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Real Estate Development Terminology
If you are thinking of getting into the real estate industry, or just want to know more about the field for an upcoming business venture, there are a few key terms with which you may want to become familiar.
Acquisition - An acquisition is a term used to describe a real estate transaction where one company not only purchases property, but takes over ownership of the business.
Broker - A broker can wear many hats in the real estate industry. A broker can be an agent that represents the buyer when working out the mortgage deal and closing process with the bank. Often in real estate, a Realtor or agent obtains certification in brokerage as well.
Earnest Money - Earnest money is a fee or deposit given to the seller to prove that the buyer is serious about completing the transaction. This takes place with the buying and selling of both residential property and commercial real estate.
Survey - Building and developing new architecture will require a surveyor to assess the size and area of a piece of land. The water table and soil content is also evaluated for commercial construction reasons.
Surety - For some commercial development transactions, a surety is required. When this term is used in real estate, it generally refers to a guarantee that a person or entity will perform as contracted.
Tax Map - A tax map is a document that outlines the physical property lines of a parcel of land and indicates the annual property tax figures for that location. Tax maps are kept at the town or city tax office and are part of public record.
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Real estate development is an important part of the industry. So what is it exactly? Real estate development is when agents and property developers make improvements to a piece of property or land in order to increase its value. This can involve something as simple as adding a home addition or remodeling a room, and as complex as converting run-down apartments into luxury condos or developing railroad tracks.
Improving the real estate value can lead to greater returns on investment. And who doesn't want more bang for their buck? It may involve a large outlay of cash in the beginning, but the resale value is usually well worth it in a good market. A real estate development agency or Realtor often takes risks for commercial and residential property improvements.
Sometimes real estate development involves the environment. For instance, impact surveys regarding soil and water are often needed prior to building on a certain area. Real estate development may also encompass the renovation and re-lease of existing buildings, along with sales of improved parcels of land. Real estate properties can range from housing complexes and land to apartments and luxury condominiums.
In general, developers don't do any of the actual construction. They purchase the land, finance the deal, and hire builders to do the construction in the community. However, they are involved in many processes of a project, from design and management to financing and sales. Developers often work alongside architecture specialists, city planners, inspectors, engineers, and surveyors in their daily interactions. They also work with real estate agents and brokers to sell each piece of housing or property to the right buyer. Acting as middlemen between a construction company and a buyer, it's important for skilled developers to be able to anticipate which types of buildings are in demand.