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Encyclopedia > Real property
Property law
Part of the common law series
Acquisition of property
Gift  · Adverse possession  · Deed
Lost, mislaid, and abandoned property
Alienation  · Bailment  · License
Estates in land
Allodial title  · Fee simple
Life estate  · Fee tail  · Future interest
Concurrent estate  · Leasehold estate
Condominiums
Conveyancing of interests in land
Bona fide purchaser  · Torrens title
Estoppel by deed  · Quitclaim deed
Mortgage  · Equitable conversion
Action to quiet title
Limiting control over future use
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest in land
Easement  · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures  · Waste  · Partition
Riparian water rights
Lateral and subjacent support
Assignment  · Nemo dat
Other areas of the common law
Contract law  · Tort law
Wills and trusts
Criminal Law  · Evidence

Real property is a legal term encompassing real estate and ownership interests in real estate (immovable property). It is a type of property differentiated from personal property. Image File history File links Scale_of_justice. ... This article or section does not cite any references or sources. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... A gift, in the law of property, has a very specific meaning. ... In common law, adverse possession is the name given to the process by which title to anothers real property is acquired without compensation, by, as the name suggests, holding the property in a manner that conflicts with the true owners rights for a specified period of time. ... A deed is a legal instrument used to grant a right. ... {{PropertyLaw}} In the [[common law]] of [[property]], personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are deemed to be lost, mislaid, or abandoned, depending on the circumstances under which they were found by the next party to come... Alienation, in property law, is the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another. ... Bailment describes a legal relationship where physical possession of personal property (chattels) is transferred from one person (the bailor) to another person (the bailee) who subsequently holds possession of the property. ... To license or grant license is to give permission. ... Estate is a term used in the common law. ... Allodial title is a concept in some systems of property law. ... Fee simple, also known as fee simple absolute or allodial, is a term of art in common law. ... A life estate, is a term used in common law to describe the ownership of land for the duration of a persons life. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ... A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. ... This article refers to a form of housing. ... Conveyancing is the act of transferring the legal title in a property from one person to another. ... A bona fide purchaser (BFP)—or bona fide purchaser for value without notice (BFPFVWN)—in the law of real property, is an innocent party who purchases property for value, without notice of any other partys claim to the title of that property. ... Torrens title is a system of land title where a register of land holdings maintained by the state guarantees indefeasible title to those included in the register. ... Estoppel by deed is a doctrine in the law of real property that arises where a party conveys title to land that he does not own to a bona fide purchaser, and then acquires title to that land. ... A quitclaim deed is a term used in property law to describe a document by which a person disclaims any interest the grantor might have in a piece of real property, and passes that claim to another person (the grantee). ... This article is about the legal mechanism used to secure property in favor of a creditor. ... Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time he/she signs a contract binding him/her to purchase the land at a later date. ... This page is a candidate to be copied to Wiktionary. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A restraint on alienation, in the law of real property, is a clause used in the conveyance of real property that seeks to prohibit the recipient from selling or otherwise transferring his interest in the property. ... The rule against perpetuities is a rule in property law which prohibits a contingent grant or will from vesting outside a certain period of time. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... In the common law of England, the doctrine of worthier title was a legal doctrine that preferred taking title to real estate by descent over taking title by devise or by purchase. ... A nonpossessory interest in land is a term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another. ... An easement is the right to do something or the right to prevent something over the real property of another. ... A profit, in the law of real estate, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. ... A covenant running with the land, is a real covenant, in the law of real property. ... An equitable servitude is a term used in the law of real property to describe a nonpossessory interest in land that operates much like a covenant running with the land, requiring the landowner to maintain certain practices with respect to the land (e. ... In the law of real property, fixtures are anything that would otherwise be a chattel that have, by reason of incorporation or affixation, become permanently attached to the real property. ... Waste is a term used in the law of real property to describe a cause of action that can be brought in court to address a change in condition of real property brought about by a current tenant that damages or destroys the value of that property. ... A partition is a term used in the law of real property to describe the court-ordered division of a concurrent estate into separate portions representing the proportionate interests of the tenants. ... Riparian water rights (or simply riparian rights) is a system of allocating water among those who possess land about its source. ... Lateral and subjacent support, in the law of property, describes the right a landowner has to have that land physically supported in its natural state by both adjoining land and underground structures. ... An assignment is a term used with similar meanings in the law of contracts and in the law of real estate. ... Nemo dat quod non habet, literally meaning no one [can] give what they dont have is a legal rule, sometimes called the nemo dat rule that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... This does not adequately cite its references or sources. ... The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ... Criminal law (also known as penal law) is the body of statutory and common law that deals with crime and the legal punishment of criminal offenses. ... The law of evidence governs the use of testimony (e. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... This article or section does not cite its references or sources. ... In all the civil law systems, immovable property is the equivalent of real property in common law systems, i. ... This article or section does not cite any references or sources. ... Personal property is a type of property. ...


