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REAL PROPERTY LAW GUIDE |
Real Property: 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. Real estate or
immovable property is a legal term (in some jurisdictions) that
encompasses land along with anything permanently affixed to the
land, such as buildings. Real
estate (immovable property) is often considered synonymous
with real property (also sometimes called realty), in contrast
with personal property (also sometimes called chattel or personalty).
However, for technical purposes, some people prefer to distinguish
real estate, referring to the land and fixtures themselves, from
real property, referring to ownership rights over real estate.
The terms real estate and real property are used primarily in
common law, while civil law jurisdictions refer instead to immovable
property. |
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.
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