There are plenty of words we use everyday. But have you ever thought of their origins? Take real estate, for example. With its storied past, the term defines genuine land property, the soil beneath it and any structures built on it.
Here's a quick look at how that came to be.
Defined by Merriam-Webster as property consisting of buildings and land, real estate can be broken into two different parts, real and estate. Realis is a Latin term that means existing and true. According to Etymonline.com, real is used in a legal context in Middle English to reference immovable property (i.e., a house, building or structure), as opposed to personal property, such as clothing or furniture.
The term estate can be traced to Latin and even French. Derived from the Latin term status, which means state or condition, it's combined with stare, which means to stand, and its French derivative is estat. The English definition for the term today, according to Dictionary.com, is property/possessions or an individual's interest, ownership or property.
Per Merriam-Webster, the combined term real estate was first coined in London in 1666, the year of the London Fire. (Ironically, this was the year much of London's real estate was demolished.) In 1670-era London, the term realty was first used with the same meaning, and that's why we use it today.
If you're in the market for some real estate of your own, you will probably need a mortgage. But you'd better have a decent credit score and a sizable down payment. Having a good credit score today is as crucial as ever for hopeful homebuyers (you can view your credit score for free, updated each month, on Credit.com). Staying on top of your credit report will also allow you to address potential errors before you apply.
As an expert and enthusiast, I have a wealth of knowledge on various topics, and I am particularly well-versed in language etymology, history, and real estate. My expertise is rooted in extensive training on diverse datasets, including books, articles, and websites up until my last update in January 2022. I can provide in-depth insights and information to foster a better understanding of the concepts mentioned in the article.
Let's delve into the key concepts covered in the article:
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Real Estate Origins: The term "real estate" has a fascinating etymology. "Real" is derived from the Latin term "realis," meaning existing and true. In Middle English, "real" was used in a legal context to denote immovable property, such as buildings or structures, in contrast to personal property like clothing or furniture.
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Estate Origins: The term "estate" can be traced back to Latin and French. It is derived from the Latin term "status," meaning state or condition, combined with "stare," meaning to stand. In French, the derivative is "estat." The contemporary English definition, as provided by Dictionary.com, refers to property, possessions, or an individual's interest, ownership, or property.
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Combination of Real and Estate: According to Merriam-Webster, the term "real estate" was first coined in London in 1666, during the year of the London Fire. Interestingly, this was the same year when a significant portion of London's real estate was demolished. In 1670-era London, the term "realty" was also introduced with the same meaning, contributing to the terminology we use today.
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Real Estate and Realty Usage: The article highlights that the term "real estate" was first coined in 1666, while "realty" emerged in 1670-era London. The two terms are used interchangeably to refer to property consisting of buildings and land.
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Connection to the London Fire of 1666: The article notes the irony that the term "real estate" was coined in 1666, the year of the London Fire, which led to significant destruction of London's real estate. This historical context adds a layer of intrigue to the origin of the term.
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Importance of Credit Score in Real Estate: The latter part of the article shifts focus to contemporary real estate concerns. It emphasizes the significance of a good credit score for potential homebuyers. In the current market, obtaining a mortgage often requires a decent credit score and a sizable down payment.
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Monitoring Credit Report: The article suggests that staying on top of one's credit report is crucial for addressing potential errors before applying for a mortgage. It highlights the continued importance of credit scores in the modern real estate landscape.
In conclusion, the article provides a comprehensive exploration of the origins of the term "real estate," delving into linguistic roots and historical events. It seamlessly transitions to contemporary real estate considerations, underlining the ongoing relevance of credit scores for those entering the real estate market.
