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.

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 ?
Last fall, The Real Deal announced that they will carry RLS listings on their new real estate listing website free of charge, and which is slated to launch in February 2018.
This Las Vegas real estate listing had been repainted and recarpeted for the sale of the home.
MD & DC Community is an online resource providing community residents with information about local restaurants, retail stores, consumer services, educational programs, and real estate listings in the Maryland and DC area.
This Boulder City Nevada real estate listing is measured at 1,456 square feet and the lot size is 9,583 square feet.
Through Cyberhomes, Prudential Real Estate listings also will appear on AOL.
com)-- Despite the recent increase in demand for housing in 2014, it has been more and more difficult to find real estate listings in Thornhill.
CCIMnet is a leading source of commercial real estate listings and we are pleased to offer our affiliates additional exposure for their property listings.
The antitrust division is investigating the potential competitive impact of certain rules involving the display of residential real estate listings over the Internet.
Addition of Real Estate Listings on Global Scale Geared to Attract Property Owners, Purchasers and Renters on Six Continents
com)-- Ilan Joseph, a renowned real estate agent in Toronto, now features a new detailed update of Vaughan real estate listings on his official website.
com, the largest website for real estate listings in the World.
Police found catalogs, real estate listings and bills for an Internet service that lists foreclosed properties at the Cahuenga Avenue house.

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