Real estate comprises of the landed properties on it, and its accompanying natural resources like water, plants or minerals; immovable property, of this kind; and an equitable interest, vested in it, in any one instance. The word “real” signifies that which is not temporary, and which is a definite thing, distinct from what may be termed “personal”, that is, things not attached to your body. Personal property, on the other hand, signifies possessions you happen to own at the moment, and which are not transferred to or inherited by your dearest, meek and poor. Real estate therefore, includes immovable and immobile properties, with corresponding rights and privileges, as well as the soil, buildings, and livestock on which they are situated. The term “real” also includes abstract property, including improvements made to a piece of real estate, whether such improvements affect the land itself, the physical makeup of the property, or the physical attributes of the real estate around it.
Real estate today is extensively utilized for housing purposes. Large number of people residing in cities make it necessary to build homes. Residential real estate includes residential homes, condominiums, town houses, apartments, mobile homes, duplexes, row homes, rent houses, resale homes, manufactured homes, agricultural lands, undeveloped lands, commercial real estate, farm lands, etc. Some examples of these are apartment buildings, town houses, row homes, condominiums, manufactured homes, office buildings, office complexes, retail properties, office complexes, etc.
On the other hand, there are differences between the types of real estate. Man-made real estate encompasses residential buildings, commercial buildings, industrial buildings, agricultural lands, undeveloped lands, infrastructure development projects, and others. There are some exemptions to the above-mentioned types of real estate. For instance, the structures designed and built for single-family residences are called residential buildings while multi-family residences fall under the category of commercial buildings.