real estate

(redirected from Land parcel)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.

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.

Cross-references

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 ?
The total site area of this land parcel is approximately 32,158 square meters, with a total consideration of approximately USD 43.
In this system, more emphasis is given to how a particular land parcel is uniquely defined and represented by its ownership together with rights, encumbrances, easements, etc.
The records include the spatial relationship of each address to the relevant land parcel in the cadastre.
Over the period 1979 to 1987, the urban core's share of new commercial land parcel development increased slightly to 59 percent.
Larger areas such as counties, zip codes, census tracts, or land parcels are represented as polygons with geocoded boundaries.
In this context, this research aims at introducing GIS implementation in South Korea and Seoul City and at investigating an application database logical modeling for urban land property management using base-map databases, land parcel maps, and land descriptions.
Year to date, BRE has acquired four operating communities (two in Southern California and two in the San Francisco Bay area), totaling 1,037 units, and one land parcel at a total acquisition cost of approximately $312 million.
We are pleased to announce the acquisition of this well located land parcel in Rockaway," commented Omer Ahmed, vice president of acquisitions, Russo Development.
M2 EQUITYBITES-March 29, 2016-Terreno Realty announces acquisition of land parcel in New Jersey for about USD9.
One land parcel is subdivided into seven single family home lots upon which Claverack intends to build and sell homes.
Contract award notice: Land Parcel Identification System (LPIS).
The starting bid for construction land parcel is 61 MKD per meter squared.