Real Estate; Real Property

Definition

Real estate or real property refers to land that is subject to ownership, including its permanent improvements and appurtenances.

Purpose

The purpose of real estate is to define the ownership and usage rights of land and any permanent structures attached to it, enabling transactions, development, and legal recognition of property.

Examples of Use

• Residential real estate includes homes, apartments, and land designated for housing.
• Commercial real estate encompasses office buildings, shopping centers, and industrial properties.
• Agricultural real estate involves farmland and ranches used for producing crops and raising livestock.

Related Terms

• Personal Property: Movable items not permanently attached to land or buildings.
• Property Deed: A legal document representing the ownership of property.
• Zoning: Laws and regulations that govern how land can be used.

Notes

Real estate is a significant investment and asset class, with ownership rights and responsibilities governed by local laws and regulations.