We often hear the term “real estate” being thrown around when talking about several types of property like houses and high-rise buildings. The term itself is used to describe the land, as well as the structures, natural or man-made, that is permanently fixed into it. It is also used to refer to the ownership of an individual or an entity on a certain property or land. As a general concept, it is a vast one, and it basically covers a lot of facets that impact everyone involved, from homeowners, tenants, landlords, lenders, home buyers, to business entities, either directly or indirectly.
When talking about this subject, the first thing that comes to mind is buying or selling a house. For a common person, it is one of the closest things associated to the term “real estate,” and for good reason. The market itself involves lenders, brokers, and agents working with people who want to either purchase or sell a house. This aspect involves making a great investment, and along with is a process that involves a lot of paperwork, dealing with mortgages, and, of course, interactions between buyers or sellers and agents, brokers, or lenders. It also involves instances of foreclosures, or losing the home due to failure to pay mortgage. This, however, are legal matters that are best left to lawyers who specialize in housing industry.
Another thing worth noting in the realm of the housing industry is with regards to the relationship between the landlord and the tenant. The renting or leasing of residential or commercial properties typically involves the two parties exercising their respective rights within the rental or lease setup. Also, landlords and tenants are bound by rental or leasing agreements that basically detail the obligations of each party, such as maintenance and repair, and actions such as eviction. Fair housing issues and disputes are often covered under landlord-tenant relationships, and are likewise resolved through the expertise of housing cases attorneys.
One interesting facet of housing involves neighbors and their rights. Indeed, not only is housing focused on the individual or entity looking to buy or sell a property; it is also focused on matters that concern homeowners within a certain neighborhood, or tenants within a rental property owned by a landlord. Issues of noise, boundaries (fencing the four sides of the lot), and even barking dogs, are often tackled in this aspect of housing.
Commercial real estate is very much the same as the residential and rental housing, but it is rather complicated given how businesses have to deal with zoning and leasing problems, not to mention landlords and businesses entering into leasing agreements. The truism when it comes to housing, which is “location, location, location” is much displayed here.
Everything involving the housing industry can be fully understood by looking at its business side and on its legal side. On one hand, the buying, selling and renting property is the core of housing as a business. On the other hand, real estate is governed by laws that all major actors should adhere to with regards to buying, selling and renting of property.
If you wish to invest on a certain home or property, it is important that you surround yourself with people knowledgeable about the subject. You would want to seek assistance of an agent who can help you find the best home or property you are looking for. You may also want to hire a mortgage broker who will help you find the bank with the best terms and rates. These professionals will make sure that you are able to purchase the best home at the best price and terms possible.