{"id":7200,"date":"2023-09-29T22:20:15","date_gmt":"2023-09-29T20:20:15","guid":{"rendered":"https:\/\/albermoya.com\/?p=7200"},"modified":"2023-09-29T23:55:29","modified_gmt":"2023-09-29T21:55:29","slug":"land-real-estate-real-property","status":"publish","type":"post","link":"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/","title":{"rendered":"Key Concepts in Real Estate: Land, Real Estate and Real Property"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Introduccion\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Land_Tierra\" >Land<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Real_Estate_Bienes_Raices\" >Real Estate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Real_Property_Propiedad_Real\" >Real Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Caracteristicas_Fisicas_de_los_Bienes_Raices\" >Physical Characteristics of Real Estate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Land_versus_Real_Estate\" >Land versus Real Estate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Real_Estate_como_Property\" >Real Estate as Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Derechos_de_la_Propiedad_Real\" >Real Property Rights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Propiedad_Real_Real_Property_vs_Propiedad_Personal_Personal_Property\" >Real Property (Real Property) vs. Personal Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Regulacion_de_Intereses_de_Propiedad_Real_Real_Property_Interests\" >Regulation of Real Property Interests<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Diferencias_Entre_el_Titulo_Legal_y_el_Titulo_Equitativo_en_Bienes_Raices_Legal_Title_v_Equitable_title\" >Differences Between Legal Title and Equitable Title in Real Estate (Legal Title v. Equitable title)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Titulo_Legal\" >Legal Title<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Caracteristicas_de_la_Propiedad\" >Property Features<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Real_Property_vs_Personal_Property\" >Real Property vs. Personal Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Tangible_Property_vs_Intangible_Property\" >Tangible Property vs. Tangible Property Intangible Property<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/albermoya.com\/en\/land-real-estate-real-property\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduccion\"><\/span><em>Introduction<\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>In this article, we will focus on three fundamental concepts: Land, Real Estate, and Real Property. These terms form the foundation of the real estate industry and are crucial for both real estate professionals and buyers and sellers. We will explore their definitions, physical characteristics and associated rights, as well as their relevance to real estate ownership.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Land_Tierra\"><\/span><strong>Land<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Land is a fundamental resource in the real estate business. It includes the surface, everything that is naturally attached to it, the subsurface and the air space above the surface. This resource is immobile, indestructible and non-homogeneous. Its location is fixed and cannot be moved from one place to another. This means that the location of the earth is permanent and does not change over time.<\/p>\n<p><strong>Land = <\/strong>surface, all <strong>natural things<\/strong>\u00a0attached to it, subsurface, and air above the surface.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Real_Estate_Bienes_Raices\"><\/span><strong>Real Estate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Real estate, in its broadest sense, includes land and all permanent improvements made thereon. This includes any structure or building built on land. Real estate is a broader concept than land, encompassing both the land itself and permanent human additions.<\/p>\n<p><strong>Real estate = <\/strong>land + <strong>manmade<\/strong>\u00a0permanent attachments<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Real_Property_Propiedad_Real\"><\/span><strong>Real Property<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Real property is an extension of real estate and refers to the legal rights associated with ownership of real property. These rights are often described as the \u201cbundle of rights.\u201d Owners of real property have certain rights that are protected by the U.S. Constitution.