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In
English English usually refers to: * English language English is a West Germanic languages, West Germanic language first spoken in History of Anglo-Saxon England, early medieval England, which has eventually become the World language, leading lan ...

English
common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. ''Black's Law Dictionary'' is the most-us ...
, real property, real estate, realty, or immovable property is
land Land is the solid surface of Earth that is not permanently submerged in water. Most but not all land is situated at elevations above sea level (variable over geologic time frames) and consists mainly of Earth's crust, crustal components such a ...

land
which is the
property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...
of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. The term is historic, arising from the now-discontinued
form of action The forms of action were the different procedures by which a legal claim A cause of action, in law Law is a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a uni ...
, which distinguished between real property disputes and
personal property Personal property is property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the ...
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 Civil law may refer to: * Civil law (common law) Civil law is a major branch of the law.Glanville Williams. ''Learning the Law''. Eleventh Edition. Stevens. 1982. p. 2. In common law legal systems such as England and Wales and the law of the United ...
protects the status of real property in real-estate markets, where
estate agent (Belgium). Image:Semi detached Croydon.JPG, A house for sale in London, 250px An estate agent is a person or business that arranges the selling, renting, or management of real estate, properties and other buildings. An agent that specialises in ...
s work in the market of buying and selling real estate.
Scottish Scottish usually refers to something of, from, or related to Scotland, including: *Scottish Gaelic, a Celtic Goidelic language of the Indo-European language family native to Scotland *Scottish English *Scottish national identity, the Scottish iden ...

Scottish
civil law calls real property "heritable property", and in French-based law, it is called ''immobilier'' ("immovable property").


Historical background

The word "real" derives from Latin ''res'' ("thing"), which was used in
Middle English Middle English (abbreviated to ME) was a form of the English language spoken after the Norman conquest of England, Norman conquest (1066) until the late 15th century. The English language underwent distinct variations and developments following ...
to mean "relating to things, especially real property". In common law, real property was a property that could be protected by some form of real action, in contrast to personal property, where a
plaintiff A plaintiff ( Π in legal shorthand) is the party who initiates a lawsuit (also known as an ''action'') before a court. By doing so, the plaintiff seeks a legal remedy. If this search is successful, the court will issue Judgment (law), judgment ...
would have to resort to another form of action. As a result of this formalist approach, some things the common law deems to be land would not be classified as such by most modern legal systems: for example, an
advowson Advowson () or patronage is the right in English law English law is the common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals ...
(the right to nominate a priest) was real property. By contrast, the rights of a
leaseholder A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, ...
originate in personal actions and so the common law originally treated a leasehold as part of personal property. The law now broadly distinguishes between real property (land and anything affixed to it) and
personal property Personal property is property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the ...
(everything else, e.g., clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. In modern legal systems derived from English common law, classification of property as real or personal may vary somewhat according to jurisdiction or, even within jurisdictions, according to purpose, as in defining whether and how the property may be taxed. Bethell (1998) contains much information on the historical evolution of real property and property rights.


Characteristics of real property


Immobility

Real property is immobile, preventing it from moving to a better market. Landlords are incapable of moving their physical land to the desired location, such as to another city for sale. To benefit from using parcels of land, users must travel from location to location to increase utility, therefore, location is a large component of a real property's value.


Externalities

Changes that take place nearby will directly affect the real property’s value. Real property is vulnerable to externalities due to its immobile nature. External factors outside of the real property will affect the value of the real property, for example, the noises that neighboring people and construction sites produce.


Development

A location of desired resources will draw attention to the location. Natural locational attractions include water supply, climate, soil fertility, water frontage, and mineral deposits. As the area develops revolving around such natural resources, these developments become components to look for when determining land use and real property values. The surrounding development and proximity, such as markets and transportation routes, will also determine the value of the real property.


Supply of Urban Land

Although the amount of land in terms of the surface area is fixed, the supply of urban land is often not limited due to the nature of how urban land is supplied. By bidding land away from non-urban uses of land, such as farmland, will increase urban land supply. Urban land value is expected to exceed that of agricultural land value in the long run, therefore, creating the incentive to convert non-urban land to urban land. The value of the land is directly associated with its use. Zoning regulations regarding multi-story development are modified to intensify the use of cities, instead of occupying more physical space.


