Real property is a fundamental legal concept that encompasses more than just a piece of land; it refers to the land itself and anything permanently attached to it, including natural resources and man-made structures. This definition forms a cornerstone of property law and differentiates fixed, immovable assets from movable possessions.
The primary components of real property begin with the land, which is defined in three dimensions: the surface, the subsurface including soil and mineral rights, and the airspace above. Beyond the raw land, real property includes all permanent improvements. These are artificial additions, such as buildings, fences, driveways, and landscaping, which are considered an integral part of the property and transfer with it upon sale or inheritance.
Beyond the physical attributes, ownership of real property includes a collection of legal rights, often referred to as the “bundle of rights.” This bundle includes appurtenances, which are rights and privileges tied to the land, such as an easement to cross a neighboring property. The core of this bundle consists of five key rights: the right of possession, allowing the owner to occupy the property; the right of control, to use the property in any legal manner; the right of enjoyment, to use it without outside interference; the right of exclusion, to prevent others from entering; and the right of disposition, which allows the owner to sell, lease, or transfer ownership.
Finally, to fully understand real property, it is essential to distinguish it from personal property. While real property is immovable, personal property consists of all movable items, such as furniture, cars, and other possessions that are not permanently affixed to the land. This key distinction is crucial for matters of contracts, taxes, and inheritance.