This Site Requires Javascript
Burger Menu

Real Property

Definition

In English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property was, and continues to be, all property that is not real property.

Real Property

What is 'Real Property'

Real property, also referred to as real estate, realty or immovable property, is any property attached directly to land as well as the land itself. It is any subset of land that has been improved through legal human actions. Real properties include buildings, ponds, canals, roads and machinery, among other things.

Explaining 'Real Property'

Real property is composed of any designated portion of land and anything permanently placed on or under it. The elements on or under the land include natural resources and/or human-made structures.

Fee Simple

Fee simple ownership, also called the fee simple absolute, is the most common type of freehold ownership on a real property. This is the highest possible type of ownership interest that can be owned by a real property holder. Those who own properties under this type of ownership have the right to sell the house, leave it to their beneficiaries or make changes, even if they still owe money on their mortgage. These rights are bounded by government powers of compulsory purchase, taxation, escheat and police power.

Life Estate

Life estate ownership implies the owner may only own and use the involved properties during his lifetime. The owner may not give away, sell or leave the property to someone else. Owners of life estates are called “life tenants."

Future Interest

Future interest ownership belongs to those who will own properties in the future. Rights of owners of future interest do not include the ownership, use and enjoyment of the involved properties in the present. Current possessors of properties may create a term of a deed or an irrevocable trust that allows the future interest owner to inherit the involved properties when the current owner passes away.

Contingent Interest

In contingent interest, the involved properties are not passed to designated inheritors unless one or more conditions of the current owner are fulfilled. If these conditions are not met, the properties are passed to someone else.

Lienholder

Lienholders are holders of a mortgage, judgement lien, deed of trust and/or mechanic’s lien on real estate. Lienholders have an ownership interest in the involved real properties.


Further Reading

Municipal real property asset management: An overview of world experience, trends and financial implicationsMunicipal real property asset management: An overview of world experience, trends and financial implications
www.aresjournals.org [PDF]
… Often, a municipality may have only a vague idea of the economic value of some of the … government-owned (and used) properties more ef- ficiently, and disposed of surplus property to ease … The vision of public real estate as a productive as- set had serious implications for public …

Factors influencing integrated reporting practices among Malaysian public listed real property companies: A sustainable development effortFactors influencing integrated reporting practices among Malaysian public listed real property companies: A sustainable development effort
www.inderscienceonline.com [PDF]
… Often, a municipality may have only a vague idea of the economic value of some of the … government-owned (and used) properties more ef- ficiently, and disposed of surplus property to ease … The vision of public real estate as a productive as- set had serious implications for public …

The unsung impact of currency risk on the performance of international real property investmentThe unsung impact of currency risk on the performance of international real property investment
www.sciencedirect.com [PDF]
… Often, a municipality may have only a vague idea of the economic value of some of the … government-owned (and used) properties more ef- ficiently, and disposed of surplus property to ease … The vision of public real estate as a productive as- set had serious implications for public …

Towards a real property cadastre in CroatiaTowards a real property cadastre in Croatia
www.tandfonline.com [PDF]
… Often, a municipality may have only a vague idea of the economic value of some of the … government-owned (and used) properties more ef- ficiently, and disposed of surplus property to ease … The vision of public real estate as a productive as- set had serious implications for public …

A comparison of the recent performance of publicly traded real property portfolios and common stockA comparison of the recent performance of publicly traded real property portfolios and common stock
onlinelibrary.wiley.com [PDF]
… Often, a municipality may have only a vague idea of the economic value of some of the … government-owned (and used) properties more ef- ficiently, and disposed of surplus property to ease … The vision of public real estate as a productive as- set had serious implications for public …

Sustainability of sustainable real property developmentSustainability of sustainable real property development
meridian.allenpress.com [PDF]
… Often, a municipality may have only a vague idea of the economic value of some of the … government-owned (and used) properties more ef- ficiently, and disposed of surplus property to ease … The vision of public real estate as a productive as- set had serious implications for public …

An attempt to exemplify the economic principles in real property valuationAn attempt to exemplify the economic principles in real property valuation
content.sciendo.com [PDF]
… Often, a municipality may have only a vague idea of the economic value of some of the … government-owned (and used) properties more ef- ficiently, and disposed of surplus property to ease … The vision of public real estate as a productive as- set had serious implications for public …


Tags

real, estate, property, economics, finance, economic, investment, market, markets, analysis, land, urban, economy, business, industry, development, rights, concepts, demand, residential, supply, studies, covers, asset, skills, world, appraisal, focuses, research, price, certificate, develop, legal, degree, students, county, public, prices, financial, ownership, journal, point, career, financing, management
Section 508

WCAG 2.0

Section 508