Real estate

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Real estate is "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 real estate; the profession of buying, selling, or renting land, buildings, or housing." [1] [2] It is a legal term used in jurisdictions whose legal system is derived from English common law, such as India, England, Wales, Northern Ireland, United States, Canada, Pakistan, Australia, and New Zealand. [3]

Natural resource Resources that exist without actions of humankind

Natural resources are resources that exist without actions of humankind. This includes all valued characteristics such as magnetic, gravitational, electrical properties and forces etc. On Earth it includes sunlight, atmosphere, water, land along with all vegetation, crops and animal life that naturally subsists upon or within the heretofore identified characteristics and substances.

Law System of rules and guidelines, generally backed by governmental authority

Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. It has been defined both as "the Science of Justice" and "the Art of Justice". Law is a system that regulates and ensures that individuals or a community adhere to the will of the state. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent, normally in common law jurisdictions. Private individuals can create legally binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process. The formation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and serves as a mediator of relations between people.

Common law Law developed by judges

In law, common law is that body of law derived from judicial decisions of courts and similar tribunals. The defining characteristic of “common law” is that it arises as precedent. In cases where the parties disagree on what the law is, a common law court looks to past precedential decisions of relevant courts, and synthesizes the principles of those past cases as applicable to the current facts. If a similar dispute has been resolved in the past, the court is usually bound to follow the reasoning used in the prior decision. If, however, the court finds that the current dispute is fundamentally distinct from all previous cases, and legislative statutes are either silent or ambiguous on the question, judges have the authority and duty to resolve the issue. The court states an opinion that gives reasons for the decision, and those reasons agglomerate with past decisions as precedent to bind future judges and litigants. Common law, as the body of law made by judges, stands in contrast to and on equal footing with statutes which are adopted through the legislative process, and regulations which are promulgated by the executive branch. Stare decisis, the principle that cases should be decided according to consistent principled rules so that similar facts will yield similar results, lies at the heart of all common law systems.

Contents

Residential real estate

Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes. [4]

Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences 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. [5]

Single-family detached house in Essex, Connecticut, USA. Gingerbread House Essex CT.jpg
Single-family detached house in Essex, Connecticut, USA.
A photograph of Townhouses in Victoria, Australia Townhouses in Victoria Australia.jpg
A photograph of Townhouses in Victoria, Australia
Major categories
Apartment self-contained housing unit occupying part of a building

An apartment, flat or unit is a self-contained housing unit that occupies only part of a building, generally on a single storey. There are many names for these overall buildings, see below. The housing tenure of apartments also varies considerably, from large-scale public housing, to owner occupancy within what is legally a condominium, to tenants renting from a private landlord.

Multi-family residential is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. Units can be next to each other, or stacked on top of each other. A common form is an apartment building. Sometimes units in a multifamily residential building are condominiums, where typically the units are owned individually rather than leased from a single apartment building owner. Many intentional communities incorporate multifamily residences, such as in cohousing projects.

Terraced house style of medium-density housing that originated in Europe in the 16th century

In architecture and city planning, a terrace or terrace house (UK) or townhouse (US) is a form of medium-density housing that originated in Europe in the 16th century, whereby a row of attached dwellings share side walls. They are also known in some areas as row houses.

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 area 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 a separate room intended for sleeping. It commonly contains a bed and, in newer dwelling units, a built-in closet for clothes storage.)

Other categories

The size of these is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.

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.

Sales and marketing

It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission. In North America, this intermediary is referred to as a real estate broker (or realtor), or a real estate agent in everyday conversation, whilst in the United Kingdom, the intermediary would be referred to as an estate agent. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent. [6]

See also

Related Research Articles

Home Dwelling-place used as a human residence

A home, or domicile, is a living space used as a permanent or semi-permanent residence for an individual, family, household or several families in a tribe. It is often a house, apartment, or other building, or alternatively a mobile home, houseboat, yurt or any other portable shelter. A principle of constitutional law in many countries, related to the right to privacy enshrined in article 12 of the Universal Declaration of Human Rights is the inviolability of the home as an individual's place of shelter and refuge.

Housing estate group of homes and other buildings built together as a single development

A housing estate is a group of homes and other buildings built together as a single development. The exact form may vary from country to country. Accordingly, a housing estate is usually built by a single contractor, with only a few styles of house or building design, so they tend to be uniform in appearance. A housing development is "often erected on a tract of land by one builder and controlled by one management." In the British Isles, the term is quite broad, and can include anything from high rise government-subsidised housing, right through to more upmarket, developer-led suburban tract housing.

