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Encyclopedia > Real Estate
Property law
Part of the common law series
Acquisition of property
Gift  · Adverse possession  · Deed
Lost, mislaid, or abandoned
Treasure trove
Alienation  · Bailment  · License
Estates in land
Allodial title  · Fee simple  · Fee tail
Life estate  · Defeasible estate
Future interest  · Concurrent estate
Leasehold estate  · Condominiums
Conveyancing of interests in land
Bona fide purchaser
Torrens title  · Strata title
Estoppel by deed  · Quitclaim deed
Mortgage  · Equitable conversion
Action to quiet title
Limiting control over future use
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest in land
Easement  · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures  · Waste  · Partition
Riparian water rights
Lateral and subjacent support
Assignment  · Nemo dat
Other areas of the common law
Contract law  · Tort law
Wills and trusts
Criminal Law  · Evidence

Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location.[1] Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personalty). However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership rights of the land itself. Image File history File links This is a lossless scalable vector image. ... This article or section does not cite any references or sources. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... A gift, in the law of property, has a very specific meaning. ... In common law, adverse possession is the process by which title to anothers real property is acquired without compensation, by, as the name suggests, holding the property in a manner that conflicts with the true owners rights for a specified period of time. ... An English deed written on fine parchment or vellum with seal tag dated 1638. ... {{PropertyLaw}} In the [[common law]] of [[property]], personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are deemed to be lost, mislaid, or abandoned, depending on the circumstances under which they were found by the next party to come... A treasure-trove is gold, silver, gems, money, jewellery, etc found hidden under ground or in cellar or attics, etc. ... Alienation, in property law, is the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another. ... Bailment describes a legal relationship where physical possession of personal property (chattels) is transferred from one person (the bailor) to another person (the bailee) who subsequently holds possession of the property. ... To licence or grant licence is to give permission. ... At common law, an estate is the totality of the legal rights, interests, entitlements and obligations attaching to property. ... Allodial title is a concept in some systems of property law. ... Fee simple, also known as fee simple absolute or allodial, is a term of art in common law. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ... A life estate, is a term used in common law to describe the ownership of land for the duration of a persons life. ... A defeasible estate is created when a grantor transfers land conditionally. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ... A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. ... This article is about the form of housing. ... Conveyancing is the act of transferring the legal title in a property from one person to another. ... A bona fide purchaser (BFP)—or bona fide purchaser for value without notice (BFPFVWN)—in the law of real property, is an innocent party who purchases property for value, without notice of any other partys claim to the title of that property. ... Torrens title is a system of land title where a register of land holdings maintained by the state guarantees indefeasible title to those included in the register. ... Strata Title is a form of ownership devised for multi-level apartment blocks, which have apartments at different levels or strata. Strata title was first introduced in New South Wales, Australia to better cope with apartment blocks. ... Estoppel by deed is a doctrine in the law of real property that arises where a party conveys title to land that he does not own to a bona fide purchaser, and then acquires title to that land. ... A quitclaim deed is a term used in property law to describe a document by which a person (the grantor) disclaims any interest the grantor might have in a piece of real property, and passes that claim to another person (the grantee). ... This article is about the legal mechanism used to secure property in favor of a creditor. ... Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date. ... This page is a candidate to be copied to Wiktionary. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A restraint on alienation, in the law of real property, is a clause used in the conveyance of real property that seeks to prohibit the recipient from selling or otherwise transferring his interest in the property. ... The rule against perpetuities is a rule in property law which prohibits a contingent grant or will from vesting outside a certain period of time. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... In the common law of England, the doctrine of worthier title was a legal doctrine that preferred taking title to real estate by descent over taking title by devise or by purchase. ... A nonpossessory interest in land is a term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another. ... For railroad track easement see Track transition curve. ... A profit, in the law of real estate, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. ... A covenant running with the land, is a real covenant, in the law of real property. ... An equitable servitude is a term used in the law of real property to describe a nonpossessory interest in land that operates much like a covenant running with the land, requiring the landowner to maintain certain practices with respect to the land (e. ... In the law of real property, fixtures are anything that would otherwise be a chattel that have, by reason of incorporation or affixation, become permanently attached to the real property. ... Waste is a term used in the law of real property to describe a cause of action that can be brought in court to address a change in condition of real property brought about by a current tenant that damages or destroys the value of that property. ... A partition is a term used in the law of real property to describe the court-ordered division of a concurrent estate into separate portions representing the proportionate interests of the tenants. ... Riparian water rights (or simply riparian rights) is a system of allocating water among those who possess land about its source. ... Lateral and subjacent support, in the law of property, describes the right a landowner has to have that land physically supported in its natural state by both adjoining land and underground structures. ... An assignment is a term used with similar meanings in the law of contracts and in the law of real estate. ... Nemo dat quod non habet, literally meaning no one [can] give what they dont have is a legal rule, sometimes called the nemo dat rule that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ... The term criminal law, sometimes called penal law, refers to any of various bodies of rules in different jurisdictions whose common characteristic is the potential for unique and often severe impositions as punishment for failure to comply. ... The law of evidence governs the use of testimony (e. ... For other uses, see Law (disambiguation). ... Motto: (traditional) In God We Trust (official, 1956–present) Anthem: The Star-Spangled Banner Capital Washington, D.C. Largest city New York City Official language(s) None at the federal level; English de facto Government Federal Republic  - President George W. Bush (R)  - Vice President Dick Cheney (R) Independence - Declared - Recognized... Old Executive Office Building, Washington D.C. Bank of China Tower, Hong Kong, China In architecture, construction, engineering and real estate development the word building may refer to one of the following: Any man-made structure used or intended for supporting or sheltering any use or continuous occupancy, or An... This article does not cite any references or sources. ... Personal property is a type of property. ... In the law of real property, fixtures are anything that would otherwise be a chattel that have, by reason of incorporation or affixation, become permanently attached to the real property. ...


