The real estate business in one of the fast flourishing industry in the contemporary world which involves properties comprising land, buildings, underground rights below the land and air rights above the land. The business is termed comprising two words the “real” and “estate” which means “physical” for “real” and “property” for “estate”. The origin or the inception of the word “real” is still debatable. Some say that the word “real” came from the Latin word “res” which means things whereas others say that the word has originated from the Latin word “rex” meaning “royal”. In the olden period, the kings owned all the land in the empire eventually all the land and land-related properties were under the control of royal powers. Therefore, some people speculate that the word “real” has emerged from the “rex” or “royal” more appropriate to define the nature or concept of the word. Get in touch with reliable real estate business like Baudinet.ca in order to purchase and sell land and land-related properties for your fast-financial improvements.
There are basically four types of real estate properties namely (1) the residential real estate properties, (2) the commercial real estate properties, (3) the industrial real estate properties, and (4) land real estate properties which include vacant land, working farms and ranches. The first category of real estate properties i.e. the residential real estate properties comprise both resale homes and new constructions. The most common among the residential real estate properties are the single-family homes. However, there are other categories like townhouses, condominiums, duplexes, triple-deckers, co-ops, quadplexes, multi-generational homes, high-value homes and vacation homes which comprise residential real estate properties.
The commercial real estate properties encompass strip malls, educational buildings, shopping centres, medical buildings, office buildings and hotels. Besides this, the apartment buildings are also categorised as commercial real estate despite the fact that they are used for residential purposes. The apartments are considered commercial real estate due to the fact that they are usually owned by the individuals who normally do not use their houses in the apartment for their own residence or stay but give them for rent to produce income.
The industrial real estate properties include warehouses, manufacturing buildings and other structures which are used for many purposes like production or processing, research, storage and distribution of materials etc. These classifications in the real estate industry are important because based on the classifications zoning, mode of constructions and sales are done.
The land is categorised as working farms, vacant land and ranches which is further subcategorised into early development or reuse and undeveloped land.
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