Real estate (also called "real property") is a term for land and improvements to that land, such as buildings and infrastructure. Commercial real estate can include factories and equipment as well as other improvements. Resources such as minerals or petroleum below the ground are part of real estate. These resources or the rights to extract them can be sold individually.

A deed is a document that transfers and records ownership of a piece of real estate. The deed contains the names of the seller and buyer, a legal description of the property, and the signature of the former owner. It is not required to be in your physical possession to show ownership. The old westerns you may have watched are not the current state of the law. Deeds are recorded by book and page number and can be accessed by the public by going to the recorders office or using on online service like  Iowa land records.

The seller must provide a form called a disclosure statement to the buyer. The disclosure statement details problems with the property or title. Sellers can use this to make sure the buyer is on notice about the condition of the property. Buyers should use this disclosure to determine if any additional inspections are warranted or take the risk that the seller disclosure is all the warning the buyer gets.

All land is subject to federal, state, and local regulations. In addition, private restrictions can be placed on a property as a condition of sale. As an example, federal regulations govern environmental impact. State laws typically discuss access to property and procedures for changing property boundaries. Local laws cover zoning rules, and everything from historical preservation to noise levels. Private restrictions are often employed by developers who want their developments to maintain a cohesive look or feel. Developments may employ restrictive covenants to enforce everything from garage size and house design to color schemes and lawn decorations.

Restrictions are what we provide when we want the benefit of living close to another so that we can all get along.

Joint tenancy with rights of survivorship is when individuals own equal shares in a property. Often, spouses hold property as joint tenants. All joint tenants must agree to a sale, to protect spouses from having their property sold without their knowledge. If a joint tenant dies, the other joint tenant inherits their share in the property. The survivor "wins" and takes sole title, no probate required. It does not matter what any will says.  

There is also tenancy in common, which allows people or commercial partners to own equal or unequal shares in a property. It is also used by married couples who want to trigger an estate at each spouse's death for estate planning purposes.

These types of ownership can become complicated, and the advice of a competent real estate attorney can be helpful to a real estate buyer.

A mortgage is a loan provided by a bank or other lender, where the collateral is real estate to be purchased using that loan. In addition, mortgages can carry a fixed or adjustable rate of interest. Some government programs provide mortgage assistance to veterans or other qualified individuals. In addition, real estate owners can take on additional mortgages to meet financial needs. Any mortgage is open to foreclosure if the real estate owner fails to make payments.

The mortgage ties the promissory notes obligation to pay to the real estate

Generally, real estate owners are given opportunities to avoid foreclosure by setting up a payment plan, and even if they don't  pay are allowed to stay in their home during the foreclosure process. In Iowa, it takes about 6 to 12 months to be foreclosed upon and removed from your primary residence. Lenders can speed this up slightly by agreeing that the price they can eventually sell the house for is the only recovery they get. This is called waiving the deficiency.

Lenders often avoid the complications of foreclosure by offering options to assist their borrowers. However, any risk of foreclosure should be discussed with a real estate attorney in order to protect the homeowner's interest. Sometimes it is best to walk away regardless.

Frequently, the foreclosure will strip away other liens on the property. If you redeem without the foreclosure being completed, this will not take care of the other junior liens that may be on the property.