Real Property
Land and anything permanently attached to it, such as buildings and fixtures.
What is Real Property?
Real Property refers to land and any permanent structures attached to it, including buildings, fixtures, and rights associated with ownership, such as usage, lease, and transfer, governed by property law.
Why It Matters?
It defines legal rights, obligations, and transfer procedures, influencing transactions, zoning, and litigation.
Example
A homeowner sells their house and the attached garage, which are considered real property, to a buyer under a purchase agreement.
Related Terms
Mediation
Litigation