Property Terms for Real Estate
Real Estate
Land and anything permanently affixed to the land and those
things attached to the building.
Property
The rights of ownership. The right to use, possess, enjoy,
and dispose of a thing in every legal way and to exclude
everyone else from interfering with these rights. Property
is generally classified into two groups, personal property
and real property.
Land
In a legal sense, the solid part of the surface of the earth,
as distinguished from water; any ground, soil or earth
whatsoever regarded as the subject of ownership and everything
annexed to it, whether by nature, e.g., trees and everything in
or on it, such as minerals and running water, or annexed to it
by man; e.g., buildings, fences, etc. In an economic sense,
land consists of all those elements in the wealth of a nation
which is supposed to be furnished by nature as distinguished
from those improvements which owe their value to the labor and
organizing power of man.
Home, House, Residence, Dwelling, La Residence
The place where one actually lives; a building used as a home
or dwelling.
Single Family Home
Single family residences are detached homes, usually with both
a front and back yard, driveway, and attached carport or
garage.
Single Family Detached Home
A residential home that is not attached physically to another
home.
More Property Terms
Multi Family Home, Multiple Family Home
Multi family homes include apartment buildings, townhouses,
condominiums, and shared housing. A building with 4 or less
units is not deemed commercial.
Multiple Family Building
A complex of five units and larger. It is deemed commercial.
Duplex
A 2 family house.
Mother Daughter Home
A mother daughter home is not the same as a two family home.
It may be that one cannot rent the other unit of the home
legally.
Condo, Condominium
A structure of two or more units, the interior space of which
are individually owned.
Apartment, Flat
A room or set of rooms occupied as a dwelling.
Apartment Building
A building divided into individual dwelling units.
Town House
Also known as a row house, generally refers to a type of
dwelling having two floors, with the living area and kitchen
on the first floor, and the bedrooms on the second. Town houses
share a common wall between units.
Commercial Property
Property intended for use by all types of retail and wholesale
stores, office buildings, hotels and service establishments.
Office
A place where business is transacted or a service is supplied.
Other Definitions
Many other real estate terms may require definitions and we
suggest the following links for other definitions:
Other Real Estate Definitions Source I
Other Real Estate Definitions Source II
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