Real estate means any property, which consists of land and real estate business means a business that deals with land. The land will consist of the natural resources of that land like water, minerals and crops or any other property of nature which is immovable. Land can also be inclusive of the building. When individuals say that they are in the real estate business, it means they deal with
- Buying of housing, land or building
- Selling of housing land or building
- Renting of building, housing and land
How the term real estate was coined
There is a very clear distinction between the personal and the real property under the eyes of the law. Things like furniture; clothes etc. are all personal property. A property that is immovable and that need a clear transfer in the title is known as the real property. “Real” means, anything that actually exists. This is the meaning of real in English. So there are many who believe the term real estate was coined because of this.
Yet another belief is as follows. The term real estate came into existence sometime during 1605. The word ‘real’ in olden days meant royal or real. It is a Latin word which means king. So real means king. In olden days, all the land belonged to the king and hence, the name real was formed. The king used to get rent either directly or indirectly from the people who occupied his land. However, there are a few who feel this conception is not true, and this not how the term real estate would have been coined.
There is also another etymology in which Henry VIII made the term ‘real estate’ official as an English term and laws were set for carrying out the real estate business. So what exactly is the real estate business?
Real Estate Business
There has been a great increase in the need to own a property in the recent years. With such increase, there is a boom in the real estate business. Real estate Business means a business where the people buy and sell properties. These days constructions are a part of real estate business. To buy a property the investment that is needed is very high, and each and every transaction is unique and one of its kind. So in a real estate business each transaction has to be handled differently. There are a lot of specialists in the field of real estate nowadays who make it easier to process various transactions of the real estate business. Some of the specialists who help in facilitating the real estate business are as follows.
- Values – are those who help in the valuation of the property.
- Brokers – they are people who act as an intermediary between the actual seller and the final buyer.
- Developers – they are people who enhance the land value by developing it. That is they build buildings or do other kind of value additions to the land.
Real estate business is the happening business these days. In order to take a practical understanding of this business, you should take guidance of Your Personal Financial Mentor because he will guide you the current aspects of the real estate market and will also tell you how to tackle them effectively and gain benefits.
Categories: Real Estate