Real Property
Real Property is a legal term closely encircling real estate and ownership interests in real estate which is immovable property. It is a type of property differentiated from personal property.
Terminology in these varies in different countries. For instance, heritable property in Scotland; immovable property in Canada, United States, India, Malta, Cyprus, and most countries in Europe including Russia, also in South America, Malaysia, South Africa, Pakistan, Bangladesh, and many other countries and continents.
Real property is not just the ownership of property and buildings but it includes many legal relationships between owners of immovable property (real estate) that are purely conceptual such as alleviation, where a neighboring property may have some right on your property, or the right to pass over a property. Real property can also be held in various ways. In some jurisdictions real property is held absolutely, in England it may still be considered to be carved out of Crown’s ownership of all property in the realm. Such distinctions are important in terms of the law of escheat or when property reverts to the state because it lacks an owner or has been abandoned.
The important area of real immovable property is the estates in land. These are various interests that may limit the ownership rights one has over the land. The most common and absolute type of estate is the fee simple. It signifies that the owner has the right to dispose of the property as he/she sees fit. Other estates include the life estate where the owner's rights to the property cease at their death and fee tail estate where the property at the time of death passes to the heirs of the body of the owner of the estate before he died.
In almost every country, it is the state that is the true owner of all land within its territory because it is the sovereign or supreme lawmaking authority over it. Individuals don't own their land, but only estates in the land also known as equitable interests such as the conveyable right to use and exclude others from use.
A real immovable property is essential for industry or other activity requiring a lot of fixed physical capital and economics is very concerned with real immovable property and rules like the one regarding its valuation and disposition, and obligations come into the possession to its owners. In economic terms, real property consists of some natural capital like land or one of the factors of production especially in agriculture and infrastructural capital like buildings and other improvements necessary to make immovable property useful for some human purpose.
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Terminology in these varies in different countries. For instance, heritable property in Scotland; immovable property in Canada, United States, India, Malta, Cyprus, and most countries in Europe including Russia, also in South America, Malaysia, South Africa, Pakistan, Bangladesh, and many other countries and continents.
Real property is not just the ownership of property and buildings but it includes many legal relationships between owners of immovable property (real estate) that are purely conceptual such as alleviation, where a neighboring property may have some right on your property, or the right to pass over a property. Real property can also be held in various ways. In some jurisdictions real property is held absolutely, in England it may still be considered to be carved out of Crown’s ownership of all property in the realm. Such distinctions are important in terms of the law of escheat or when property reverts to the state because it lacks an owner or has been abandoned.
The important area of real immovable property is the estates in land. These are various interests that may limit the ownership rights one has over the land. The most common and absolute type of estate is the fee simple. It signifies that the owner has the right to dispose of the property as he/she sees fit. Other estates include the life estate where the owner's rights to the property cease at their death and fee tail estate where the property at the time of death passes to the heirs of the body of the owner of the estate before he died.
In almost every country, it is the state that is the true owner of all land within its territory because it is the sovereign or supreme lawmaking authority over it. Individuals don't own their land, but only estates in the land also known as equitable interests such as the conveyable right to use and exclude others from use.
A real immovable property is essential for industry or other activity requiring a lot of fixed physical capital and economics is very concerned with real immovable property and rules like the one regarding its valuation and disposition, and obligations come into the possession to its owners. In economic terms, real property consists of some natural capital like land or one of the factors of production especially in agriculture and infrastructural capital like buildings and other improvements necessary to make immovable property useful for some human purpose.
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Labels: estates, real estate, real property
posted by realestatevegas | 4:17 AM
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