Identification of real property

To be of any value, a claim to any property must be accompanied by a verifiable and legal property description. Such a description usually makes use of natural or man-made boundaries such as seacoasts, rivers, streams, the crests of ridges,
lakeshores
lakeshores
,
highway A highway is any public or private road A road is a wide way leading from one place to another, typically one with a specially prepared surface which vehicles and bikes can use. Roads consist of one or two roadways (British English: ...

highway
s,
road A road is a wide way leading from one place to another, typically one with a specially prepared surface which vehicles and bikes can use. Roads consist of one or two roadways (British English: carriageways), each with one or more lanes and any ...

road
s, and
railroad track A railway track (British English and UIC terminology) or railroad track (American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. English, is the set of varieties of the English ...
s or purpose-built markers such as
cairn A cairn is a man-made pile (or stack) of stones. The word ''cairn'' comes from the gd, càrn (plural ). Cairns have been and are used for a broad variety of purposes, from prehistoric times to the present. In modern times, cairns are often ...

cairn
s,
surveyor Surveying or land surveying is the technique, profession, art, and science of determining the terrestrial or three-dimensional positions of points and the distances and angles between them. A land surveying professional is called a land surveyo ...

surveyor
's posts, iron pins or pipes, concrete monuments,
fence A fence is a structure that encloses an area, typically outdoors, and is usually constructed from posts that are connected by boards, wire, rails or netting. A fence differs from a wall A wall is a structure and a surface that defines an ...

fence
s, official government surveying marks (such as ones affixed by the
National Geodetic Survey The National Geodetic Survey (NGS), formerly the United States Survey of the Coast (1807–1836), United States Coast Survey (1836–1878), and United States Coast and Geodetic Survey (USC&GS) (1878–1970), is a Federal government of the United ...
), and so forth. In many cases, a description refers to one or more lots on a
plat In the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country in . It consists of 50 , a , five major , 326 , and some . At , it is the world's . The United ...

plat
, a map of property boundaries kept in public records. These legal descriptions are usually described in two different ways – metes & bounds, and lot & block. A third way is the
Public Land Survey System The Public Land Survey System (PLSS) is the surveying method developed and used in the United States to plat, or divide, real property for sale and settling. Also known as the Rectangular Survey System, it was created by the Land Ordinance of 1785 ...

Public Land Survey System
, as used in the United States. * Metes. The term "metes" refers to a boundary defined by the measurement of each straight run, specified by a distance between the terminal points, and orientation or direction. A direction may be a simple compass bearing (magnetic), or a more precise orientation determined by accurate survey methods. * Bounds. The term "bounds" refers to a more general boundary description, the
abuttals and boundaries Butts and bounds, shortened form for "abuttals and boundaries" of a property, are the boundary lines delineated between plots of land, usually those which define the end of an estate, as used in legal deeds, titles, etc. These are usually descript ...
, such as along a certain watercourse, a stone wall, an adjoining public roadway, an adjoining property owner, or an existing building. The system is often used to define larger pieces of property (e.g. farms), and political subdivisions (e.g. town boundaries) where the precise definition is not required or would be far too expensive, or previously designated boundaries can be incorporated into the description. * The
Lot Lot or LOT may refer to: Common meanings Areas *Land lot, an area of land *Parking lot, for automobiles *Backlot, in movie production Sets of items *Lot number, in batch production *Lot, a set of goods for sale together in an auction; or a quantit ...
&
Block Block or blocked may refer to: Arts, entertainment and media Broadcasting * Block programming, the result of a programming strategy in broadcasting * W242BX, a radio station licensed to Greenville, South Carolina, United States known as ''96.3 t ...
system is perhaps the simplest of the three main survey systems to understand. For a legal description in the Lot and Block system a description must identify: ** the individual lot, ** the block in which the lot is located, if applicable, ** a reference to a platted subdivision or a phase thereof, ** a reference to find the cited plat map ( i.e., a page and/or volume number), and ** a description of the map's place of official recording (e.g., ''recorded in the files of the County Engineer''). *The Public Land Survey System (PLSS) is the
surveying Surveying or land surveying is the technique, profession, art, and science of determining the terrestrial or three-dimensional positions of points and the distances and angles between them. A land surveying professional is called a land survey ...

surveying
method developed and used in the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

United States
to divide real property for sale and settling. The PLSS used nominally rectangular shapes to divide. The basic unit in the PLSS is the
Section Section, Sectioning or Sectioned may refer to: Arts, entertainment and media * Section (music), a complete, but not independent, musical idea * Section (typography), a subdivision, especially of a chapter, in books and documents ** Section sign ...
of land, typically 1-mile square. A 6 x 6-mile grid of sections of landform is what is referred to as a
Township A township is a kind of human settlement In geography, statistics and archaeology, a settlement, locality or populated place is a community in which people live. The complexity of a settlement can range from a small number of dwellings g ...
. Townships are laid out east and west of a
Principal Meridian A principal meridian is a meridian (geography), meridian used for survey control in a large region. Canada The Dominion Land Survey of Western Canada took its origin at the First (or Principal) Meridian, located at 97°27′28.41″ west of Prime ...
, and north and south of a Baseline.


