In the legal terminology the term real estate encompasses the property and any thing affixed on the property like the buildings and other structures. But today there is a considerable boom in the real estate industry and the real estate is further divided into real property and personal property. This is mainly due to the increased demand in the commercial property segment.The real estate is used in different jurisdiction in different countries. For example in the UK the term property can suffice needs. But when it comes to US and Canada the property should be wspecifically distinguished to be personal or commercial. When you plan to buy a property, you should be clear that you are doing it for an investment or for a personal. For both the purposes you need to do a thorough research to obtain a good deal in your favor.Buying a property requires considerable patience, time and a certain amount of risk to be taken from your side. These reasons require you to take the help of an established realtor who can help you in assessing the market and various options that is available to you. However the future of real estate is promising. The increasing population and development of cities depicts that the future of it is still going strong.One of the tried and tested methods in the real estate is to first search for a property of your preference and then sends an offer or a sales contract to the seller. In your sales letter it is better not to quote any price, this option let you leave the seller to quote the price and there can be enough scope for a negotiation. In the sales letter you can include other details like the intended date of purchase, down payment you wish to pay and the method of payment, the party who will be paying the legal and closing payments. In short it should contain all the details required to proceed with the case. You can give your expected budget range and ask for the suggestions of the seller.Even from the past, real estate is found to be an option that can help youith huge tax savings. This makes it to be a practical and efficient method of saving. However many of the stringent law barriers often prevent people to heavily invest on real estate in the modern countries. In these developed countries the mortgage loans are the commonly used instrument for the purchase and development of properties. Investing in real estate will also ensure that you have an asset for the investment you had made.It is needless to say that the real estate industry is on a high. The increased mortgage loan rates and the number of applications flooding each day at various financial institutions speak volumes about the scope of this field. The good thing about real estate industry is it can be used as an investment or you can buy the land for your personal needs. However building a land and then constructing a house and then renting it is a good option to get a continuous return from your investment. And for more serious investors there are other options like resort real estate and dealing with farms and golf courses.