<\/p>\n<p><strong>Real property<\/strong> = real estate + bundle of rights<\/p>\n<p><strong>Constitution guarantees private ownership of real property.<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Caracteristicas_Fisicas_de_los_Bienes_Raices\"><\/span><strong>Physical Characteristics of Real Estate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><em>Immobility (<strong>Immobility)<\/strong>:<\/em> The earth is immobile and cannot be moved from one place to another. Its location is permanent and fixed.<\/li>\n<li><em>Indestructibility (<strong>Indestructibility)<\/strong>:<\/em> The earth is indestructible as it extends below the surface and into the sky. Unlike improvements on land, such as buildings, the land itself does not depreciate.<\/li>\n<li><em>Non-homogeneity (<strong>Non-homogeneity)<\/strong>:<\/em> Each plot of land is unique due to its location. No two parcels of land are identical, meaning each property has its own distinctive characteristics.<\/li>\n<\/ol>\n<p><strong>Immobility<\/strong><\/p>\n<ul>\n<li>land cannot be moved from one site to another; its location is forever fixed<\/li>\n<\/ul>\n<p><strong>Indestructibility<\/strong><\/p>\n<ul>\n<li>land is permanent and cannot be destroyed since by definition it extends below ground and into the sky<\/li>\n<li>since land is permanent, it does not depreciate<\/li>\n<li>only improvements depreciate and are insurable<\/li>\n<\/ul>\n<p><strong>Non-homogeneity<\/strong><\/p>\n<ul>\n<li>land is non-homogeneous; no two parcels of land are exactly the same since they have a different location<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Land_versus_Real_Estate\"><\/span><strong>Land versus Real Estate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"yc-block aligncenter\" src=\"https:\/\/storage.googleapis.com\/media1.yescourse.org\/f\/LVDpz\/e\/SmixqhQAPvkE2qMnBE4f9j.png\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Real_Estate_como_Property\"><\/span><strong>Real Estate as Property<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The bundle of rights<\/strong><\/p>\n<p><strong>\u00abPUTE\u00bb:<\/strong><br \/>\n<strong>Q<\/strong>\u00a0ossession<br \/>\n<strong>U<\/strong>\u00a0HE<br \/>\n<strong>T<\/strong>\u00a0transfer<br \/>\n<strong>AND<\/strong>\u00a0xclusion<br \/>\n<strong>AND<\/strong>\u00a0ncumberable<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Derechos_de_la_Propiedad_Real\"><\/span><strong>Real Property Rights<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Real property rights are divided into several categories:<\/p>\n<ol>\n<li><em>Airspace Rights (<strong>Airspace<\/strong>\u00a0= air rights):<\/em> These rights refer to space above the earth&#039;s surface and are relevant, for example, in the construction of skyscrapers and communication towers.<\/li>\n<li><em>Surface Rights (<strong>Surface (of the earth)<\/strong>\u00a0= surface rights):<\/em> These rights include the right to use and own the surface of the land. Owners of real estate have the right to build on the surface and make improvements.<\/li>\n<li><em>Subsurface Rights (<strong>Subsurface<\/strong>\u00a0= subsurface or mineral rights):<\/em> These rights cover the subsurface of the earth and can include the extraction of minerals, oil and gas.<\/li>\n<li><em>Water Rights (Water Rights):<\/em> Water rights are divided into two main categories: the Doctrine of Prior Appropriation, which gives the state control over water use, and riparian and coastal rights, which apply to water courses. water and bodies of water.<\/li>\n<\/ol>\n<ul>\n<li><strong>Doctrine of Prior Appropriation<\/strong><br \/>\n\u2013 state controls water usage<br \/>\n\u2013 state grants usage permits<\/li>\n<li><strong>Riparian rights (rivers and streams)<\/strong><br \/>\n\u2013 applies to rivers and streams<br \/>\n\u2013 if waterway is navigable: owners own land to water&#039;s edge<br \/>\n\u2013 if waterway is not navigable: owners own land to midpoint of waterway<\/li>\n<li><strong>Littoral rights (lakes and seas)<\/strong><br \/>\n\u2013 applies to\u00a0<strong>seas and lakes<\/strong><br \/>\n\u2013 abutting property owners own to\u00a0<strong>high water mark<\/strong><br \/>\n\u2013 state owns underlying land<\/li>\n<\/ul>\n<p><strong>Memory Tip: R : R<\/strong>iver<strong>\u00a0Riparian L:L<\/strong>ake<strong>\u00a0l<\/strong>ittoral<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Propiedad_Real_Real_Property_vs_Propiedad_Personal_Personal_Property\"><\/span><strong>Real Property (Real Property) vs. Personal Property<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The distinction between real property and personal property is based on how an object is attached to the land and the owner&#039;s intentions. Items permanently attached to land are considered real property, while movable objects are considered personal property.