Real estate includes real property that exists, as well as the rights, privileges, powers, and immunities attached to it, and all the material improvements appertaining thereto. Real estate consists of land including the dwellings on it and all the assets in relation thereto, and its accompanying natural resources like metals, minerals or water; immaterial realty, except in so far as the appertaining property is transferred by deed, mortgage, or loan to a legally recognized corporation. Real estate also includes any improvements on the property which do not result in an increase in the value of the property. In the United States real estate includes the real property located within the territorial jurisdiction of the United States, but outside the limits of any Indian reservation. Within the states, wherever real estate is located, it is termed real estate.
Real estate includes all real property held by the United States or any person holding an equitable interest in the same. Real estate is normally described by terms such as owned by the United States, permanently attached to the United States, or forming part of the United States. The term permanently attached to the United States indicates that the right to use, enjoyment, and disposition of the property remains with the government, whereas the term owned refers to the right of the owner and frequently includes an easement, right-of-way, or proprietary interest of the owner. A right-of-way is a right to use, or to exercise, a public right affecting the use of a highway for transportation by water or other means. An easement, by contrast, is a grant of an exclusive right to use a property without the necessity of negotiating with the property owner.
Real estate includes personal property held by people for the exclusive use of themselves and their immediate family members. The term personal property does not include real property held by individuals or corporations for the benefit of others. It includes only real estate that is transferred between individuals or families as a result of a Deed, a legal instrument creating a trust, or between individuals and corporations using a mortgage. In the case of communal property such as pools and parks, real estate may be held collectively as a community interest in common.
Private residences include houses, condominiums, townhouses, mobile homes, duplexes, row homes, manufactured homes, agricultural land, undeveloped lots, structures designed or constructed for specific purposes, private gardens and other similar types of buildings. Residential real estate includes structures designed or constructed for single family dwellings, multiple unit dwellings, townhouses, apartment buildings, condominiums, single-family homes, condominiums designed as apartments, and residences designed for college students. Commercial real estate includes office buildings, warehouses, stores, retail stores, shopping centers, hospitals, residential communities, and industrial production facilities. Industrial real estate includes warehouses, garages, manufacturing plants, and storage facilities used to warehouse finished products and deliver goods to customers.
A building can be described as a structure that provides a dwelling place or a specific type of living arrangement. A property’s form is determined by the purpose it is used for, as well as the people who live in the dwelling. In most instances, people live in one-story homes, apartments, condos, townhouses, two-story homes, and one-story converted buildings. The most common type of real estate structure is a two-story building attached to a multi-unit building, but this is not always the case. A private residence is considered a single-family residence when it is built on a piece of vacant land and resale is the primary purpose of the property.
Other main categories in real estate include residential, business, industrial, commercial, agricultural, and mixed uses. The size and location of the property will often determine which category it falls into, although it could be located anywhere in most realty sectors. Other important factors such as amenities, school districts, and tax incentives are considered in the classification of property that falls into one of the main categories.