real estate

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Related to Real estate law: Property law

Real Estate

Land, buildings, and things permanently attached to land and buildings. Also called realty and real property.

Real estate is the modern term for land and anything that is permanently affixed to it. Fixtures include buildings, fences, and things attached to buildings, such as plumbing, heating, and light fixtures. Property that is not affixed is regarded as Personal Property. For example, furniture and draperies are items of personal property.

The sale and lease of real estate in the United States are major economic activities and are regulated by state and federal laws. The two major types of real estate are commercial and residential real estate. Commercial real estate involves the sale and lease of property for business purposes. Residential real estate involves the sale and rental of land and houses to individuals and families for daily living.

The sale of residential property is heavily regulated. All states require real estate agents and brokers, who earn a commission from the owner of real estate for selling the property, to be licensed. To get a license, a person must have a high school diploma, be at least eighteen years old, and pass a written test on real estate principles and law.

Since the 1970s, home buyers have been given additional protection under the law. Many states and municipalities require a seller of real estate to file a truth-in-housing statement. A seller must disclose any problems with the home, such as a wet basement or the presence of termites, on the form. Failure to disclose this information can result in the revocation of the purchase agreement or a lawsuit by the buyers against the seller for Fraud. In addition, some laws require an inspector to visit the property to determine if there are any problems.

Most purchases of residential real estate require the buyer to obtain a mortgage from a bank or other lending institution. The lending institution receives a security interest on the real estate, which means that if the borrower defaults in paying back the mortgage, the institution can obtain title to the property and resell it to pay off the mortgage debt.

The federal government enacted the Real Estate Settlement Procedure Act of 1974 (RESPA) (12 U.S.C.A. § 2601 et seq.) to ensure that the buyer of residential real estate is made aware of the many costs associated with the sale. RESPA mandates that a federally insured lending institution give the buyer advance notice of all the costs to be paid on the date of closing the transactions. These costs typically include the cost of property surveys, appraisals, title searches, brokers' fees, and administrative and processing charges.


Sales Law.

real estate

n. land, improvements and buildings thereon, including attached items and growing things. It is virtually the same as "real property," except real property includes interests which are not physical such as a right to acquire the property in the future. (See: real property)

real estate

noun acreage, block, chattels real, estate, fee, freehold, ground, hereditament, land, landed estate, lot, parcel, plot, property, real property, realty
See also: demesne, domain, estate, fee, holding, immovable, land, parcel, premises, property, realty
References in periodicals archive ?
Kendig-Schrader (2008) - Environmental Law, Litigation - Land Use & Zoning, Real Estate Law
With the launch of the Law School's Center for Real Estate Studies last year and the addition of four wonderful real estate experts to our faculty, New York Law School is developing a leading presence in the area of real estate law.
The webinar is led by an expert on what general counsel need to know about the most up-to-date aspects of real estate law, and focuses on:
Golant, offers his knowledge to Levin Law Group clients in the area of real estate law, bringing with him the know-how to get clients simply and successfully from contract to closing.
Sold concentrates on commercial real estate law, with an emphasis on commercial leasing, acquisitions and sales.
The webinar is led by a lawyer with extensive experience teaching construction lawyers about real estate law, John Klock (Director, Real Property and Environmental, Gibbons P.
He has been recognized by Florida Super Lawyers[R] magazine as a “Rising Star” in the field of real estate law every year since 2010.
CINCINNATI -- Keating Muething & Klekamp PLL (KMK([R])) was ranked #1 in Cincinnati in The Best Lawyers in America([R])2011 in seven areas: Corporate Law, Employee Benefits Law, Land Use and Zoning Law, Municipal Law, Project Finance Law, Real Estate Law, and Personal Injury Litigation.
In addition to commercial brokerage at Allied Property Group, Brien will open a real estate law practice in Greenwich.
It is available to those lawyers who have established expertise in real estate law, who observe high standards of professional and ethical conduct, who have contributed substantially to the improvement of real estate law, and who actively practice and have a minimum of 10 years' experience in real estate law.
Miller III has received Florida Bar Board Certification in Real Estate Law.
One of Siegel's closest friends, Jon Mechanic, the chairman of Fried Frank's top-rated real estate law practice, introduced him at the dinner.

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