Minneapolis Real Estate Lawyer

Real Estate: Purchase and Sale

The purchase and sale of real estate is an important and integral part of the United States economy. Real estate is a legal term that encompasses land, including anything permanent on the land, such as buildings. The term real estate is somewhat synonymous with real property, also known as realty. However, real estate generally includes the property and buildings, whereas real property refers to the land itself.

Purchasing real estate generally requires a large starting investment. Because the field of real estate has grown into such an important sector of business, specialization has occurred. Types of real estate fields include appraisals, brokerages, property development and management, relocation services, and corporate real estate. Within each area, businesses may further pinpoint their area of expertise, and only work with residential, commercial, or industrial pieces of land.

Recent estimates of the value of various sectors in real estate are astounding. At the end of 2002, the residential real estate segment was valued at $48 trillion whereas commercial property was priced at about $14 trillion. After other factors such as government bonds were added in, the total real estate market for the year was totaled at $115 trillion.

The purchase and sale of real estate is a very important form of business in the United States. It generates a lot of revenue and economic activity, adding to the financial stability of the country. Disputes can arise in the transaction of property. If you need an experienced attorney to settle your real estate issue, the Minneapolis real estate business lawyers at Skjold Barthel can help you today at 612.746.2560.