The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property. This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... For other uses of civil law, see civil law. ... This article does not cite any references or sources. ... In all the civil law systems, immovable property is the equivalent of real property in common law systems, i. ...

Contents

Etymology

In law, the word real means relating to a thing (res/rei, thing, from O.Fr. reel, from L.L. realis "actual," from Latin. res, "matter, thing"[2]), as distinguished from a person. Thus the law broadly distinguishes between "real" property (land and anything affixed to it) and "personal" property (everything else, e.g., clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. The oldest use of the term "Real Estate" that has been preserved in historical records was in 1666 .[2]


The use of "real" to refer to land also reflects the ancient preference for land, and the ownership thereof (and the owners thereof). This, in turn reflects the values of the medieval feudal system, which is the ultimate root of the common law. A LAND attack is a DoS (Denial of Service) attack that consists of sending a special poison spoofed packet to a computer, causing it to lock up. ... Feudalism comes from the Late Latin word feudum, itself borrowed from a Germanic root *fehu, a commonly used term in the Middle Ages which means fief, or land held under certain obligations by feodati. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ...


It has been argued that the word Real is derived from "royal" (The word royal—and its Spanish cognate real—come from the related Latin word rex-regis, meaning king. For hundreds of years the Royal family / King owned the land, and the peasants paid rent or property taxes to be on the Royal's land. The word "Real" in Spanish is "Royal". Similar to El Camino Real, or Royal street. Today, just like hundreds of years in the past, we pay property taxes, or rent to be on the government's land or the Royal Estate). However, the "real" in "real property" is derived from the Latin for "thing"[3].


Real estate terminology and practice outside the United States

Real estate as "real property" in the U.K.

In British usage, “real property”, often shortened to just “property”, generally refers to land and fixtures as such while the term “real estate” is used mostly in the context of probate law, and means all interests in land held by a deceased person at death excluding interests in money arising under a trust for sale of or charged on land.[4] Probate is the legal process of settling the estate of a deceased person; specifically, resolving all claims and distributing the decedents property. ... For other uses, see Death (disambiguation). ... For other uses, see Money (disambiguation). ...


