real property

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Real property
In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the
improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and
so forth. Real property and personal property are the two main subunits of property in English Common Law. In countries with personal
ownership of real property, civil law protects the status of real property in real-estate markets, where licensed agents, realtors, work in the
market of buying and selling real estate. Scottish civil law calls real property "heritable property", and in French-based law, it is called
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Identification of real property: To be of any value a claim to any property must be accompanied by a verifiable and legal property description.
Such a description usually makes use of natural or manmade boundaries such as seacoasts, rivers, streams, the crests of ridges,
lakeshores, highways, roads, and railroad tracks, and/or purpose-built artificial markers such as cairns, surveyor's posts, fences, official
government surveying marks (such as ones affixed by the U.S. Geodetic Survey (USGS)), and so forth.
Estates and ownership interests defined: The law recognizes different sorts of interests, called estates, in real property. The type of estate is
generally determined by the language of the deed, lease, bill of sale, will, land grant, etc., through which the estate was acquired. Estates are
distinguished by the varying property rights that vest in each, and that determine the duration and transferability of the various estates. A party
enjoying an estate is called a "tenant."
Some important types of estates in land include:
• Fee simple: An estate of indefinite duration, that can be freely transferred. The most common and perhaps most absolute type of estate,
under which the tenant enjoys the greatest discretion over the disposition of the property.
• Conditional Fee simple: An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur. If such a
condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party.
• Fee tail: An estate which, upon the death of the tenant, is transferred to his or her heirs.
• Life estate: An estate lasting for the natural life of the grantee, called a "life tenant." If a life estate can be sold, a sale does not change its
duration, which is limited by the natural life of the original grantee.
o A life estate pur autre vie is held by one person for the natural life of another person. Such an estate may arise if the original life tenant sells
her life estate to another, or if the life estate is originally granted pur autre vie.
• Leasehold: An estate of limited duration, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee,
and another party, called the lessor, having a longer lived estate in the property. For example, an apartment-dweller with a one year lease has
a leasehold estate in her apartment. Lessees typically agree to pay a stated rent to the lessor.
A tenant enjoying an undivided estate in some property after the termination of some estate of limited duration, is said to have a "future
interest." Two important types of future interests are:
• Reversion: A reversion arises when a tenant grants an estate of lesser maximum duration than his own. Ownership of the land returns to the
original tenant when the grantee's estate expires. The original tenant's future interest is a reversion.
• Remainder: A remainder arises when a tenant with a fee simple grants someone a life estate or conditional fee simple, and specifies a third
party to whom the land goes when the life estate ends or the condition occurs. The third party is said to have a remainder. The third party may
have a legal right to limit the life tenant's use of the land.
Estates may be held jointly as joint tenants with rights of survivorship or as tenants in common. The difference in these two types of joint
ownership of an estate in land is basically the inheritability of the estate and the shares of interest that each tenant owns.
In a joint tenancy with rights of survivorship deed, or JTWROS, the death of one tenant means that the surviving tenant(s) become the sole
owner(s) of the estate. Nothing passes to the heirs of the deceased tenant. In some jurisdictions, the specific words "with right of survivorship"
must be used, or the tenancy will assumed to be tenants in common without rights of survivorship. The co-owners always take a JTWROS
deed in equal shares, so each tenant must own an equal share of the property regardless of his/her contribution to purchase price. If the
property is someday sold or subdivided, the proceeds must be distributed equally with no credits given for any excess than any one co-owner
may have contributed to purchase the property. The death of a co-owner of a tenants in common (TIC) deed will have a heritable portion of the
estate in proportion to his ownership interest which is presumed to be equal among all tenants unless otherwise stated in the transfer deed.
However, if TIC property is sold or subdivided, in some States, Provinces, etc., a credit can be automatically made for unequal contributions to
the purchase price (unlike a partition of a JTWROS deed). However, do not forget that these considerations. Real property may be owned
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2. jointly with several tenants, through devices such as the condominium, housing cooperative, and building cooperative.
Jurisdictional peculiarities
In the law of almost every country, the state is the ultimate owner of all land under its jurisdiction, because it is the sovereign, or supreme
lawmaking authority. Physical and corporate persons do not have allodial title; they do not "own" land but only enjoy estates in the land, also
known as "equitable interests."
Australia and New Zealand: In many countries the Torrens title system of real estate ownership is managed and guaranteed by the
government and replaces cumbersome tracing of ownership. The Torrens title system operates on the principle of "title by registration" (i.e. the
indefeasibility of a registered interest) rather than "registration of title." The system does away with the need for a chain of title (i.e. tracing title
through a series of documents) and does away with the conveyancing costs of such searches. The State guarantees title and is usually
supported by a compensation scheme for those who lose their title due to the State's operation. It has been in practice in all Australian states
and in New Zealand since between 1858 and 1875, has more recently been extended to strata title, and has been adopted by many states,
provinces and countries, and in modified form in 9 states of the USA.
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