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Real property is not just the ownership of property and buildings, it includes many legal relationships between owners of 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 it is held absolutely, in other places it may still be considered to be carved out of the 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 important area of real 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 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.
Estates may also be held jointly as joint tenants with rights of survivorship or as tenants in commonIn 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. Upon death the share of a tenant in common does not pass directly to the survivor or survi. 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 trustIn common law legal systems, a trust is a relationship in which a person or entity (the trustee has legal control over certain property (the trust property or trust corpus , but is bound by fiduciary duty to exercise that legal control for the benefit ofs). Generally these are called future interests , an example being the rule against perpetuitiesThe rule against perpetuities is a legal rule in common law property law which prohibits the grant of an estate where the persons entitled to inherit a future interest cannot be determined with absolute certainty within 21 years after the death of someone, see for example The Rule in Shelley's CaseThe Rule in Shelley's Case dating from the 14th century, is a famous if now almost useless legal rule that is now the bane of most first-year law students studying common law real property law. It was reported by Lord Coke in England in the 17th century a.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 condominiumThere are two meanings of condominium In international law, a condominium is a territory in which two sovereign powers have equal rights. In housing tenure, a condominium is a type of joint ownership of real property in which portions of the property are or cooperativeA cooperative (also co-operative or co-op comprises a legal entity owned and democratically controlled by its members, with no passive shareholders. Unlike a union, a cooperative may assign different numbers of votes to different members; typically a coop.
Because real property is essential for industry or other activity requiring a lot of fixed physical capitalCapital has a number of related meanings in economics, finance and accounting. In finance and accounting, capital generally refers to financial wealth, especially that used to start or maintain a business. Initially, it is assumed here that other styles o, economicsEconomics is the social science studying how society uses its limited resources to meet desires and wants. Put otherwise, economics studies what, how and for whom society produces. This involves analyzing the production, distribution and consumption of go is very concerned with real property and rules 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 real property useful for some human purpose). Other fixed physical assets, indistinguishable economically from infrastructure, such as machines, may be stored on real 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.
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