Estates and ownership interests defined

The law recognizes different sorts of interests called
estates Estate or The Estate may refer to: Law * Estate (law), a term in common law for a person's property, entitlements and obligations * Estates of the realm, a broad social category in the histories of certain countries. ** The Estates, representative ...
, in real property. The type of estate is generally determined by the language of the
deed In common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. ''Black's Law Dictiona ...

deed
,
lease A lease is a contractual arrangement calling for the user (referred to as the ''lessee'') to pay the owner (the Lessor (leasing), ''lessor'') for use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial o ...

lease
,
bill of sale A bill of sale is a document that transfers ownership of goods from one person to another. It is used in situations where the former owner transfers possession of the goods to a new owner. Bills of sale may be used in a wide variety of transactions ...
,
will Will may refer to: Common meanings * Will and testament A will or testament is a legal document that expresses a person's ( testator) wishes as to how their property (estate (law), estate) is to be distributed after their death and as to which ...
,
land grant A land grant is a gift of real estate Real estate is property consisting of land and the buildings on it, along with its natural resource , Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitution ...
, etc., through which the estate was acquired. Estates are distinguished by the varying
property right The right to property or right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is found more rarely and is typically heavily ...
s that vest in each and determine the duration and transferability of the various estates. A party enjoying an estate is called a "tenant". Some important types of estates in the land include: *
Fee simple In English law English law is the common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in writte ...
: An estate of indefinite duration, that can be freely transferred. The most common and perhaps most absolute type of estate, under which the tenant enjoys the greatest discretion over the disposal of the property. *Fee simple conditional: An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur. If such a condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party. *
Fee tail In English common law, fee tail or entail is a form of trust established by deed or settlement which restricts the sale or inheritance Inheritance is the practice of passing on private property, titles A title is one or more words used be ...
: An estate which, upon the death of the tenant, is transferred to his or her heirs. *
Life estate In common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. ''Black's Law Dictionary' ...
: An estate lasting for the natural life of the grantee, called a "life tenant". If a life estate can be sold, a sale does not change its duration, which is limited by the natural life of the original grantee. *A life estate ''per autre vie'' is held by one person for the natural life of another person. Such an estate may arise if the original life tenant sells her life estate to another, or if the life estate is originally granted ''per autre vie''. *
Leasehold A leasehold estate is an ownership Ownership is the state or fact of exclusive right In Anglo-Saxon law Anglo-Saxon law (Old English Old English (, ), or Anglo-Saxon, is the earliest recorded form of the English language English i ...
: An estate of limited-term, as set out in a contract, called a lease, between the party, granted the leasehold, called the lessee, and another party, called the lessor, having a longer estate in the property. For example, an apartment-dweller with a one-year lease has a leasehold estate in her apartment. Lessees typically agree to pay a stated rent to the lessor. Though a leasehold relates to real property, the leasehold interest is historically classified as personal property. A tenant enjoying an undivided estate in some property after the termination of some estate of limited-term is said to have a "future interest". Two important types of future interests are: * Reversion: A reversion arises when a tenant grants an estate of the lesser maximum term than his own. Ownership of the land returns to the original tenant when the grantee's estate expires. The original tenant's future interest is a reversion. *
Remainder In mathematics Mathematics (from Ancient Greek, Greek: ) includes the study of such topics as quantity (number theory), mathematical structure, structure (algebra), space (geometry), and calculus, change (mathematical analysis, analysis). It ...
: A remainder arises when a tenant with a fee simple grants someone a life estate or conditional fee simple, and specifies a third party to whom the land goes when the life estate ends or the condition occurs. The third party is said to have a remainder. The third-party may have a legal right to limit the life tenant's use of the land.
Estate Estate or The Estate may refer to: Law * Estate (law), a term in common law for a person's property, entitlements and obligations * Estates of the realm, a broad social category in the histories of certain countries. ** The Estates, representative ...
s may be held jointly as
joint tenants with rights of survivorship In property law, a concurrent estate or co-tenancy is any of various ways in which property Property (''latin: Res Privata'') in the Abstract and concrete, abstract is what belongs to or with something, whether as an attribute or as a compon ...
or as
tenants in common In property law, a concurrent estate or co-tenancy is any of various ways in which property Property (''latin: Res Privata'') in the Abstract and concrete, abstract is what belongs to or with something, whether as an attribute or as a compon ...
. The difference between these two types of joint ownership of an estate in land is basically the inheritability of the estate and the shares of interest that each tenant owns. In a joint tenancy with rights of survivorship deed or JTWROS, the death of one tenant means that the surviving tenants become the sole owners of the estate. Nothing passes to the heirs of the deceased tenant. In some jurisdictions, the specific words "with right of survivorship" must be used, or the tenancy will assume to be tenants in common without rights of survivorship. The co-owners always take a JTWROS deed in equal shares, so each tenant must own an equal share of the property regardless of any contribution to the purchase price. If the property is someday sold or subdivided, the proceeds must be distributed equally with no credits given for any excess that anyone co-owner may have contributed to purchase the property. The death of a co-owner of tenants in common (TIC) deed will have a heritable portion of the estate in proportion to his ownership interest which is presumed to be equal among all tenants unless otherwise stated in the
transfer deed{{Unreferenced, date=September 2019 A transfer deed is a document used in conveyancing in England and Wales to transfer real property from its legal owner to another party. Sometimes referred to as a ''transfer'' and formerly a ''conveyance'' or ''a ...
. However, if TIC property is sold or subdivided, in some States, Provinces, etc., a credit can be automatically made for unequal contributions to the purchase price (unlike a partition of a JTWROS deed). Real property may be owned jointly with several tenants, through devices such as the
condominium A condominium (or condo for short) is a building structure divided into several units that are each separately owned, surrounded by common areas that are jointly owned. Residential condominiums are frequently constructed as apartment buildings ...
,
housing cooperative A housing cooperative, or housing co-op, is a legal entity, usually a cooperative A cooperative (also known as co-operative, co-op, or coop) is "an autonomous The federal subject The federal subjects of Russia, also referred ...
, and building cooperative.


