passage and repassage entrusted to him until. According to the Wikipedia article on allodial land. Mary I of England. such as its former colonies in the United States of America. events that had happened in England and Wales since the Fall of the Roman Empire had consequences in the United States of America both before and after its former British territories acquired independence from Britain. by declaring them highways before they were awarded independence. protection and assertion of the 'real estate' of Great Britain throughout the world. Great Britain retained such rights of passage and repassage for the Sovereign Head of Great Britain and its subjects for the purposes of travel and transportation in. Whilst Christianity believes that God can be and is everywhere at once throughout the universe. to this day. roads and streets were formed by the inhabitants under the provisions of the Highways Acts 1555 and 1562. The connection between king and church throughout history since Christianity became the official religion of the Roman Empire is the reason for those consequences. Until then. the 'thing' being the lawful entitlement 'title' of the king and his subjects to the use and enjoyment of those rights of passage and repassage. such as in the British territories that became independent of Britain in the United States of America due to the American Revolutionary War and Peace of Paris (1783). Though frequently used in official documents. on the separate common law of those two nations. over and across land comprising its former territory overseas when those lands became independent of Great Britain. the second daughter of Henry VIII. But the term 'highways' is the lawful name of such strips of land in Britain. and. cattle droves and gold miners in North America. the law of highways in England and Wales had relied solely upon the common law of England (and before 1535. namely the Statute of Bridges. The need for departure from the 'royal' sense of 'real estate' in the United States of America sprang from the British Crown's abandonment of any claims to its territories in the United States of America by the Treaty of Paris. not just narrow strips of it. and Great Britain no longer has any need to retain any currency for the 'relating to a thing.

within them. even by force. Employment. there had to be a consequential increase in the number of thus qualified people to assert and protect the 'real estate' comprising the new territory. or authorised to award the title by the Crown of the Great Britain. the first king of Wales. the Middle East and North Africa (see The Holy Blood and The Holy Grail). Elizabeth II of England. by the king of England chartering and commissioning civilian and military personnel. hence the 'royal blood line' which Henry VIII claimed to have. So. "Sir". called esquires. regal minds were still centred on the emergence of kings on and after the demise of the Roman Empire to govern the territories they acquired and what were those kings' claims to kingship. and nations in the history of world civilization. or as much of it as fell to them by election or by inheritance. under a pyramidal heirarchy of governance reaching up to the emperor himself. including. Scotland. This challenged the remaining occupants of the abandoned divisions when the Roman organisation model collapsed on the demise of its Empire. be they monarchical. the first of the Tudor dynasty. even the Palace administration began addressing letters using the subnominal title or its abbreviated form regardless of whether the addressees had been so chartered and commissioned. morality and loyalty of the person entitled to use it had been examined and found suitable by the Crown to assert and protect its real estate interests at home or abroad. the long-standing merit of the title. "Hon. roads. Some believe there is evidence that these kings may have claimed. to give them the appearance of being qualified by the British Crown.". Hon. Old Saxon 'kuning') to superintend and govern so much of the former Roman Empire as they were able to acquire by agreement or by conquest. direct descendents of the Son of God from his visit to earth in human form at the time of the Roman Empire in Europe. commitment. experience.. republican or communist. For example. giving the addressees that had not been so chartered and commissioned the appearance of also having been professionary qualified by the British Crown.The Roman solution to this dilemma had been typically organisational: partitioning its empire into divisions and appointing suitably qualified and trusted persons for the purpose of superintending those divisions and the development of settlements. which suggests that he thought too. In time. contained instructions to enumerators. every living person who abode or slept in each house. "Rt. of certifying that the background. assumed the title unto themselves and awarded it to others who were also not so royally entitled. etc. under the pyramidal organisational umbrella of the Roman Catholic Church headed by the Pope." may be put before the names to whom they belong. Wales. even their children. Ireland. specifically for the task. or Of Independent Means". the Parish Tithe Maps and Schedules of England and Wales produced under the Tithe Commutation Act 1836 included many entries with the abbreviated postnomial title 'Esq. to be descended from [18] Rhodri Mawr. Trade. even in late Medieval times. 'cynn' meaning [17] 'race'. and the tradition continues to this day. including foreign nationals relative to Britain. was solved in England and. which the Pope did not prevent. Old Welsh 'cynog'.' written after the names of respective property holders.under the Queen of Great Britain and its Territories. via Hywel Dda. whereas the enumerators books for the 1841 population census of the United Kingdom. similar to many other empires. . physical and mental health. Henry VII. the English Channel Islands. "Insert without distinction or omission. at about the same time as the Parish Tithe Maps and Schedules were being published. and. democratic. The dilemma that a king could not be everywhere at once on his kingdom and all the earth to superintend the 'real estate' interests he had a duty of God to assert and protect. During the massive expansion of British territory into the British Empire that began in the late C16th. "Lady"." and with regard to the column headed "Profession.The words "Lord". by direct lineage via the claim of his father. the British colonies and the rest of the world.. states. bridges. education. [19] [20] The etymological origins of the title Esquire and its cognate Squire attest to its antiquity. people who were not awardered the title by the Crown Head of Great Britain. subsequently. hence the emergence of kings ('king' from Old English 'cyning'. or have been attributed to be. which he regarded as giving him divine authority to set up the Church of England and confiscate all the property of the Roman Catholic Church in both England and Wales. on behalf of God. Consequently. because the title had no protection under common or statutory law from being used by persons who were not royally entitled to use it. with regard to the "Names" column. was undermined. 'cynig'. training. appointed under sworn oath to assert and protect the works and highways interests of the English crown on those territories.

