You may have heard of the term €real estate€ for a hundreds or even thousands of times already but for some, a term as legal as this may be hard to fully understand. What does it really mean? What is its history?
Real estate is a term used for legal purposes that encompasses land and the other improvements to the land like wells and fences, buildings and other kinds of improvements on the site that are not movable or are those that are fixed in location. Some people consider often that realty or real property is synonymous with it. It is in contrary to a personal property. Personal property means that it is a movable private property. Real Estate may also refer to fixtures and land together in some situations, referring to ownership of land and it includes everything that is permanent in nature like trees, minerals, structures and the inherent rights and benefits thereof. The term €real estate€ was first used in preserved historical records that dated back to year 1666. In United Kingdom, however, the term €real property€ is used in the place of €real estate€ although in the context of probate law the term €real estate€ is mostly used.
Many of our economists in recent years have realized that it can be a significant hindrance to investments if there is a lack in effective laws about it in a developing country. It has been known that a big part of a country's total wealth is in the form of buildings and lands. It is the same in both poor and rich countries.
Private property ownership developed through the years which made real estate a very ideal line or area of business. That major area of business is known as commercial real estate. The real estate industry has evolved through the years and many different fields were born. There are a lot of types of real estate businesses. Examples of which are appraisal, brokerages and relocation services. Property management and development are also among others. Now, properties are considered as investments that can be bought, sold or traded. It requires a significant investment but the return is really good.
At present time, real estate, like any other kinds of industries, is still going over ups and downs. The risk is high, it is always there, but as they always say, €the higher the risk, the higher is the return€.
Real estate is a term used for legal purposes that encompasses land and the other improvements to the land like wells and fences, buildings and other kinds of improvements on the site that are not movable or are those that are fixed in location. Some people consider often that realty or real property is synonymous with it. It is in contrary to a personal property. Personal property means that it is a movable private property. Real Estate may also refer to fixtures and land together in some situations, referring to ownership of land and it includes everything that is permanent in nature like trees, minerals, structures and the inherent rights and benefits thereof. The term €real estate€ was first used in preserved historical records that dated back to year 1666. In United Kingdom, however, the term €real property€ is used in the place of €real estate€ although in the context of probate law the term €real estate€ is mostly used.
Many of our economists in recent years have realized that it can be a significant hindrance to investments if there is a lack in effective laws about it in a developing country. It has been known that a big part of a country's total wealth is in the form of buildings and lands. It is the same in both poor and rich countries.
Private property ownership developed through the years which made real estate a very ideal line or area of business. That major area of business is known as commercial real estate. The real estate industry has evolved through the years and many different fields were born. There are a lot of types of real estate businesses. Examples of which are appraisal, brokerages and relocation services. Property management and development are also among others. Now, properties are considered as investments that can be bought, sold or traded. It requires a significant investment but the return is really good.
At present time, real estate, like any other kinds of industries, is still going over ups and downs. The risk is high, it is always there, but as they always say, €the higher the risk, the higher is the return€.
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