<\/p>\n<p><em><strong>Real property<\/strong><\/em><\/p>\n<ul>\n<li>Land: Earth<\/li>\n<li>Fixtures: Installations<\/li>\n<li>Attachments: Attachments<\/li>\n<\/ul>\n<p><em><strong>Personal property<\/strong><\/em><\/p>\n<ul>\n<li>Chattels: Movable property<\/li>\n<li>Trade fixtures: Accessories for commerce<\/li>\n<li>Emblems: Pending fruits<\/li>\n<\/ul>\n<p><strong>Differentiation criteria<\/strong>: item is real or personal property depending on why, how item is attached to the real estate. Depends on the owners&#039;<\/p>\n<ul>\n<li>intention; adaptation; functionality; relationship of parties; contract provisions<\/li>\n<\/ul>\n<p><strong>Trade fixtures<\/strong><\/p>\n<ul>\n<li>personal property items temporarily attached to real estate in order to conduct business<\/li>\n<\/ul>\n<p><strong>Emblements<\/strong><\/p>\n<ul>\n<li>plants or crops that are considered personal property despite being attached to land<\/li>\n<\/ul>\n<p><strong>Conversion<\/strong><\/p>\n<ul>\n<li>real to personal property referred to as severity<\/li>\n<li>personal to real property referred to as affixing<\/li>\n<\/ul>\n<p><strong>Factory-built housing \u2013 mobile homes and manufactured homes<\/strong><\/p>\n<ul>\n<li>units are real or personal property: real if permanently attached to ground; otherwise personal<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Regulacion_de_Intereses_de_Propiedad_Real_Real_Property_Interests\"><\/span><strong>Regulation of Real Property Interests<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Real estate regulation is complex and covers multiple levels:<\/p>\n<ol>\n<li><em>Federal Regulation:<\/em> The federal government grants property rights and controls broad land use standards. It also regulates anti-discrimination laws and environmental issues, such as flood zones and fair housing laws. \u2013 grants rights of ownership \u2013 controls broad land usage standards \u2013 regulates anti-discrimination laws<br \/>\n\u2013 examples: land grants; federal flood zones; fair housing laws; FHA; EPA<\/li>\n<li><em>State Regulation:<\/em> Each state has its own regulations that govern the real estate industry. This includes licensing laws, water rights and development regulations. \u2013 governs real estate business \u2013 sets regional usage standards \u2013 examples: licensing laws; water rights; development regulation<\/li>\n<li><em>Local Regulation:<\/em> Local governments tax real estate and control specific land use through zoning and building permits. \u2013 levies real estate taxes \u2013 controls specific usage \u2013 examples: property assessing; zoning; building permits; tax levies<\/li>\n<li><em>Judicial Regulation:<\/em> Courts apply the law and case law in real estate disputes. \u2013 applies case law and common law to disputes \u2013 <strong>contrasts with statutory law<\/strong><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Diferencias_Entre_el_Titulo_Legal_y_el_Titulo_Equitativo_en_Bienes_Raices_Legal_Title_v_Equitable_title\"><\/span><strong>Differences Between Legal Title and Equitable Title in Real Estate (Legal Title v. Equitable title)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Titulo_Legal\"><\/span><strong>Legal Title<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The term &quot;<strong>Legal Title<\/strong>\u00bb (Legal Title) refers to the complete and total ownership of real estate from a legal standpoint. When someone holds Legal Title, they have all of the absolute rights associated with the property. These rights include possession, use, transfer, exclusion, and the ability to encumber the property. In other words, they have the authority to occupy the property, determine its use, sell or transfer it, prevent others from entering or using it, and use it as collateral for loans or mortgages.