Real Estate Legally Called ?Real Property?

You may be wondering, why real estate is called ‘real property’? Here we have added explanation of this term from popular online resources to help our customers and readers. You may be wondering, why real estate is called ‘real property’? Here we have added explanation of this term from popular online resources to help our customers and readers.

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1) Real estate is legally called "real property," while movables are called "personal property."

2) Real property generally includes the land itself, and all things permanently attached, such as buildings, structures and improvements. It is also called Immovable Property or Fixture. Legal provisions classify real property according to the way the property is used. This allows different classes of property, such as residential or commercial, to have different rates of taxation.

3) Real property is defined as land and any permanent structures attached to it. Some examples of real property are:

  • Houses
  • Office Buildings
  • Vacant Land
  • Gas Stations
  • Motels
  • Shopping Centers
  • Farms
  • Apartment Buildings
  • Factories
  • Restaurants
  • Manufactured Housing
  • Saleable Natural Resources
    (Oil, Gas, Timber)

Real Vs Personal Property

Investopedia’s Definition & explanation of ‘Real Property'

Any property that is attached directly to land, as well as the land itself. Real property not only includes buildings and other structures, but also rights and interests. Real property can be either rental or residential.

Any structures or improvements that are attached to the land must not be movable in order to be considered real property. Natural resources such as oil, gas and timber also qualify, because they are considered to be part of the land.

Online thefreedictionary.com Definition:

Real Property is defined as

1)     All land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items.

2)     One of the principal areas of law like contracts, negligence, probate, family law and criminal law.

Realtor Definition:

Fixture - anything of value that is permanently attached to or a part of real property. (Real estate is legally called "real property," while movables are called "personal property.") Examples of fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscaping and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt, get it in writing.

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