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 (also) an item of real property, (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing." It is a legal term used in jurisdictions whose legal system is derived from English common law, such as India, the United Kingdom, United States, Canada, Pakistan, Australia, and New Zealand.
Residential real estate
Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.
Residences can be classified by, if, and how they are connected to neighbouring residences and land.
- Attached / multi-unit dwellings Apartment (American English) or Flat (British English) – An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings. Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit. Terraced house (a. k. a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space. Condominium (American English) – Building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. In North America, there are townhouse or rowhouse style condominiums as well. The British equivalent is a block of flats. Cooperative (a. k. a. co-op) – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
- Semi-detached dwellings Duplex – Two units with one shared wall.
- Detached dwellings Detached house or single-family detached house
- Portable dwellings Mobile homes or residential caravans – Potentially a full-time residence that can be (might not in practice be) movable on wheels. Houseboats – A floating home Tents – Usually very temporary, with roof and walls consisting only of fabric-like material.
The size of an apartment or house can be described in square feet or meters.
It can be described more roughly by the number of rooms.
The size is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.
Sales and marketing
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), whilst in the United Kingdom, the intermediary would be referred to as an estate agent.