<\/p>\n<p><em><strong>Legal title<\/strong><\/em><\/p>\n<ul>\n<li>full legal ownership of property and the bundle of rights as they apply to it<\/li>\n<li>contrasts with equitable title<\/li>\n<\/ul>\n<p>In contrast to this, the &quot;<strong>Equitable Title<\/strong>\u00bb (Equitable Title) refers to an interest or claim in a property that may not grant full ownership rights but is still significant. It is often associated with situations where certain contractual conditions must be met in order for the Equitable Title holder to acquire full Legal Title. For example, if someone is purchasing a property through a contract of sale with retention of title or a lease option agreement, they may hold Equitable Title until all of the terms and conditions of the contract are met. Once these conditions are met, the Equitable Title holder can obtain full Legal Title to the property.<\/p>\n<p><strong>Equitable title<\/strong><\/p>\n<ul>\n<li>an interest that gives a lienholder or buyer the right to acquire legal title to a property if certain contractual conditions occur<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Caracteristicas_de_la_Propiedad\"><\/span><strong>Property Features<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Properties can be categorized based on a variety of characteristics. One of the main differences is the distinction between \u201cReal Property\u201d and \u201cPersonal Property.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Real_Property_vs_Personal_Property\"><\/span><strong>Real Property vs. <\/strong><strong>Personal Property<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><strong>Real Property<\/strong><\/h4>\n<p>The term &quot;<strong>Real Property<\/strong>\u00bb covers the land, along with any permanent structures or improvements attached to it. This can include houses, buildings, fences, trees, and more. These attachments are often referred to as \u201cfixtures.\u201d<\/p>\n<h4><strong>Personal Property<\/strong><\/h4>\n<p>On the other hand, &quot;<strong>Personal Property<\/strong>\u00bb consists of items that are not permanently attached to land or structures. These items are also known as \u201cchattels\u201d (personal property). While personal property may be related to a real estate transaction, it is not considered part of the property itself.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tangible_Property_vs_Intangible_Property\"><\/span><strong>Tangible Property vs. Tangible Property Intangible Property<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Another way to categorize property is to determine whether it is tangible or intangible.<\/p>\n<h4><strong>Tangible Property<\/strong><\/h4>\n<p>It refers to physical assets that can be touched, seen and felt. In the context of real estate, land and the structures on it are tangible property.<\/p>\n<h4><strong>Intangible Property<\/strong><\/h4>\n<p>Includes assets that lack physical presence. Examples in real estate may include easements, leases, or mineral rights. These rights and interests are related to the use of land but do not involve a physical object.<\/p>\n<p>In summary, understanding the characteristics of property, the differences between Legal Title and Equitable Title, and the distinction between real property and personal property, as well as between tangible and intangible property, is essential in real estate transactions and the rights proprietary.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><em>Conclusion<\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The concepts of Land, Real Estate and Real Property are fundamental to understanding ownership and the rights associated with land and improvements. These concepts are not only essential for real estate professionals, but also for buyers and sellers involved in real estate transactions. By understanding these fundamentals, we can make informed decisions in the exciting world of real estate.<\/p>","protected":false},"excerpt":{"rendered":"<p>Introducci\u00f3n &nbsp; En este art\u00edculo, nos centraremos en tres conceptos fundamentales: Land (Tierra), Real Estate (Bienes Ra\u00edces) y Real Property (Propiedad Real). Estos t\u00e9rminos forman la base del sector inmobiliario y son cruciales tanto para profesionales de bienes ra\u00edces como para compradores y vendedores. Exploraremos sus definiciones, caracter\u00edsticas f\u00edsicas y derechos asociados, as\u00ed como su [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[95],"tags":[146],"class_list":["post-7200","post","type-post","status-publish","format-standard","hentry","category-general","tag-property"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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