Kansas Property Solutions

Decoding Real Property: Unveiling the Intricacies of Ownership, Classification, and Legal Frameworks"

Decoding Real Property: Unveiling the Intricacies of Ownership, Classification, and Legal Frameworks"

Posted by Kansas Property Solutions on 2023-12-22

 

To be considered part of real property, a structure, also known as an improvement or fixture, must be integrated with or affixed to the land. This broad definition includes diverse elements like crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads. The historical origin of the term arises from a discontinued form of action that separated real property disputes from personal property disputes, with personal property encompassing all that is not real property.

In countries where real property ownership is personal, civil law safeguards property status in real estate markets. This involves the work of estate agents engaged in the buying and selling of real estate. Different legal systems employ varied terms, such as heritable property in Scottish civil law and immobilier (immovable property) in French-based law.

Historical Background: The term "real" traces its roots to the Latin word "res," meaning "thing." Under European civil law, a lawsuit seeking official recognition of a property right is known as an "actio in rem" (action in relation to a thing). The distinction between "actio in rem" and "actio in personam" is crucial, with the former related to property rights and the latter to actions of specific individuals.

Henry de Bracton's Treatise on the Laws and Customs of England played a pivotal role in shaping the meaning of "real property" in English law. Bracton proposed that actions for movable property were inherently for relief, while an "actio in rem" could only be brought upon immovable property. Although not accepted in continental civil law, this perspective can be understood in the context of legal developments during Bracton's time.

Characteristics of Real Property:

  1. Immobility: Real property is immobile, unable to move to a different market. The geographical fixity of land and the inability to relocate structures contribute to the importance of location in determining real property value.

  2. Externalities: Changes in the vicinity directly affect the value of real property, making it susceptible to external factors beyond its boundaries, such as noises from neighboring areas or construction sites.

  3. Development: Desired resources draw attention to specific locations, influencing the value of real property. Natural attractions, coupled with surrounding development and proximity to markets and transportation routes, contribute to determining property value.

  4. Supply of Urban Land: While the surface area of land is fixed, the supply of urban land is often not limited. Converting non-urban land to urban land intensifies land use and affects property values.

Identification of Real Property: To claim any property, a verifiable and legal property description is necessary. This description often uses natural or man-made boundaries such as watercourses, ridges, highways, and landmarks. Legal descriptions can be presented in two main ways: metes & bounds and lot & block. Additionally, the Public Land Survey System, used in the United States, divides land into sections and townships.

Estates and Ownership Interests Defined: Legal recognition of different interests, termed estates, in real property, is a crucial aspect. Estates are characterized by property rights, determining duration and transferability. Key estate types include fee simple, fee simple conditional, fee tail, life estate, and leasehold. Joint ownership can be as joint tenants with rights of survivorship or as tenants in common.

Real property may also be owned jointly through entities like condominiums, housing cooperatives, and building cooperatives. Understanding these intricate legal and practical aspects is essential for navigating the complexities of real property ownership and transactions.

In English common lawreal propertyreal estateimmovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. In order for a structure (also called an improvement or fixture) to be considered part of the real property, it must be integrated with or affixed to the land. Examples include crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real 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. Scottish civil law calls real property heritable property, and in French-based law, it is called immobilier ("immovable property").