Bundle of Rights

Real property is unique because there are multiple rights associated with each piece of property. For example, most U.S. jurisdictions recognized the following rights: right to sell; right to lease; right to acquire minerals, gas, oil, etc. within the land; right to use; right to possess; right to develop; etc. These multiple rights are important because owners of the real property can generally do what they choose with each right. For example, the owner could choose to keep all the rights but lease the right to drill for oil to an oil company, or the owner could choose to keep all the rights but lease the property to a tenant. In other words, the owner can elect to keep, lease or sell the rights to the land.


Other Ownership types

*
Allodial title Allodial title constitutes ownership of real property In England, English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures (also called Land improvemen ...
: Real property that is independent of any superior landlord. Palladium is "Land held absolutely in one's own right, and not of any lord or superior; land not subject to feudal duties or burdens. An estate held by absolute ownership, without recognizing any superior to whom any duty is due on account thereof."


Jurisdictional peculiarities

In the law of almost every country, the
state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, Un ...
is the ultimate owner of all land under its jurisdiction, because it is the
sovereign Sovereign is a title which can be applied to the highest leader in various categories. The word is borrowed from Old French ''souverain'', which is ultimately derived from the Latin word ''superānus'', meaning "above". The roles of a sovereign v ...
, or supreme lawmaking authority. Physical and corporate persons do not have
allodial title Allodial title constitutes ownership of real property In England, English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures (also called Land improvemen ...
; they do not own land but only enjoy estates in the land, also known as "equitable interests".


Australia and New Zealand

In many countries, the
Torrens title Torrens title is a land registration Land registration generally describes systems by which matters concerning ownership Ownership is the state or fact of exclusive rights and control over property Property (''latin: Res Privata'') in the A ...

Torrens title
system of real estate ownership is managed and guaranteed by the government and replaces cumbersome tracing of ownership. The Torrens title system operates on the principle of "title by registration" (i.e. the indefeasibility of a registered interest) rather than "registration of title". The system does away with the need for a chain of title (i.e. tracing title through a series of documents) and does away with the conveyancing costs of such searches. The State guarantees title and is usually supported by a compensation scheme for those who lose their title due to the State's operation. It has been in practice in all
Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

Australia
n states and New Zealand since between 1858 and 1875, has more recently been extended to
strata title Strata title is a form of ownership devised for multi-level apartment buildings, apartment blocks and horizontal subdivisions with shared areas. The word "strata" refers to apartments being on different levels. Strata title was first introduced ...
, and has been adopted by many states, provinces and countries, and in modified form in 9 states of the US.