This article discusses the ownership of land using the interpretation of real property as a legal term used in Anglo-American common law jurisdictions. Other legal geopolitical systems of government have different legal interpretations concerning the ownership of land. Terminology varies in these systems, as well: for instance, heritable property in Scotland; immovable property in Canada, United States, India, Malta, Cyprus, most of Europe including Russia, also South America, Malaysia, South Africa, Pakistan, Bangladesh, and many other countries and continents; and immobilier (Real Estate) in France. A LAND attack is a DoS (Denial of Service) attack that consists of sending a special poison spoofed packet to a computer, causing it to lock up. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... Motto (Latin) No one provokes me with impunity Cha togar mfhearg gun dioladh (Scottish Gaelic)1 Wha daur meddle wi me?(Scots)1 Anthem (Multiple unofficial anthems) Scotlands location in Europe Capital Edinburgh Largest city Glasgow Official languages English, Gaelic, Scots Government Constitutional monarchy  -  Queen Queen Elizabeth II... World map showing the location of Europe. ... South America South America is a continent crossed by the equator, with most of its area in the Southern Hemisphere. ...

Contents

Historical background

History of the word

In law, the word real means relating to a thing (from Latin res, matter or thing), as distinguished from a person. Thus the law broadly distinguishes between real property (land and anything affixed to it) and personal property (everything else, e.g., clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. (The word is derived from the notion of land having historically been "royal" property. The word royal — and its Spanish cognate real — come from the unrelated Latin word rex, meaning king.) Personal property is a type of property. ...


In modern legal systems derived from English common law, classification of property as real or personal may vary somewhat according to jurisdiction or, even within jurisdictions, according to purpose, as in defining whether and how the property may be taxed..


British interpretation

The following sections present an overview of real property interests as historically interpreted under British law.[1]


Land Relationship to Owner

Real property is not just the ownership of property and buildings — it includes many legal relationships between owners of immovable property (real estate) that are purely conceptual such as the easement, where a neighboring property may have some right on your property, right-of-way, or the right to pass over a property, and incorporeal heridiments such as profit a prendre. 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. An easement is the right to do something or the right to prevent something over the real property of another. ... Right-of-way is a legal term which may have any of several meanings: priority at a crossing, or in traffic. ... This article needs cleanup. ... Allodial title is a concept in some systems of property law. ... Throughout the Commonwealth Realms The Crown is an abstract concept which represents the legal authority for the existence of any government. ... Escheat is an obstruction of the course of descent and the consequent reversion of property to the original grantor. ...


Definitions

An important area of real immovable property are the definitions of estates in land. These are various interests that may limit the ownership rights one has over the land. The most common and perhaps most absolute type of estate is the fee simple which signifies that the owner has the right to dispose of the property as she/he sees fit. Other estates include the life estate where the owner's rights to the property cease at their death and fee tail estates where the property at the time of death passes to the heirs of the body (i.e. children, grandchildren, descendants) of the owner of the estate before he died. An estate is the right, interest, or nature of interest, a person has in real property. ... This article or section does not cite its references or sources. ... Fee simple, also known as fee simple absolute or allodial, is a term of art in common law. ... A life estate, is a term used in common law to describe the ownership of land for the duration of a persons life. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ...


In the law of 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 transferrable right to use and exclude others from use. A state is a political association with effective dominion over a geographic area. ... Sovereignty is the exclusive right to exercise supreme political (e. ...


Estate law

Estates may also be held jointly as joint tenants with rights of survivorship or as tenants in common. The difference in these two types of joint ownership of an estate in land is basically the inheritability of the estate. In joint tenancy (or in marriage this is sometimes called tenancy of the entirety) the surviving tenant (or tenants) become the sole owner (or owners) of the estate. Nothing passes to the heirs of the deceased tenant. In some jurisdictions the magic words "with right of survivorship" must be used or the tenancy will assumed to be tenants in common. Tenants in common will have a heritable portion of the estate in proportion to their ownership interest which is presumed to be equal amongst tenants unless otherwise stated in the transfer deed. There are other types of estates in land that are used to prevent the alienation of land (also used in the law of trusts). Generally these are called future interests, an example being the rule against perpetuities. See also the Rule in Shelley's Case. Estate is a term used in the common law. ... Joint tenants with right of survivorship (or JTWROS) is a form of property ownership in common law legal systems where more than one person has ownership of property. ... In property law, tenants in common are co-owners of real property that are regarded by the law as each owning separate and distinct shares which may differ in size. ... The examples and perspective in this article or section may not represent a worldwide view. ... In common law legal systems, a trust is a contractual relationship in which a person or entity (the trustee) has legal title to certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of one or more... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... The rule against perpetuities is a rule in property law which prohibits a contingent grant or will from vesting outside a certain period of time. ... To meet Wikipedias quality standards, this article or section may require cleanup. ...


Real property may not only be owned it may be leased in which the possession of the property is given to the tenant for a limited period of time. Such leases are also called estates such as an estate for years, a periodic tenancy or an estate at will.


Real property may also be owned jointly through the device of the condominium or cooperative. This article refers to a form of housing. ... For cooperative as used in biochemistry, see cooperative binding. ...


