In everyday language, we often use the word “Real Estates“. It seems such a common term that everyone should know what it means. Is it so?
It is one of the types of things. Real estate is parts of the land that constitute a separate subject of ownership (land), as well as constructions enduringly combined with the portions of buildings if under special regulations they constitute an object of ownership unrelated from the land.
It should be noted that estate is not only buildings but also land (eg building plot, agricultural land ) and parts of buildings (eg premises, flats). Real estate is not movable and is subject to separate legal regulations. It is most often called buildings or land.
What Do We Include In Real Estate?
Real estate functions – depending on the type of estate, they fulfill the appropriate functions. The basic function is to meet the owner’s needs (e.g. a flat or workplace), it can also be, for example, capital placement or loan security ( mortgage ).
There are three types of real estates:
- land ;
- building ;
- premises (parts of buildings).
Real estate is therefore both:
- plots of land,
- flats,
- houses,
- premises,
- halls and
- facilities (e.g. hotel facility)
Division Of Real Estates According To Various Criteria
A detailed division of real estate according to the subjective criterion is the estate where the owner is :
- household
- farm
- enterprises
- public entities
Division According To The Type Of Subject :
- residential real-estate
- recreational real-estate
- service and commercial real-estate
- industrial real-estate
- agricultural real-estate
- special properties
- forest real-estate
Types Of Real Estates
The property can be divided into three types. They are:
- building – by definition, a building estate must have buildings permanently attached to the land, which, concerning specific regulations, constitute an object of ownership separate from the land. These are i.a. buildings erected by a perpetual usufructuary and an agricultural production cooperative.
- land – these are parts of the earth’s surface that constitute a separate object of ownership. The components of the soil include, in particular, buildings and other devices permanently attached to the ground, as well as trees and other plants from the time of planting or sowing. This means that the owner of the land also owns all movable property that is permanently attached to the land.
- housing – parts of buildings constituting a separate subject of ownership. The owner of the premises is also a co-owner of the land on which the building is erected. Other rooms may also belong to the premises as parts. For example, an attic, basement, cellar, garage.
Real Estate In Accounting
According to the Accounting Act,
- land
- the right to perpetual usufruct of land
- structures and buildings
- premises owned separately
- The cooperative ownership right to a dwelling
- cooperative right to business premises
A building is a type of structure that has building envelopes, such as walls, a ceiling, and a roof. The construction law defines a building as a building object permanently attached to the ground, separated from the space by building partitions, with foundations and a roof.