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Real estate

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Real estate is a legal term (in some jurisdictions, such as the United Kingdom, Canada, Australia, USA and The Bahamas) that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location—immovable.[1] Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction and include things such as commercial and residential real property transactions. Real estate is often considered synonymous with real property (sometimes called realty), in contrast with personal property (sometimes called chattel or personalty under chattel law or personal property law).

However, in some situations the term “real estate” refers to the land and fixtures together, as distinguished from “real property,” referring to ownership of land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Real property is typically considered to be Immovable property[2] The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.

References

  1. ^ “Real estate” The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. Dictionary.com Retrieved July 12, 2008
  2. ^ “Real Estate and Mortgage Glossary / Definitions – terms beginning with “R”” Real Estate ABC – Information on Buying and Selling A Home. Web. 10 Aug. 2009.

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