What is Real Estate Law
estate is a legal term that encompasses land along with
anything permanently affixed to the land, such as buildings.
Real estate is often considered synonymous with real property
(also sometimes called realty), in contrast with personal
property, chattel, or personalty. However, for technical
purposes, some people prefer to distinguish real estate,
referring to the land and fixtures themselves, from real
property, referring to ownership rights over real estate.
The terms real estate and real property are used primarily
in common law, while civil law jurisdictions refer instead
to immovable property.
spite of the name, real estate has no connection with
the concept of reality (in other words, the law does not
consider real property more "real" than personal
property). It derives instead from the feudal principle
that in a monarchy, all land was considered the property
of the king. Thus originally the term real estate was
equivalent to "royal estate", real originating
from the French royale, as it was the French-speaking
Normans who introduced feudalism to England and thus to
the English language; cognate to Spanish real.
the development of private property ownership, real estate
has become a major area of business. Purchasing real estate
requires a significant investment, and each parcel of
land has unique characteristics, so the real estate industry
has evolved into several distinct fields. Specialists
are often called on to valuate real estate and facilitate
transactions. Some kinds of real estate businesses include:
- Professional valuation services
Brokerages - Assisting buyers and sellers in transactions
Development - Improving land for use by adding or replacing
Property management - Managing a property for its owner(s)
Relocation services - Relocating people or business to
Within each field, a business may specialize in a particular
type of real estate, such as residential, commercial,
or industrial property. In addition, almost all construction
business effectively has a connection to real estate.