By real estate is meant land together with the natural resources and permanent structures. Real estate underlines the fact that it is something solid and tangible and not like the wealth of knowledge that is ephemeral or moveable property like jewels and bonds etc. Real estate is something real. One can crumble the earth with the fingers – smell and taste it to get the cool solid feel of solid earth on which stands the roof above our heads. In this earthly world the real estate is the primary need of everyone – the dream of becoming a real estate owner.
There is an unique difference between real estate and other investments. Real estate value is related to its immediate neighbourhood – the place where the real estate is located. Thus local factors determine the price. For instance the value of land in the heart of a bustling city will be far more than that way out in the suburbs.
The word real estate is a legal term to refer to the land and all that there is permanent on it. It is in contrast to personal property or chattel. The term real estate is used in common law while in civil law it is referred to as immovable property.
The word real in legal parlance means relating to a thing as different from a person. Thus the law makes a difference between real property and personal property. Real estate was used for the first time in the historical records of 1666.
In UK the words real estate is used mainly in cases dealing with probate or when there is a change of ownership of the land.
Real estate now covers a major zone of business with the development of property that is private. To buy real estate a significant amount of funds are required. As one region is different from another the real estate industry too has evolved in many distinct fields. Each department of the real estate industry has its specialist - real estate appraisers who value the property, real estate brokers who broker deals, real estate developers and real estate property managers. Other divisions are real estate marketing, real estate investing and real estate relocating services. The corporate real estate section manages the property held by a corporate body.
The residential real estate may be of different types – residential, commercial or industrial. Anything to do with construction is related to real estate. Lately in the cyber age the Internet real estate terminology has come into use to refer to the domain – a parallel being drawn to ground realities.
Residential real estates may be apartments, multi-family houses, terrace houses, semi detached houses, mobile houses, houseboats and even tents.
Real estate laws differ from country to country and keep on changing in keeping with the times. Once elder sons could only inherit or there was a stigma against daughters inheriting. Today roads are eating into the real estates.