[edit]Real estate in Mexico and Central America This section does not cite any references or sources.Guam and Central America are different from the way that they are conducted in the United States. (September 2009) The real estate businesses in Mexico. In Costa Rica. one example being Mexico City. but in many locations. Increasingly. One important difference from the United States is that each country has rules regarding where foreigners can buy. but that does not prevent them from being offered for sale. however. excluding interests in money arising under a trust for sale of or charged on land. title companies are doing work for U. taxes need to be paid (but typically less than those in U." were expressly excluded from the census. while the term "real estate" is used mostly in the context of probate law. U. "real property".K. prices of houses and lots are as expensive as the U.S. In Honduras.Canada. of which references 3 and 10 are of particular interest in the above regard. As one main object of "probate" is to "prove" title to the real estate interests in the property held by a deceased person at the time of death. and a neutral party such as a title company will handle documentation and money to make the smooth exchange between the parties. [edit]Real estate terminology and practice outside the United States (around the estate as "real property" in the U. often shortened to just "property". Prices are often much cheaper than most areas of the U. [22] and the earliest recorded use the word in this capacity is 1463. banks have begun to give home loans for properties in Mexico. and means all interests in land held by a deceased person [21] at death. Nevertheless.S. Unsourced material may be challenged and removed.S. Please help improve this article by adding citations to reliable sources. (September 2009) . There are different rules regarding certain types of property: ejidal land – communally held farm property – can only be sold after a lengthy entitlement process. or any such term as "Esq."Rank. they may buy beach front property directly in their name. if the object of its being so used is proven to have been wilfully intended to deceive for the purposes of fraud. buyers in Mexico and Central America. but the transfer of property requires a lawyer. but. real estate agents do not need a license to operate.S. Some similarities include a variety of legal formalities (with professionals such as real estate agents generally employed to assist the buyer). but the transfer of property requires a notary public. in Mexico.)." Effectively this meant the terms "Esquire" and "Esq. U. The Wikipedia article on Esquire contains references to use of that title in the United States of America by persons qualified to practice law in the United States of America. For example. [edit]Business sector This section needs additional citations for verification.. not for other Latin American countries. world) [edit]Real In British usage. any misuse of any title can be deemed to be supporting evidence of fraud. foreigners cannot buy land or homes within 50 km (31 mi) of the coast or 100 km (62 mi) [23] from a border unless they hold title in a Mexican Corporation or a Fideicomiso (a Mexican trust). Please help improve this section by adding citations to reliable sources. it is reasonable to assume this tradition dates back to the death of the first owner of the 'allodial land' referred in the Etymology section above to die. so far. Unsourced material may be challenged and removed.. legal paperwork will ensure title.S.S. generally refers to land and fixtures. real estate agents do not need a license to operate. See Real property for a definition and Estate agent for a description of the practice in the UK." or "Gentleman" must not be entered in this column. In Mexico.

