Real Property (Land Law) Overview
Property signifies the legal right of use, control, and disposition that an individual or entity may lawfully exercise over things, objects, or land. One of the basic dividing lines between property is that between real property and personal property.
Real property refers to land, including the land itself and any structures, fixtures, and rights associated with it. Land, in its general usage, includes not only the surface of the earth but also everything of a permanent nature over or under it, including structures and minerals. Real property also includes interests, benefits, and rights inherent in the ownership of land, such as mineral rights, water rights, and air rights.
There are further divisions within the real property classification. The most important are freehold estates, nonfreehold estates, and concurrent estates. (Others are future interests, specialty estates, and incorporeal interests).
- Freehold estates are those in which an individual has ownership for an indefinite period of time.
- An example of a freehold estate is the “fee simple absolute,” which is inheritable and lasts as long as the individual and theirheirs wantto keep it.
- Another example is the “life estate,” in which the individual retains possession of the land for the duration of their life.
- Nonfreehold estates, on the other hand, are property interests of limited duration, including tenancy for years, tenancy at will, and tenancy at sufferance.
- Concurrent estates exist when property is owned or possessed by two or more individuals simultaneously.
See also:Real estate transactions.
[Last updated in March of 2024 by the Wex Definitions Team]
