Reviewed by Aug 27, 2020| Updated on
Meaning of Real Property
Real property refers to land and any property which is directly attached to it, including any subset of land which has been changed by legitimate human acts. Examples of real property can include ponds, buildings, reservoirs, canals, roads, and machinery. According to land law, real property often means the right to use, manage, and dispose of land and the objects attached to it.
Real Property Versus Real Estate
The real property is land and something that's immovable on it. When it comes to real estate, there may be something of a grey area. The definition of real estate is "immovable property and land". There are, however, certain legal problems that can arise when a landowner determines that a piece of real estate does not comply with the real estate sale price or vice versa.
Real Property Versus Personal Property
Modern law clearly distinguishes between real estate (examples of real estate include land and everything attached to it) and personal property (clothing, furniture, money, etc.). Property that cannot be distinguished from what is called real estate should be called exclusively real estate.
Lets Understand Real Property in Detail
Real property, also known as real estate or immovable property, consists of any specified portion of land and everything that is permanently built on or below it. That is natural resources and/or human-made structures that include the elements on or beneath the ground.
Legally, owning real property requires the package of rights passed from seller to buyer when a property is sold. Usually, these rights control the use, transfer, and/or selling of real estate. Such real estate rights include possession, exclusion, control, enjoyment, and disposal rights.
Different forms of properties, recognised by law, further describe the property rights associated with possession of the land. The form of property depends on the terms of the lease, bond, will, land grant, and/or sale bill from which the property was issued.