See Real property for a definition and Estate agent for a description of the practice in the UK. This article does not cite any references or sources. ... Estate agent is a United Kingdom term roughly synonymous in the United States with the term real estate broker, a business that arranges the selling, renting or management of homes, land and other buildings. ...


French, Italian, Portuguese, Romanian, Spanish and German usages of the term

In French, Italian, Portuguese, Romanian, Spanish and German, real estate is called "immovables" (French: immobilier, Italian: immobiliare, Spanish: inmueble Portuguese: imóvel, Romanian: imobiliare and German: Immobilie); other property is called "movables" (French: mobilier, Spanish: mueble, and German: Bewegliche Sachen).


Real estate in Mexico and Central America

The real estate business in Mexico and Central America is different from the way that it is conducted in the United States.


Some similarities include a variety of legal formalities (with professionals such as real estate agents generally employed to assist the buyer); taxes need to be paid (but typically less than those in U.S.); legal paperwork will ensure title; and a neutral party such as a title company will handle documentation and monies in order to smoothly make the exchange between the parties. Increasingly, U.S. title companies are doing work for U.S. buyers in Mexico and Central America.


Prices are often much cheaper than most areas of the U.S., but in many locations prices of houses and lots are as expensive as the U.S., one example being Mexico City. U.S. banks have begun to give home loans for properties in Mexico, but, so far, not for other Latin American countries.


One important difference from the United States is that each country has rules regarding where foreigners can buy. For example, in Mexico, foreigners cannot buy land or homes within 50km of the coast or 100km from a border, while, in Honduras, they may buy beach front property. There are also different special rules regarding certain types of property: ejidos—communally held farm property—cannot be sold to anyone, but that does not prevent them from being offered for sale.


Many websites advertising and selling Mexican and Central American real estate exist, but they may need to be researched.


In Costa Rica, real estate agents do not need a license to operate, but the transfer of property requires a lawyer.


Business sector

With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include: This article or section does not cite any references or sources. ... This article does not cite any references or sources. ... In economics, a business (also called firm or enterprise) is a legally recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, charities or other businesses. ...

  • Appraisal: Professional valuation services
  • Brokerages: Assisting buyers and sellers in transactions
  • Development: Improving land for use by adding or replacing buildings
  • Property management: Managing a property for its owner(s)
  • Real Estate Marketing: Managing the sales side of the property business
  • Real Estate Investing: Managing the investment of real estate
  • Relocation services: Relocating people or business to a different country
  • Corporate Real Estate: Managing the real estate held by a corporation to support its core business—unlike managing the real estate held by an investor to generate income

Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. In addition, almost all construction business effectively has a connection to real estate. A real estate appraisal is a service performed, by an appraiser, that develops an opinion of value based upon the highest and best use of real property. ... A real estate broker is a term in the United States which describes a party who acts as an intermediary between sellers and buyers of real estate (or real property as it known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy. ... A real estate developer (American English) or property developer (British English) makes improvements of some kind to real property, thereby increasing its value. ... Property management is the operation of commercial, industrial and/or residential real estate. ... Relocation is a process of moving people or business to a different place. ... For other uses, see Construction (disambiguation). ...


"Internet Real Estate" is a term coined by the internet investment community relating to ownership of domain names and the similarities between high quality internet domain names and real-world, prime real estate. Internet Real Estate is a popular new buzz word that really has two definitions. ...


