The New Real Estate
Real Estate, sometimes referred to as real property, is technically land plus any other tangible improvements that might rest upon it or be installed in it. The improvements might be a building that is erected on the land, or a roadway. It can be something that is inserted into the ground, such as septic system. Land with any of these structures is said to be improved. It is unimproved hen it lacks them.
Any improvement on the land that might cause injury to the land when removed is part of the real estate. Likewise, a vacant land with natural minerals or natural improvements is also regarded as real estate. Real estate does not cover any improvement on the land which can be removed without any injury to the land.
Real Estate could also be seen as a very big business covering the following and more:
- It is composed of a wide variety of professionals (and professional opportunities).
- It involves many different kinds of properties, each with its on special characteristics and issues.
The real estate professional understands the big picture. He or She knows that each individual transaction, no matter how big or small, has an economic effect that ripples far beyond the parties gathered around the table.
Real estate transactions are common around us. They cut across leasing or renting out an apartment or a building to a private person or a corporate body for business or residence purposes, expert opinions of appraisers of value of farm land to banks’ lending money to corporation to purchase buildings. The most common of all is the buying and selling of homes. Parties to a real estate transaction include buyers and sellers of homes, tenants and landlords, investors and developers. All these add up to the complexity of real estate.