To understand real estate, think of land. Now, this land may be barren and empty, or it may have any permanent structures attached to it, such as a house, a factory, or a residential building. Real estate is a type of real property that can not be moved from one place to another. Real Estate Law Firms in Barrie deal with the selling and buying of such lands.
What is Real Property?
Real property, as stated earlier, is either barren land or land with structures attached to it, such as a house, a station, or a factory. Real property can be moved from one place to another.
What is Personal Property?
Unlike real property, personal property can be moved from one place to another. Personal property includes all those assets that you can take with you if you intend to move to another city or country. Things such as the furniture of your house, your mobile phone, and the money in your bank account are all types of personal property.
Types of Real Estate
There are five certain types of real estate, the most common of which is residential real estate, which refers to land used for residential purposes, either in the form of houses, condos, cottages, or buildings. The second is commercial real estate, land used for business purposes such as building a grocery store or a hospital. The third is industrial real estate, land on which factories are established. The fourth type of real estate is vacant land, which refers to open land that is used for purposes such as hunting, farming, or developing other buildings. Finally, the last type of real estate is the special purpose real estate in which structures are established for particular and confined use, such as cemeteries and libraries.
If you are interested in getting to know more about real estate law, contact JMS Law.
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