Real estate is an area or measured quantity of land that encompasses whatever structure is associated with it, be it natural or man-made. Certain examples include buildings, trees, agricultural lands, water, minerals, and fences. Real estate is the ownership of the land and any factor associated with it be it temporary or permanent until the property belongs to the person. The owner of the land has full rights to do activities under legal rights based on the ownership of the land.
Physical characteristics of the Real-estate include-
Indestructible- Land is an indestructible material. Although current processes help in the excavation and removal of land quantities, it is generally considered solid. People often buy lands for mining and removal of minerals and it is a major income.
Uniqueness- No two parts of the land are the same even though they look similar. They differ geographically or through small variations that are not visible such as land quality and nature.
A real estate is a type of real property that is valued.. Real property is anything that is generally immovable or remains attached to the property such as buildings and minerals. It differs from personal property, which although belongs to the person and can remain on the land, can be moved such as vehicles, furniture, equipment, and instruments.
There is a general misconception around the land, real estate, and real property, although all these words are interchangeably used to denote property. The land is any property that is present on the Earth’s surface and below it about the ownership. Real estate is the general term that denotes the permanent structures along with the land and its ownership. Real property denotes the interests and rights of Real estate ownership.
Real estate is in reality, an industry. It incorporates various sectors and employs hundreds of millions of employers and providers throughout the world. Real estate provides living for people through construction, development, property management, advertisement, material supply, finance, and education. Professionals of various sectors and fields are employed in this business not limited to laborers, surveyors, financiers, accountants, lawyers, architects, and government officials. Companies and banks invest hundreds of billions of dollars in this field, mainly because of future development and market growth. Lands and buildings are purchased in main markets or profitable locations with the idea that the price of markets rises, therefore indirectly raising the standard of cost for Real estate. It, therefore, acts as an investment for the owner and does not matter if the owner intends not to use the property even for some time.
A real estate is a form of investment and widely drives economic growth both directly and indirectly. Investment through direct methods includes purchasing homes, rental properties, and other forms of properties involving land while indirect methods involve investment through trust, more commonly known as RETI. These forms of investment help in increasing production, labor, and demand for materials in construction and also help in the development of companies as well as the workforce thereby driving the economy forward.
Real estate is considered to have numerous faces because of its complex nature, applicability, and ownership. It can be any form such as improved or unimproved based on the development on the land, purchased or sold based on the side of the transaction, and private, government, and corporate based on the nature of ownership.
Other than those involved with construction and buying, some people help in smooth transactions and provide the availability of such real estate. Such people are called Brokers and salespeople who facilitate in selling or buying of the property. They act as middlemen to provide services that involve the availability of land, analysis of its quality, connecting buyers and sellers, and proper verification of documents.
There are numerous laws for Real estate drawn individually for each country. They are framed based on the nature of the land, the government’s rules, economy, topography, and various other factors. Also, there are different sets of laws for different types of Real-estate such as Commercial, Residential and Corporate. These are defined based on the type of framework and guidelines prescribed by the government. Therefore, Residential Real Estate varies widely from MNCs and factories which use Commercial and Industrial Real estate.
Real estate therefore can provide occupation and is an industry involving the transaction based on land and its components.