![]() As the area develops revolving around such natural resources, these developments become components to look for when determining land use and real property values. Natural locational attractions include water supply, climate, soil fertility, water frontage, and mineral deposits. External factors outside of the real property will affect the value of the real property, for example, the noises that neighboring people and construction sites produce.Ī location of desired resources will draw attention to the location. Real property is vulnerable to externalities due to its immobile nature. Externalities Ĭhanges that take place nearby will directly affect the real property's value. To benefit from using parcels of land, users must travel from location to location to increase utility, therefore, location is a large component of a real property's value. Landlords are incapable of moving their physical land to the desired location, such as to another city for sale. Real property is immobile, preventing it from moving to a better market. Houseboats, for example, occupy a gray area between personal and real property, and may be treated as either according to jurisdiction and circumstance.īethell (1998) contains much information on the historical evolution of real property and property rights.Ĭharacteristics of real property Immobility In modern legal systems derived from English common law, classification of property as real or personal may vary somewhat according to jurisdiction or, even within jurisdictions, according to purpose, as in defining whether and how the property may be taxed. Laws governing the conveyance of land and that of movable personal property then developed along different paths. In thirteenth-century England the courts of canon law claimed broad authority to interpret wills, but inheritance of land remained a matter for the royal courts. This view is not accepted in continental civil law, but can be understood in the context of legal developments during Bracton's lifetime. After discussing the distinction in civil law, Bracton proposed that actions for movable property were inherently actions for relief, and that therefore an actio in rem could be brought only upon immovable property. Henry de Bracton's Treatise on the Laws and Customs of England is credited with giving "real property" its particular meaning in English law. The distinction can be subtle the medieval action of novel disseisin, although aimed at repossessing land, was not an actio in rem because it was brought against the alleged dispossessor. This contrasts with an actio in personam in which the plaintiff seeks relief for the actions of a particular person. Under European civil law, a lawsuit that seeks official recognition of a property right is known as an actio in rem (action in relation to a thing). The word "real" derives from Latin res ("thing"). Scottish civil law calls real property heritable property, and in French-based law, it is called immobilier ("immovable property"). In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Personal property, or personalty, was, and continues to be, all property that is not real property. ![]() ![]() The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, roads, and other things. For the business of selling and leasing real property, see real estate business.
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