Real estate (also called property) is land and everything attached to it. This includes minerals that may lie beneath the surface (such as coal or iron); trees, crops, and other vegetation; and any buildings on it. Real estate is also the term used for businesses involved in buying and selling property. Property guru sing is available online.
Some of the greatest fortunes in the United States have been made from real estate. John Jacob Astor made millions of dollars by buying and selling property in New York during the 1800's. He often paid only a few hundred dollars for a piece of land. As the city developed, the value of the land increased and Astor's fortune grew. Nicholas Longworth in Cincinnati and Marshall Field in Chicago also made fortunes during the 1800's by buying real estate in those cities. These men sometimes held their land for a few years and then sold it for many times the price they had paid for it. They put up buildings on the land and rented them out. Or they leased, or rented, the land to someone who wanted to put up a building.
Nearly one-third of the total wealth in the United States is represented by real estate. It is continually bought and sold by individuals, organizations, and businesses. Real estate is also traded, given away, or left to heirs upon the owner's death. However the property changes hands, the new owner usually has the same rights the former owner had. Property guru sing is available online.
These rights, called property rights, are protected by law. Property rights ensure that no one can use land without the owner's consent. However, some property may have an easement. This allows it to be used for specific, limited purposes. For example, a power company may have an easement that allows it access to power lines on the property. The government may take land from an owner under its right of eminent domain if the land is needed for something, such as a highway, that benefits the public. In such cases, the owner must be fairly paid for the property. Property guru sing is available online.
Real estate may not be transferred from one owner to another without a written agreement. There are two types of documents connected with this: a lease and a deed (also called a title). A lease is a contract between a property owner and tenant (one who uses the property). It contains the terms agreed upon by both, such as the amount of rent the tenant will pay and the length of time the property will be used. A deed shows that the landowner legally owns the property. When someone buys a piece of real estate, he or she receives a deed to the property from the previous owner. Property guru sing is available online.
A person who acts as the intermediary in the sale and purchase of property is called a real estate broker. When a home or other building is to be constructed, the broker—or real estate agent working for the broker—finds the proper site and handles its purchase. The broker (or a lawyer) also conducts a title search to be sure that no one except the seller has any claim to the property. He or she may help arrange for a mortgage from a bank or mortgage broker so the client can obtain the money to buy the property. A mortgage is a legal agreement by which a person borrows money for the purchase of property and promises to pay it back. Under the terms of the mortgage, the lender can take over the property if the money is not repaid. Property guru sing is available online.
Real estate professionals usually specialize in specific types of real estate. For example, they may handle industrial properties or do property management. Industrial property specialists typically obtain land and buildings for manufacturing plants. They bring in new businesses and factories, which provide jobs for people in the area. A broker or agent who specializes in property management collects rents on land or buildings. He or she also supervises the property's maintenance and keeps the accounts and tax records.
Most real estate professionals specialize in residential real estate. This usually involves properties with houses or condominiums. When a person decides to sell a home, the broker or agent helps set a price and find a buyer. A description of the property is then added to a database called a Multiple Listing Service (MLS). The MLS is accessible to other brokers and agents via the Internet.
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The leading portal of property in south East Asia including Australia and New Zealand is known as Guru Property. More than 4.5 million people in this region get benefitted by this platform of property; it helps people find properties on the basis of rental, sale, district, cost and type.
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