Real estate today is any property containing land and all the accompanying buildings on it, and its accompanying natural resources like water, crops or underground minerals; immovable real estate, on the other hand, is property that may be moved from one place to another. The two distinctions between the two types of property are based mainly on the legal title to the property and on the price paid for it. Real estate, immovable real estate included, is a very vast category, and the division into categories is usually based on the use to which the property is put to and on its sale. In this regard, properties that are used exclusively for business are placed in a separate category than those for domestic purposes.
A real estate agent represents a particular type of real estate property and often acts as the representative for the seller, and sometimes also for the buyer. An agent has the authority from the seller to negotiate the contract that binds the two parties; he prepares and submits all the legal papers required by the state; and represents the client in all matters within the scope of the business. It is the duty of the real estate agent to make good the agreement reached between the two parties and close the deal. As far as the real estate agent is concerned, the buyer and seller are parties to the transaction and the property sells or purchases as a result of the legal transactions made at the closing session.
Real estate consists of many categories such as single family residential, light industry, commercial properties, agricultural lands, industrial lands, family lands, etc., while each category exhibits characteristics of its own. Single-family residential real estate is ideal for first time buyers and investors. Commercial properties, on the other hand, are ideal for medium to large scale investors. Agricultural lands are popular with small farmers and are not accessible by all. Industrial lands are the areas where large factories and plants are located and it is also an area to be explored by investors who want to make money in real estate by making investments in certain industries.