Residential real estate

The legal arrangement for the right to occupy a dwelling is known as the housing tenure. Types of housing tenure include owner occupancy, Tenancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, and squatting. Variants include timeshares and cohousing. Housing tenure refers to the financial arrangements under which someone has the right to live in a house or apartment. ... An owner-occupier is a person who lives in a house that he or she owns. ... A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. ... A housing co-operative is a legal entity, usually a corporation, that owns real estate, one or more residential buildings. ... This article is about the form of housing. ... A local authority tower block in Cwmbrân, South Wales Public housing or project homes are forms of housing tenure in which the property is owned by a government authority, which may be central or local. ... For other uses, see squat. ... A timeshare is a form of vacation property ownership. ... A cohousing community is a kind of intentional community composed of private homes with full kitchens, supplemented by extensive common facilities. ...


Residences can be classified by if and how they are connected to neighboring 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.


Major physical categories in North America and Europe include:

  • Attached / multi-unit dwellings
    • Apartment ("flat" outside North America) - An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
    • Multi-family house - Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
    • Terraced house (a.k.a. townhouse or rowhouse) - A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
    • Condominium - Building or complex, similar to apartments, owned by individuals. Common grounds are owned and shared jointly. There are townhouse or rowhouse style condominiums as well.
  • Semi-detached dwellings
    • Duplex - Two units with one shared wall.
  • Single-family detached home
  • Portable dwellings
    • Mobile homes - Potentially a full-time residence which can be (might not in practice be) movable on wheels.
    • Houseboats - A floating home
    • Tents - Usually very temporary, with roof and walls consisting only of fabric-like material.

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 reports the area of the walls enclosing the home, and thus includes any attached garage and non-living spaces. This article is about the structure. ... A red brick apartment block in central London, England, on the north bank of the Thames An apartment building, block of flats or tenement is a multi-unit dwelling made up of several (generally four or more) apartments (US) or flats (UK). ... Multi-family residential is a classification of housing where multiple separate housing units (at least 5) are contained within one building. ... A street of British Victorian/Edwardian terraced homes. ... This article is about the form of housing. ... Semi-detached housing (usually abbreviated to semi, as in three-bedroom semi) consists of pairs of houses built side by side as units sharing a party wall and usually in such a way that each houses layout is a mirror image of its twin. ... A duplex house is a two-unit apartment building or condominium, usually indistinguishable from a normal house on the exterior. ... A Northern European single-family home in Germany. ... A modern double-wide manufactured home. ... A houseboat in Amsterdam Houseboat for Students in Zwolle, Netherlands. ... This article does not cite any references or sources. ... A square foot is by definition the area enclosed by a square with sides each 1 foot long. ... A square metre (US spelling: square meter) is by definition the area enclosed by a square with sides each 1 metre long. ...


It can also 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 also common. (A bedroom is defined as a room with a closet for clothes storage.) Studio apartments are small, single-level living quarters intended for use by an individual. ...


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. Residential dwellings can be built in a large variety of configurations. ... The introduction to this article provides insufficient context for those unfamiliar with the subject matter. ... House at Cúcuta, Colombia A house is a building typically lived in by one or more people. ... For other uses, see Home (disambiguation). ...


Market sector value

According to The Economist, "developed economies'" assets at the end of 2002 was The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd and edited in London. ... This article is being considered for deletion in accordance with Wikipedias deletion policy. ...

That makes real estate assets 54% and financial assets 46% of total stocks, bonds, and real estate assets. Assets not counted here are bank deposits, insurance "reserve" assets, and human assets; also it is not clear if all debt and equity investments are counted in the categories equities and bonds. For U.S. asset levels see FRB: Z.1 Release- Flow of Funds Accounts of the United States. One million million (1,000,000,000,000) is the natural number following 999,999,999,999 and preceding 1,000,000,000,001. ... The term commercial property includes business property (eg office buildings), industrial property, medical centers, hotels, stores. ... Ownership equity, commonly known simply as equity, also risk or liable capital, is a financial term for the difference between a companys assets and liabilities -- that is, the value that accrues to the owners (sole proprieter, partners, or shareholders). ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ... A corporate bond is a bond issued by a corporation. ... This article does not cite any references or sources. ... The Metropolitan Life Insurance Company is one of the largest New York based life insurance companies Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Human capital is a way of defining and categorizing peoples skills and abilities as used in employment and otherwise contribute to the economy. ... For other uses, see Debt (disambiguation). ... At the start of a business, owners put some funding into the business to finance assets. ...