Economic aspects of real property

Because real immovable property is essential for industry or other activity requiring a lot of fixed physical capital, economics is very concerned with real immovable property and rules like the one regarding its valuation and disposition, and obligations accrueing to its owners. In economic terms, real property consists of some natural capital (or land, one of the factors of production especially in agriculture), and infrastructural capital (the buildings, water and power lines, and other improvements necessary to make immovable property useful for some human purpose). Other fixed physical assets, indistinguishable economically from infrastructure, such as machines, may be stored on immovable property and may require natural or infrastructural attributes (such as running water for a turbine or an isolated location to allow loud noise emissions) hard to duplicate even nearby. Capital has a number of related meanings in economics, finance and accounting. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... This article or section does not cite its references or sources. ... In economics, factors of production are resources used in the production of goods and services. ... Infrastructural capital refers to any physical means of production or means of protection beyond that which can be gathered or found directly in nature, i. ...


U.S. interpretation

In the United States, each state has its own real immovable property law. All states except Louisiana rely on variations of common law for the basis of their real immovable property laws. Louisiana's laws are derived from Napoleonic Code but have adopted some of the common law terms over the years. Federal courts Supreme Court Chief Justice Associate Justices Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Counties/Parishes/Boroughs, Cities, and Towns Other countries Politics Portal      A U.S. state is any one of the fifty subnational entities of... Official language(s) de jure: none de facto: English & French Capital Baton Rouge Largest city New Orleans [1] Area  Ranked 31st  - Total 51,885 sq mi (134,382 km²)  - Width 130 miles (210 km)  - Length 379 miles (610 km)  - % water 16  - Latitude 29°N to 33°N  - Longitude 89°W... First page of the 1804 original edition The Napoleonic Code, or Code Napoléon (originally called the Code civil des Français) was the French civil code, established at the behest of Napoléon I. It was drafted rapidly by a commission of four eminent jurists and entered into force...


Types of ownership interests

Real property (immovable property) can refer to the real estate itself, or to various types of ownership interests in real estate, including:

  • Fee simple or freehold: The most common interest or right in real estate and provides the owner the right to use the real estate for any lawful purpose and sell the interest when and to whom the owner wishes.
  • Life estate: An interest in real estate (immovable property) which is granted to a life tenant until that person dies. During the life estate, the life tenant has the right to use the real estate for any lawful purpose. The interest terminates upon the death of the life tenant
  • Estate for years: Similar to a life estate but term is a specified number of years.
  • Leasehold: The right to possess and use real estate (immovable property) pursuant to the terms of a lease.
  • Reversion: The right to possess the fee interest in real estate (immovable property) after the expiration of a life estate, estate for years, or leasehold.
  • Concurrent or co-tenancy: The ownership of an interest in real property (immovable property) by more than one party. Rights of any single party may be limited in various ways depending on the jurisdiction and type of concurrency.

Note that it is possible for a property deed (the legal document used to transfer title) to further restrict these general ownership rights. Fee simple, also known as fee simple absolute or allodial, is a term of art in common law. ... In jurisprudence and law, a right is the legal or moral entitlement to do or refrain from doing something or to obtain or refrain from obtaining an action, thing or recognition in civil society. ... A life estate, is a term used in common law to describe the ownership of land for the duration of a persons life. ... Estate for years refers to a leasehold estate for any specific period of time (the word years is misleading). ... Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. ... This article or section should include material from Tenancy agreement A lease is a contract conveying from one person (the lessor) to another person (the lessee) the right to use and control some article of property for a specified period of time (the term), without conveying ownership, in exchange for... In theory, a conversion is an agreement such that one party takes ownership of a piece of property from another under the understanding that the ownership will revert to the second party when an agreed event occurs. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ... A deed is a legal instrument used to grant a right. ... Title is a legal term for an owners interest in a piece of property. ...


See also

Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... A real estate appraisal is a service performed, by an appraiser, that develops an opinion of value based upon the highest and best use of real property. ...

Notes and references

  1. ^ Originally obtained from the 1911 edition of Encyclopædia Britannica, which was a British publication and heavily weighted to a British interpretation of information in that day. Sections excerpted from that publication do not necessarily reflect current British law nor those subsequent to the major reforms in the 1925 legislation.

The Encyclopædia Britannica is a general encyclopedia published by Encyclopædia Britannica, Inc. ...

External links

  • Open Standards Consortium for Real Estate

  Results from FactBites:
 
Real property - Wikipedia, the free encyclopedia (1177 words)
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.
Real property may not only be owned it may be leased in which the possession of the property is given to the tenant for a limited period of time.
Real property may also be owned jointly through the device of the condominium or cooperative.
real property: Definition and Much More from Answers.com (1546 words)
Real estate may be loosely defined as land (including air rights) and other properties that are permanently attached to land such as houses, fences, and landscaping.
Originally, the distinction between real property and personal property did not depend upon the nature of the property, but rather depended upon the action by which rights in the property were vindicated.
An interest in a leasehold is sometimes treated as real property because it concerns land or buildings, and is sometimes treated as personalty because of its contractual nature.
  More results at FactBites »

 
 

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