The Real Estate Encyclopedia
What Is Meant By Real Property?
Category - Home Buying Questions - Search & Offer FAQ's

Real property is considered the entirety of a real estate property, including the air above, the earth’s surface, and the ground below, as well as all the appurtenances to the land including buildings, structures, fixtures, fences and improvements erected upon or affixed to the same.  This excludes growing crops.  The term real property includes the interests, benefits and rights inherent in the ownership of real estate (also called the “bundle of rights”)

 

It is important to differentiate real property from personal property because tax laws make many important distinctions between the two. 

 

The law of the state where the real property is located governs the acquisition and title transfer of land, including important matters such as rules of descent and probate.  Personal property, on the other hand, is movable and is governed by the laws of the jurisdiction in which it is located. 

 

Court-ordered judgment liens may attach only to real property.  Usually, personal property must be sold to pay debts before realty can be levied. 

 
Category(s)
Home Selling Questions - Selling Legal & Closing FAQ's
Home Buying Questions - Search & Offer FAQ's
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