Real estate is a legal definition used for a variety of purposes. Real state is different from the state of real estate which is different from the state of residence. Real estate is land comprised of buildings and land attached to it; its natural resources including water, minerals or crops; an actual ownership vested in it an actual property of the property itself. The term is usually used to describe real property that is not owned by a person or institution. For example, properties in Mexico are considered real estate while those in the United States are real state.
Real estate is a legal term that is not commonly used in Canada. However, the United States has used the term to define properties held by foreign residents. The term has been in use since the 16th century and is still in use today. Property in Mexico is considered real state because of the fact that the Mexican government does not have a constitutional right to tax a property held in the country.
A legal definition of real state requires that the property be held under “legal title” for a period of three years. This means that a person who owns a property in Mexico has legal title to that property and may enter the property without paying a fee. When the property owner leaves the country, the property can be entered by another Mexican resident without paying a fee.
A real estate agent in Canada is allowed to work in the state of California and have the rights that an agent in the United States would in Canada. An agent in the United States must pay a fee and is required to live in the state.
Real estate is a legal term that is not commonly used in Canada. However, the United States has used the term to define properties held by foreign residents. The term is usually used to describe the real estate that is not owned by a person and is held under the terms of a contract. The contract may be a land contract or an ownership contract for a manufactured home.
An individual, corporation or other entity that holds a legal title to property in any jurisdiction must abide by the laws of that jurisdiction. By using the term “real estate,” LDG Sky it is meant the property that a person buys or owns and holds for a period of time or ownership in any jurisdiction.