This article is about the business of buying, selling, and renting real property. For the legal concept, see real property. For the indie rock band, see Real Estate (band).
Part of the common law series
Real property Personal property
Gift Adverse possession Deed Conquest Discovery Accession Lost, mislaid, and abandoned property Treasure trove Bailment License Alienation
Estates in land
Allodial title Fee simple Fee tail Life estate Defeasible estate Future interest Concurrent estate Leasehold estate Condominiums Real estate
Bona fide purchaser Torrens title Strata title Estoppel by deed Quitclaim deed Mortgage Equitable conversion Action to quiet title Escheat
Future use control
Restraint on alienation Rule against perpetuities Rule in Shelley's Case Doctrine of worthier title
Easement Profit Usufruct Covenant Equitable servitude
Fixtures Waste Partition Practicing without a license Mineral rights Water rights prior appropriation riparian Lateral and subjacent support Assignment Nemo dat Quicquid plantatur Conflict of property laws Blackacre
Other common law areas
Contract law Tort law Wills, trusts and estates Criminal law Evidence
v t e
Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing."
It is a legal term used in jurisdictions such as the United States, United Kingdom, Canada, Australia, and New Zealand.
1 International real estate terminology and practice
1.1 Real estate as "real property" in the U.K.
1.2 Real estate in Mexico and Central America
1.3 Real estate in Thailand
2 Residential real estate
3 Market sector value
4 See also
6 External links
International real estate terminology and practice
Real estate as "real property" in the U.K.
In British usage, "real property", often shortened to just "property", generally refers to land and fixtures, while the term "real estate" is used mostly in the context of probate law, and means all interests in land held by a deceased person at death, excluding interests in money arising under a trust for sale of or charged on land.
See real property for a definition and estate agent for a description of the practice in the UK.
Real estate in Mexico and Central America
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Real estate business in Mexico, Canada, Guam, and Central America operates differently from the United States.
Some similarities include legal formalities (with professionals such as real estate agents generally employed to assist the buyer); taxes need to be paid (but typically less than those in U.S.); legal paperwork will ensure title; and a neutral party such as a title company will handle documentation and money to make the smooth exchange between the parties. Increasingly, U.S. title companies are doing work for U.S. buyers in Mexico and Central America.
Prices are often much lower than prices in countries such as the U.S., but in many locations, such as Mexico City, prices of houses and lots are as expensive as houses and lots in countries such as the U.S. U.S. banks have begun to give home loans for properties in Mexico, but, so far, not for other Latin American countries.
In Mexico, foreigners cannot buy land or homes within 50 km (31 mi) of the coast or 100 km (62 mi) from a border unless they hold title in a Mexican Corporation or a Fideicomiso (a Mexican trust). In Honduras, however, foreigners may buy beach front property directly in their name. There are different rules regarding certain types of property: ejidal land — communally held farm property — can be sold only after a lengthy entitlement process, but that does not prevent them from being offered for sale.
Real estate agents in Costa Rica currently do not need a license to operate, but the transfer of property requires a lawyer. CCCBR (Camara Costarricense de Corredores de Bienes Raices) is the only official body that represents the Real Estate industry to the government. The Costa Rica MLS is the official MLS of the Costa Rica Chamber of Real Estate Brokers Board. The Chamber institutes the rules, regulations and ethical guide for officially licensed brokers in Costa Rica.
In Mexico, real estate agents do not need a license to operate, but the transfer of property requires a notary public.