When we speak of Real Estate, we refer to a particular type of purchase transaction where there is the grantor, a seller, a lien or mortgage company and a buyer who exercises “cession” over the property. Real estate is basically land consisting of the structures and/or land on it, and its accompanying natural resources like water, minerals or plants; and its accompanying economic resources including labor, capital or population in general. Real estate includes: buildings (including residential, commercial, industrial); vacant land; improvements, whether improvements are made to an existing structure, new development or remodeling; land trust, partnership, corporation or ownership by others; and vacant land held by the United States government for the purpose of housing the homeless. These are some of the many different types of Real Estate in operation today.
There are four main categories of real estate that are commonly referred to and discussed. The first group comprises residential real estate. This type includes homes, condominiums, townhouses, mobile homes, manufactured homes and vacant land. The next category, the industrial real estate, includes office buildings, shopping centers, warehouses, garages, trailers, storage facilities, manufacturing plants and factories, hotels, motels, private schools, government buildings and retails. Finally, there are the non-residential categories which consist of strip malls, parks, colleges and universities, farms, wildlife preserves and waterfront properties.
In most instances, residential Real Estate is the large-scale investment in vacant land or buildings where people live, work and shop. On the other hand commercial real estate deals with the buying, selling, leasing and managing of such structures. There are two main types of commercial real estate: property-based and asset-based. Property-based deals with land or buildings while asset-based deals with the financing of the structure itself.
In commercial real estate, it is primarily concerned with the sale and lease of space. A reit broker assists buyers and sellers with the buying and selling of space in different kinds of commercial real estate properties. The reit broker helps sellers and buyers in searching for space for rent or sale by providing them with a database of available properties and their current status. Reit brokers can also assist in putting together a deal, arranging financing and negotiating terms and conditions.
One segment of the real estate industry that is enjoying great popularity today is the new home construction and renovation industry. New home construction and renovation projects include both modular and stick built homes and older homes and pre-built homes. These projects aim to bring about major changes in the area of real estate. The projects range from renovation of existing homes to the construction of brand new homes. Some of the popular new home construction and renovation activities include rehabbing, adding amenities like swimming pools, parking lots and other extra amenities.
Real Estate Agents represents many different clients. It includes buyers, sellers, builders, developers, property managers, architects, developers, subcontractors, mortgage brokers, realtors and other agencies. The properties they manage are either sold through the agent’s offices or directly to the buying public through the use of the internet. They are also involved in the leasing process, ensuring quality tenants, maintaining appropriate building codes, communicating information about the properties to all parties involved, collecting required permits and performing title searches.