Different types of housing tenure can be used for the same physical type. Professional university-level education in real estate is primarily focused at the graduate level. if. The occupants of a residence constitute a household. In addition. "Internet real estate" 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. or owned separately with an agreement covering the relationship between units and common areas and concerns. commercial. public housing. and cohousing. primarily real estate development or investment rather than residential real estate sales conducted by a REALTOR. and each parcel of land has unique characteristics. Focus in towards the commercial real estate sector. Some kinds of real estate businesses include:          Appraisal: Professional valuation services Brokerages: A mediator who charges a fee to facilitate a real estate transaction between the two parties. or industrial property. Specialists are often called on to valuate real estate and facilitate transactions.condominiums (individually parceled properties in a single building). 'Single-family detached home' Major categories in North America and Europe . Residences can be classified by. and how they are connected to neighboring residences and land. For example. commonly referred to as commercial real estate. [edit]Residential real estate The legal arrangement for the right to occupy a dwelling in some countries is known as the housing tenure. squatting. almost all construction business effectively has a connection to real estate. real estate has become a major area of business. housing cooperative. Purchasing real estate requires a significant investment. Types of housing tenure include owner occupancy. See also graduate real estate education for a discussion and list of university-level real estate programs. connected residents might be owned by a single entity and leased out. such as residential. Tenancy. Development: Improving land for use by adding or replacing buildings Net leasing [24] Property management: Managing a property for its owner(s) Real estate marketing: Managing the sales side of the property business Real estate investing: Managing the investment of real estate Relocation services: Relocating people or business to a different country Corporate Real Estate: Managing the real estate held by a corporation to support its core business—unlike managing the real estate held by an investor to generate income Within each field.With the development of private property ownership. so the real estate industry has evolved into several distinct fields. a business may specialize in a particular type of real estate. prime real estate.

 Condominium . giving each resident the right to occupy a specific apartment or unit. A one-bedroom apartment has a living or dining room separate from the bedroom.a. owned by individuals.  Cooperative (a. Single-family detached home Portable dwellings    Mobile homes .Building or complex. which makes it important to inquire what kind of surface definition has been used. (A bedroom is defined as a room with a closet for clothes storage. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. and larger units are common.k.Potentially a full-time residence which can be (might not in practice be) movable on wheels. excluding the garage and other non-living spaces. with roof and walls consisting only of fabric-like material. similar to apartments. Houseboats . The size of an apartment or house can be described in square feet or meters. Marla.A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.  Terraced house (a. Attached / multi-unit dwellings  Apartment . There are townhouse or rowhouse style condominiums as well. The "square meters" figure of a house in Europe may report the total area of the walls enclosing the home.A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property. See List of house types for a complete listing of housing types and layouts.Usually very temporary.Where people carry out commercial and residential activities both. "co-op) . and acre. Two bedroom. real estate trends for shifts in the market and house or home for more general information. .k.a.An individual unit in a multi-unit building. Often seen in multi-story apartment buildings.A floating home Tents . three bedroom.Often seen in multi-story detached buildings. townhouse or rowhouse) .Two units with one shared wall. Quila.    Semi-detached dwellings  Duplex .) Major categories in India and the Asian Subcontinent       Housing Societies (CGHS) Condominiums Builder flats Chawls Havelis Lal Dora . this includes the area of "living space". It can be described more roughly by the number of rooms. Beegha. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). thus including any attached garage and non-living spaces. Common grounds and common areas within the complex are owned and shared jointly. The size is measured in Gaz (square yards). In the United States.  Multi-family house . where each floor is a separate apartment or unit.

profitability can be enhanced by using an off plan or preconstruction strategy to purchase at a lower price which is often the case in the pre-construction phase of [citation needed] development. That makes real estate assets 54% and financial assets 46% of total stocks. as such. rich and poor. Please help improve this article by adding citations to reliable sources. and real estate assets. natural resources. These are loans for which the real property itself constitutes collateral. . It is not clear if all debt and equity investments are counted in the categories equities and bond. and human assets. so the mortgage loan industry. Government bonds: $20 trillion. Corporate bonds: $13 trillion. insurance "reserve" assets. For investors. Assets not counted here are bank deposits. bonds. if the borrower does not make payments. (September 2009) According to The Economist. But in many developing countries there is no effective means by which a lender could foreclose. Commercial property: $14 trillion. In most societies. either does not exist at all or is only available to members of privileged social classes. Unsourced material may be challenged and removed. Total: $115 trillion. a significant fraction of the total wealth is in the form of land and buildings. Equities: $20 trillion. the lender can forecloseby filing a court action which allows them to take back the property and sell it to get their money back. [edit]Mortgages in real estate In recent years.[edit]Market sector value This section needs additional citations for verification. "developed economies'" assets at the end of 2002 were the following:       Residential property: $48 trillion. many economists have recognized that the lack of effective real estate laws can be a significant barrier to investment in many developing countries. the main source of capital used by individuals and small companies to purchase and improve land and buildings is mortgage loans (or other instruments). Banks are willing to make such loans at favorable rates in large part because. In most advanced economies.

. as such.But in many developing countries there is no effective means by which a lender could foreclose. so the mortgage loan industry. either does not exist at all or is only available to members of privileged social classes.

Sign up to vote on this title
UsefulNot useful