Real estate

This article is about the business of buying, selling, and renting real property. For the legal concept, see real property. For the indie rock band, see Real Estate (band).

Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing."[1] It is a legal term used in jurisdictions such as India, the United States, United Kingdom, Canada, Pakistan, Australia, and New Zealand.

Residential real estate

Residential real estate is a type of property, containing either a single family or multifamily structure, that is available for occupation for non-business purposes.[2]

Residences can be classified by, if, and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.

Single-family detached house in Essex, Connecticut, USA.
Major categories in North America and Europe

The size of an apartment or house can be described in square feet or meters. In the United States, this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe may report the total area of the walls enclosing the home, thus including any attached garage and non-living spaces, which makes it important to inquire what kind of surface definition has been used.

It can be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). A one-bedroom apartment has a living or dining room separate from the bedroom. Two bedroom, three bedroom, and larger units are common. (A bedroom is a separate room intended for sleeping. It commonly contains a bed and, in newer dwelling units, a built-in closet for clothes storage.)

Major categories in India and the Asian Subcontinent

The size is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.

See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market and house or home for more general information.

Sales and marketing

It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission. In North America, this intermediary is referred to as a real estate broker (or realtor), whilst in the United Kingdom, the intermediary would be referred to as an estate agent.

See also

References

  1. ↑ "Real estate": Oxford English Dictionary online: Retrieved September 18, 2011
  2. ↑ "Title 16. Conservation; Chapter 1. National Parks, Military Parks, Monuments, and Seashores; Minute Man National Historical Park". US Legal.
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