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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 an item of real property, more generally buildings or housing in general Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.
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Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.
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The size of an apartment or house can be described in square feet or meters. In the United States, this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe may report the total area of the walls enclosing the home, thus including any attached garage and non-living spaces, which makes it important to inquire.
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It can be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room possibly a separate kitchen A one-bedroom apartment has a living or dining room separate from the bedroom Two bedroom, three bedroom, and larger units are common A bedroom is a separate room intended for sleeping It commonly contains a bed and, in newer dwelling units, a built-in closet for clothes storage See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, and house or home for more general information.
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Real estate business is the profession of buying, selling, or renting real estate.
A real estate transaction is the process whereby rights in a unit of property.
It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission. In North America, this intermediary is referred to as a real estate broker or realtor, or a real estate agent in everyday conversation, whilst in the United Kingdom, the intermediary would be referred to as an estate agent. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent.
Real property is immobile, preventing it from moving to a better market. Landlords are incapable of moving their physical land to the desired location, such as to another city for sale. In order to benefit from using parcels of land, users must travel from location.
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A real estate transaction is the process whereby rights in a unit of property or designated real estate is transferred between two or more parties, e.g. in case of conveyance one party being the seller and the other being the buyer It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations Conventions and requirements also vary considerably among different countries of the world and among smaller legal entities jurisdictions.
The mentioned research action ‘Modelling Real Property Transactions’ investigated methods to describe selected transactions in a formal way, to allow for comparisons across countries jurisdictions. Descriptions were performed both using a more simple format, a Basic Use Case template, and more advanced applications of the Unified Modelling Language Process models were compared through an ontology-based methodology, and national property transaction costs were estimated for Finland and Denmark based on the directions of the United Nations System of National Accounts.
