Also known as: real properties · realty
Written by attorneys — see sources below.
Land and any structures or improvements permanently attached to it together with the bundle of rights and interests associated with ownership or possession of the land.
Ronald Reed borrows funds from Redwood Bank to purchase a commercial building. He executes a mortgage that pledges the building and its underlying parcel as collateral for repayment. When Reed defaults on the loan payments, the bank initiates foreclosure proceedings to sell the pledged real property and recover the outstanding balance.
Rachel Ramirez lists her single-family home for sale through a licensed broker. The broker arranges an appraisal of the residential real property to determine its market value for prospective buyers. The appraisal report is used to set the listing price and to satisfy lender requirements for any purchase financing.
Rosa Ruiz's will devises a parcel described only by an outdated street address that no longer matches any lot she owns. Extrinsic evidence shows the description closely matches a different parcel she acquired later and that she intended to pass that specific land to her niece. The court construes the will to transfer the intended parcel rather than allow the gift to fail.
Radiant Technologies installs specialized manufacturing equipment on land it leases from Riverside Healthcare. The equipment is bolted to the concrete floor and connected to the building's electrical and plumbing systems so that an interest in the goods arises under real property law. Upon lease termination the equipment is treated as a fixture rather than removable personal property.
After Ralph Richardson dies, the appointed personal representative determines that the decedent's undeveloped acreage must be sold to pay estate debts. The representative takes possession of the real property, pays the property taxes, and lists the parcel for sale under court supervision.
Riley Rivera occupies a vacant lot owned by Royal Crest Hotels for the statutory period, maintaining open and continuous use without permission. Title to the real property vests in Rivera by operation of law through adverse possession, eliminating the need for any deed from the prior record owner.
Real property consists of land and permanently attached structures and improvements. Personal property includes all movable items and intangible rights not connected to land.
Yes. Title may pass by operation of law through intestate succession, adverse possession, foreclosure, or tax sale, or by devise under a will.
Goods become fixtures when they are so related to particular real property that an interest in them arises under real property law, such as when they are permanently affixed and integrated into the land or building.
A mortgage creates a security interest in real property that secures repayment of a debt. Upon default the mortgagee may foreclose on the pledged land to satisfy the obligation.
The personal representative may take possession or control of the decedent's real property when necessary for administration, pay taxes on it, and manage or sell it to preserve estate value.
Footnotes : The court below seemed to think that the frontage of this property on Euclid Avenue to a depth of 150 feet came under U-1 district and was available only for single family dwellings. An examination of the ordinance and subsequent amendments, and a…