Townhouse type of medium-density house

A townhouse, townhome, or town house as used in North America, Asia, Australia, South Africa and parts of Europe, is a type of terraced housing. A modern town house is often one with a small footprint on multiple floors. In British usage, the term originally referred to the city residence of someone whose main or largest residence was a country house.

A semi-detached house is a single family dwelling house built as one of a pair that share one common wall. Often, each house's layout is a mirror image of the other.

Studio apartment

A studio apartment, also known as a studio flat (UK), a self-contained apartment (Nigeria), efficiency apartment, bed-sitter (Kenya) or bachelor apartment, is a small apartment which combines, many times but not always, the living room, bedroom, and kitchen into a single room.

Housing cooperative form of home ownership

A housing cooperative, co-op, or housing company, is a legal entity, usually a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Housing cooperatives are a distinctive form of home ownership that have many characteristics that differ from other residential arrangements such as single family home ownership, condominiums and renting.

Single-family detached home free-standing residential building

A stand-alone house is a free-standing residential building. Sometimes referred to as a single-family home, as opposed to a multi-family residential dwelling.

Duplex (building) two-unit flat building or condominium

A duplex house plan has two living units attached to each other, either next to each other via townhouses or above each other like apartments. By contrast, a building comprising two attached units on two distinct properties is typically considered semi-detached or twin homes but is also called a duplex in parts of the Northeastern United States.

Housing in Japan

Housing in Japan includes modern and traditional styles. Two patterns of residences are predominant in contemporary Japan: the single-family detached house and the multiple-unit building, either owned by an individual or corporation and rented as apartments to tenants, or owned by occupants. Additional kinds of housing, especially for unmarried people, include boarding houses, dormitories, and barracks.

Housing in Portugal is generally similar to housing in the rest of Europe. However, some specificities exist. Portugal has the highest rate of rural population in Western Europe, which means that roughly a third of the Portuguese families live in farms or properties outside urban areas. Another characteristic is that most of the urban population is actually suburban. The metropolitan areas of Lisbon and Porto each have over 2 million inhabitants. In these areas, families live in apartment blocs, each apartment usually having two bedrooms, a living room, a kitchen and one or two bathrooms.

Secondary suite is an urban planning term used mainly in North American English for a self-contained apartment in an owner occupied single-family home / lot that is either attached to the principal dwelling or in a separate structure on the same property. In British English the term "annexe" is used instead. Reasons for wanting to add a secondary suite to a property may be to receive additional income, provide social and personal support to a family member, or obtain greater security.

A housing unit, or dwelling unit, is a structure or the part of a structure or the space that is used as a home, residence, or sleeping place by one person or more people who maintain a common household.

A common area is, in real estate or real property law, the "area which is available for use by more than one person..." The common areas are those that are available for common use by all tenants, (or) groups of tenants and their invitees. In Texas and other parts of the United States, it is "An area inside a housing development that is owned by all residents or by an overall management structure which charges each tenant for maintenance and upkeep."

Cressingham Gardens

Cressingham Gardens is a council garden estate in Lambeth. It is located on the southern edge of Brockwell Park. It comprises 306 dwellings, a mixture of four, three and two-bedroom houses, and one-bedroom apartments. It was designed at the end of the 1960s by the Lambeth Borough Council Architect Edward Hollamby, and built at the start of the 1970s. In 2012 Lambeth Council proposed demolishing the estate, to replace the terraced houses by apartment blocks. Most of the apartments would then be for sale to the private sector. The residents, those in Lambeth who wish to prevent the gentrification of the borough, and those who want to conserve what they believe to be important architectural heritage, are campaigning to prevent its demolition.

References

  1. "Real estate": Oxford English Dictionary online: Retrieved September 18, 2011
  2. James Chen (May 2, 2019). "What Is Real Estate?". investopedia.com. Retrieved May 13, 2019.
  3. "Real Estate". legal-dictionary.thefreedictionary.com. Retrieved May 13, 2019.
  4. "Title 16. Conservation; Chapter 1. National Parks, Military Parks, Monuments, and Seashores; Minute Man National Historical Park". US Legal.
  5. Kimberley Amadeo (March 28, 2019). "Real Estate, What It Is and How It Works". thebalance.com. Retrieved May 13, 2019.
  6. "Glossary of Terms". Real Estate Institute of Australia (REIA). Retrieved 25 March 2018.
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