View random article

What Is Real Property?

Different classifications and categories of property exist within the spectrum of common law. Such properties may be distinguished form one another based on the form they take or the value they have. Real property, in contrast to personal property, is referred to as land or any other improvements done by human work. This could include buildings, machines, and others.


Real property may also be referred to as real estate, realty, or immovable property, and it includes not just land but everything else that are found within, above, and beneath the land. For example, a person buys a house. The person’s real property includes the land where the house sits, the house, the possible mineral deposits found under the land of the house, and everything else found within the perimeter of the house bought.


Many property laws exist that define real property, along with who can own, buy, sell, and make other transactions with regards to real property. Real property is one of the major classifications of property in common law, the other being personal property. In order to define and identify what consists real property, there must be some type of valid, legal property description such as a title or deed.


Within the category of real property, the law recognizes distinguishing interests referred to as estates. An estate differs from all other based on the deed, title, or bill that defines it. A person who claims ownership, possession, or lease with an estate may be referred to as a tenant.


 

Featured in Finance