February 3, 2006, Newsletter Issue #3: What qualifies as real estate?

Tip of the Week

Real estate property and housing is generally termed as land and the structures and resources permanently attached to it. Things deemed “permanently attached” may be also referred to as improvements, including homes, garages, barns and buildings.. Resources may include things such as gas, oil and minerals.

Typically, once you own real property, improvements may be made to it as well that would qualify as a structure permanently attached, although various federal, state, city, county and even local community regulations exist that can restrict the type of improvement that is made to the real property.

The three most common restrictions imposed by governmental bodies are zoning, or what the land may be used for. These uses might include

1. residential
2. industrial
3. agricultural or commercial.

Environmental hazards also could be a factor in determining what improvements or uses of the real property there might be. Storing hazardous materials on the property will be government-regulated.

The final restriction would be public right-of-way, or a portion of your real estate that has to be left open for others to use, such as a sidewalk or utility easement. Be sure to follow these restrictions and regulations carefully to avoid any fines, penalties or even criminal prosecution.

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