Real Estate Land

Whenever the term real estate is mentioned, what is often referred to is the land and everything permanently attached to it, including buildings, fences and the swimming pool among others. In legal parlance, these permanently attached properties are often coined as fixtures and as such, it becomes an integral part of the land. When buying real estate, you are actually taking in the whole package and not just the land or a portion of it.

Since the time property ownership was legalized in the civilized world, the term real estate has always been connected to a titled land property. Whether land comes as small in terms of lot area or in vast tracts covering thousands of acres in size, these are all classified as real estate. Modern society identifies the true financial strength of a person through his real estate holdings. Likewise the value of real estate is largely dependent on its strategic location such as its accessibility to trade routes; whether it's near a commercial business district, near manufacturing plants, or perhaps beside school campuses and so forth.

If you own real estate land for example, as property owner you are regulated by pertinent government regulations that control to a degree the use of real property. Any improvements made on the land are subject to zoning laws, land use laws, building codes, safety/fire codes and sanitary codes. Urban Planners are professionals tasked to draw out the growth and development plan of the locality. As such, property owners within the vicinity will have to abide by this plan to prevent over crowding, and so that everybody else can have equitable access to light and ventilation, utilities transportation rights and also law and order personnel when necessary.

Real estate lands are categorized as residential, for housing purposes; commercial holdings that include office spaces and shopping centers; agricultural estates for the production of various crops; industrial estates to locate manufacturing plants; ecumenical estates allocated for religious activities and government owned estates that houses different agencies.

Ownership to real estate is nevertheless not absolute because the government reserves the right to seize private property and use it for public purposes. This is called the “power of eminent domain” which is duly recognized by the United States Constitution but nevertheless prohibits taking private property “without just compensation”. A tangible example of the application of this law involves road-widening projects. Although unfair to real estate owners, this must be implemented for the greater good of the majority.

Real Estate Land | Friends |