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What is Real Property?

Updated on November 30, 2023 , 1476 views

Real Property is referred to Land, the rights of ownership, and everything else that is related to land, including the entitlement to acquire, sell, or Lease the land. Real property can easily be classified as per the general use as an agricultural, industrial, commercial, residential or specific purpose.

Real Property

To understand if you have got the right to sell your property, you would have to know the rights that you don’t or do possess in the property.

Explaining Real Property

It will be helpful, to begin with, the land and Real Estate in order to understand real property. Land can be defined as the surface of the earth that extends down toward the earth’s centre and up toward the infinity. It also includes everything that is attached by nature permanently, such as water, trees, and boulders. Also, land comprises minerals available below the surface of the earth and the airspace above the land.

On the contrary, real estate is the land that is below, above or at the surface of the earth. It includes everything that is attached permanently to it, whether artificial or natural. Therefore, land comprises only such components that have been permanently attached by nature, and real estate has anything that is permanent, artificial improvements to the land, like buildings, fences, sewers, utilities, and streets.

As far as the real property is concerned, it is referred to the rights, benefits and interests that have been inherited in the real estate’s ownership. The wider term comprises the physical land, everything permanent attached (whether artificial or natural) along with the ownership rights, such as the entitlement to lease, sell and possess the land.

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Real Property Estates

The kind and amount of interest an individual has in real property is known as an estate in land. Put simply, estates in the land are classified into two significant fields: Freehold estate and nonfreehold estates. Freehold estates include ownership. They come with an indefinite time period and can either last forever or a lifetime.

Nonfreehold estates include leases. These cannot be inherited and exist without any seisin or ownership. Nonfreehold estates are also called Leasehold estate and are created by oral and written leases along with rental agreements.

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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