real property


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real property

n. 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. (See: real estate, personal property, reversion, life estate, condominium, easement)

See: demesne, domain, estate, fee, freehold, holding, immovable, land, property, real estate, realty

real property

tangible landed property or incorporeal hereditament.

REAL PROPERTY, That which consists of land, and of all rights and profits arising from and annexed to land, of a permanent, immovable nature. In order to make one's interest in land, real estate, it must be an interest not less than for the party's life, because a term of years, even for a thousand years, perpetually renewable, is a mere personal estate. 3 Russ. R. 376. It is usually comprised under the words lands, tenements, and hereditaments. Real property is corporeal, or incorporeal.
     2. Corporeal consists wholly of substantial, permanent objects, which may all be comprehended under the general denomination of land. There are some chattels which are so annexed to the inheritance, that they are deemed a part of it, and are called heir looms. (q.v.) Money agreed or directed to be laid out in land is considered as real estate. Newl. on Contr. chap. 3; Fonb. Eq. B. 1, c. 6, Sec. 9; 3 Wheat. Rep. 577.
     3. Incorporeal property, consists of certain inheritable rights, which are not, strictly speaking, of a corporeal nature, or land, although they are by their own nature or by use, annexed to corporeal inheritances, and are rights issuing out of them, or which concern them. These distinctions agree with the civil law. Just. Inst. 2, 2; Poth. Traite de la Communaute, part 1, c. 2, art. 1. The incorporeal hereditaments which subsist by the laws of the several states are fewer than those recognized by the English law. In the United States, there are fortunately no advowsons, tithes, nor dignities, as inheritances.
     4. The most common incorporeal hereditaments, are, 1. Commons. 2. Ways. 3. Offices. 4. Franchises. 5. Rents. For authorities of what is real or personal property, see 8 Com. Dig. 564; 1 Vern. Rep. by Raithby, 4, n.; 2 Kent, Com. 277; 3 Id. 331; 4 Watts' R. 341; Bac. Ab. Executors, H 3; 1 Mass. Dig. 394; 5 Mass. R. 419, and the references under the article Personal property, (q.v.) and Property. (q.v.)
     5. The principal distinctions between real and personal property, are the following: 1. Real property is of a permanent and immovable nature, and the owner has an estate therein at least for life. 2. It descends from the ancestor to the heir instead of becoming the property of an executor or administrator on the death of the owner, as in case of personalty. 3. In case of alienation, it must in general be made by deed, 5 B. & C. 221, and in presenti by the common law; whereas leases for years may commence in futuro, and personal chattels may be transferred by parol or delivery. 4. Real estate when devised, is subject to the widow's dower personal estate can be given away by will discharged of any claim of the widow.
     6. These are some interests arising out of, or connected with real property, which in some respects partake of the qualities of personally; as, for example, heir looms, title deeds, which, though in themselves movable, yet relating to land descend from ancestor to heir, or from a vendor to a purchaser. 4 Bin. 106.
     7. It is a maxim in equity, that things to be done will be considered as done, and vice versa. According to this doctrine money or goods will be considered as real property, and land will be treated as personal property. Money directed by a will to be laid out in land is, in equity, considered as land, and will pass by the words "lands, tenements, and hereditaments whatsoever and wheresoever." 3 Bro. C. C. 99; 1 Tho. Co. Litt. 219, n. T.

References in periodicals archive ?
All tenancy contracts or any amendments to such tenancy contracts related to real property which are subject to the provisions of this law will be registered with RERA.
State auditors said this deprived the city government of the opportunity to collect higher real property taxes to fund its programs and services.
Because so much US real property is owned by foreign persons, it is important for US investors and developers to fully understand the potential impact of FIRPTA.
Gain from the sale or other disposition of interests or mortgages on real property that is not property under Sec.
Given the dispersion, variety, and value of its real property assets, the USCG knew this category of G-PPE was both material to the audit success of DHS and would require a highly complex and challenging remediation initiative spanning several relevant offices, directorates, and commands.
The court concluded that the business of a real estate broker includes "(1) selling, exchanging, purchasing, renting, or leasing real property; (2) offering to do those activities; (3) negotiating the terms of a real estate contract; (4) listing of real property for sale, lease, or exchange; or (5) procuring prospective sellers, purchasers, lessors, or lessees.
In 2003, a citizen's complaint was filed with the state's real estate appraiser board alleging that the appraisal improperly valued the manufactured home as real property while it was still personal property; in 2006, the board sent notice of a hearing to Rickett charging him with a state law violation on those grounds.
In North Carolina, contractors who contract directly with an owner of real property to perform work or furnish materials to improve real property are entitled to claim a lien upon real property.
4 provides a variety of options for determining fair market value for real property.
Executive Order 13327 on Federal Real Property Asset Management (EO 13327), signed on February 4, 2004, requires Executive Branch agencies to prioritize actions to improve operational and financial management of their real property, including the cost and time required to dispose of surplus holdings.
Based on this difference in language, the Notice includes within DPGR derived from the construction of real property only proceeds from the sale, exchange, or other disposition of real property constructed by the taxpayer in the United States (regardless of whether the property is sold immediately after construction is completed).
07, for conveyance of real property to a person as a "trustee" and not as an individual, provided that the conveyance contains the trust date or an identifier of the trust, according to the section.

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