Mortgages in real estate

In recent years, many economists have recognized that the lack of effective real estate laws can be a significant barrier to investment in many developing countries. In most societies, rich or poor, a significant fraction of the total wealth is in the form of land and buildings.


In most advanced economies, the main source of capital used by individuals and small companies to purchase and improve land and buildings is mortgage loans (or other instruments). These are loans for which the real property itself constitutes collateral. Banks are willing to make such loans at favorable rates in large part because, if the borrower does not make payments, the lender can foreclose by filing a court action which allows them take back the property and sell it to get their money back. For investors, profitability can be enhanced by using an off plan or pre-construction strategy to purchase at a lower price which is often the case in the pre-construction phase of development. A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). ... Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owners failure to comply with an agreement between the lender and borrower called a mortgage or deed of trust. ...


But in many developing countries there is no effective means by which a lender could foreclose, so the mortgage loan industry, as such, either does not exist at all or is only available to members of privileged social classes.


See also

Look up Real estate in
Wiktionary, the free dictionary.

Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 151 languages. ... Buyer brokerage (or Buyer agency as it is also known) is the practice of real estate brokers (and their agents) representing a buyer in a real estate transaction. ... It has been suggested that this article or section be merged into property finder. ... An Estate comprises the houses and outbuildings and supporting farmland and woods that surround the gardens and grounds of a very large property, such as a country house or mansion. ... Estate agent is a United Kingdom term roughly synonymous in the United States with the term real estate broker, a business that arranges the selling, renting or management of homes, land and other buildings. ... A real estate broker is a term in the United States which describes a party who acts as an intermediary between sellers and buyers of real estate (or real property as it known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy. ... The current US property bubble is the United States economic bubble in real estate following the stock market bubble in the 1990s called, among other things, the dot-com bubble. ... This aims to be a complete list of the articles on real estate. ... This article is about the local crime prevention organization. ... This page deals with property as ownership rights. ... A real estate broker is a term in the United States which describes a party who acts as an intermediary between sellers and buyers of real estate (or real property as it known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy. ... Estate agent is a United Kingdom term roughly synonymous in the United States with the term real estate broker, a business that arranges the selling, renting or management of homes, land and other buildings. ... A real estate appraisal is a service performed, by an appraiser, that develops an opinion of value based upon the highest and best use of real property. ... Real estate economics is the application of economic techniques to real estate markets. ... A real estate developer (American English) or property developer (British English) makes improvements of some kind to real property, thereby increasing its value. ... // A Real Estate Investment Trust or REIT (rēt, rhymes with treat) is a tax designation for a corporation investing in real estate that reduces or eliminates corporate income taxes. ... Homes in Monterey County, California, are some of the most expensive in the Unites States. ... The introduction to this article provides insufficient context for those unfamiliar with the subject matter. ... This article does not cite any references or sources. ... Realtor is a U.S. registered trademark that identifies a real estate professional who is a member of the National Association of Realtors (NAR) and subscribes to its Code of Ethics. ... The subprime mortgage crisis is an ongoing problem manifesting itself through liquidity issues in the banking system which have become more prevalent due to foreclosures which accelerated in the United States in late 2006 and triggered a global financial crisis during 2007 and 2008. ... It has been suggested that this article or section be merged with Internal Revenue Code section 1031. ...

References

  1. ^ "real." The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. Dictionary.com (accessed: January 26, 2008)
  2. ^ a b "real", Online Etymological Dictionary
  3. ^ The American Heritage Dictionary, "real"; http://www.bartleby.com/61/97/R0069700.html
  4. ^ Oxford Dictionary of Law (4th edition), New York: Oxford University Press, 1997; See also Estate in land
An estate is the right, interest, or nature of interest, a person has in real property. ...

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