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, etc. 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 immobilier.
Read more about Real Property: Identification of Real Property, Estates and Ownership Interests Defined, Jurisdictional Peculiarities, Economic Aspects of Real Property, Historical Background
Famous quotes containing the words real and/or property:
“In the twentieth century, death terrifies men less than the absence of real life. All these dead, mechanized, specialized actions, stealing a little bit of life a thousand times a day until the mind and body are exhausted, until that death which is not the end of life but the final saturation with absence.”
—Raoul Vaneigem (b. 1934)
“As a man is said to have a right to his property, he may equally be said to have a property in his rights.”
—James Madison (1751–1836)