Real estate
Real estate refers to the land, as well as any permanent improvements attached to the land, whether natural or man-made, including houses, buildings, landscaping, fencing, wells, etc. The term real estate means real, or physical, property.
Types of Real Estate
There are four types of real estate:
- Residential real estate includes both new construction and resale homes. The most common category is single-family homes. There are also condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational and vacation homes.
- Commercial real estate includes shopping centers and strip malls, medical and educational buildings, hotels and offices. Apartment buildings are often considered commercial, even though they are used for residences. That's because they are owned to produce income.
- Industrial real estate includes manufacturing buildings and property, as well as warehouses. The buildings can be used for research, production, storage and distribution of goods. Some buildings that distribute goods are considered commercial real estate. The classification is important because the zoning, construction and sales are handled differently.
- Vacant land includes farming land, ranching land, and undeveloped land.
Real Estate Industry
The real estate industry is a key driver of economic growth. Construction of new buildings is a component of gross domestic product. It includes both residential, commercial, and industrial buildings.
Real Estate Transactions
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) is transferred between two or more parties, e.g. in case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations.
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Contributors: Prab R. Tumpati, MD
