real estate

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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 ?
In Los Angeles, the number of homes for sale dropped by 49 percent in the February-March period during 2013 versus the same period in 2012.
Local real estate brokerage sites also show newly listed homes for sale seven to nine days earlier than national portals.
Map View: People can see homes for sale, open houses, and apartments for rent plotted on a map
The local inventory of homes for sale has been below six months since January 2014.
To browse Hampton's homes for sale, go to: http://www.
Starts of homes for sale increased for the second straight year to 345,291 units, up 14.
Currently there are more than 4,500 homes for sale in the city of Austin listed on Movoto's Austin pages.
For more information on Fairfield Ohio homes for sale, please contact The Gabbard Team at 513-401-5188.
The increase reflects strong starts on homes for sale, which offset continued declines in starts on housing for rent and owner-occupied homes.
The inventory of new homes for sale at the current sales pace fell to a 3.
com announced today its launch in the South Carolina real estate market making accurate homes for sale listings and data such as foreclosure and short sale statistics, crime rates, school test scores, sales records and average home prices readily available to consumers interested in local markets across the state.
The Reunion resort now offers many vacation homes for sale, as well as an updated waterpark and club house.