United Kingdom

In the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...

United Kingdom
,
The Crown The Crown is the state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspaper i ...

The Crown
is held to be the ultimate owner of all real property in the realm. This fact is material when, for example, the property has been disclaimed by its erstwhile owner, in which case the law of
escheat Escheat is a common law In law, common law (also known as judicial precedent or judge-made law, or case law Case law is the collection of past legal decisions written by courts and similar tribunal A tribunal, generally, is any person ...
applies. In some other jurisdictions (not including the United States), real property is held absolutely.


England and Wales

English law English law is the common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. ''Blac ...
has retained the common law distinction between real property and personal property, whereas the
civil law Civil law may refer to: * Civil law (common law) Civil law is a major branch of the law.Glanville Williams. ''Learning the Law''. Eleventh Edition. Stevens. 1982. p. 2. In common law legal systems such as England and Wales and the law of the United ...
distinguishes between "movable" and "immovable" property. In English law, real property is not confined to the ownership of property and the buildings sited thereonoften referred to as "land". Real property also includes many legal relationships between individuals or owners of the land that are purely conceptual. One such relationship is the
easement An easement is a Nonpossessory interest in land, nonpossessory right to use and/or enter onto the real property of another without possessing it. It is "best typified in the right of way which one landowner, A, may enjoy over the land of another ...
, where the owner of one property has the right to pass over a neighboring property. Another is the various "incorporeal hereditaments", such as ''profits-à-Prendre'', where an individual may have the right to take crops from land that is part of another's estate. English law retains several forms of property that are largely unknown in other common law jurisdictions such as the
advowson Advowson () or patronage is the right in English law English law is the common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals ...
,
chancel repair liability Chancel repair liability is a legal obligation on some property Property (''latin: Res Privata'') in the Abstract and concrete, abstract is what belongs to or with something, whether as an attribute or as a component of said thing. In the contex ...
and lordships of the
manor Manor may refer to: Land tenure *Manor, the land belonging to the Lord of the manor under manorialism in parts of medieval Europe, notably England *Manor house, the main residence of the lord of the manor *Lord of the manor, the landholder of a ma ...
. In the early common law, these are all classified as real property, as they would have been protected by real actions.


United States

Each
U.S. State In the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state ...
except
Louisiana Louisiana (Standard French Standard French (in French: ''le français standard'', ''le français normé'', ''le français neutre'' eutral Frenchor ''le français international'' nternational French is an unofficial term for a standard ...

Louisiana
has its own laws governing real property and the estates therein, grounded in the
common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. ''Black's Law Dictionary'' is the most-us ...
. In
Arizona Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak) is a U.S. state, state in the Southwestern United States, Southwestern region of the United States. It is also usually considered part of the Mountain States, Mountain states. It is th ...

Arizona
, real property is generally defined as land and the things permanently attached to the land. Things that are permanently attached to the land, which also can be referred to as ''improvements'', include homes, garages, and buildings. Manufactured homes can obtain an
affidavit An ( ; Medieval Latin Medieval Latin was the form of Latin Latin (, or , ) is a classical language A classical language is a language A language is a structured system of communication Communication (from Latin ''commu ...
of affixture.


Economic aspects of real property

Land use, land valuation, and the determination of the incomes of landowners are among the oldest questions in economic theory. The land is an essential input ( a factor of production) for agriculture, and agriculture is by far the most important economic activity in pre-industrial societies. With the advent of industrialization, important new uses for land emerge, as sites for factories, warehouses, offices, and urban agglomerations. Also, the value of the real property taking the form of man-made structures and machinery increases relative to the value of the land alone. The concept of the real property eventually comes to encompass effectively all forms of tangible fixed capital. with the rise of extractive industries, real property comes to encompass
natural capital on "natural capital" and "balancing the budget of our resources" File:Fires along the Rio Xingu, Brazil - NASA Earth Observatory.jpg, Fires along the Rio Xingu, Brazil - NASA Earth Observatory. Loss of natural capital assets may have significant ...
. With the rise of tourism and leisure, real property comes to include scenic and other amenity values. Starting in the
1960s File:1960s montage.png, Clockwise from top left: U.S. soldiers during the Vietnam War; the Beatles led the British Invasion of the U.S. music market; a half-a-million people participate in the Woodstock Festival; Neil Armstrong and Buzz Aldrin Ap ...

1960s
, as part of the emerging field of
law and economics Law and economics or economic analysis of law is the application of economic An economy (; ) is an area of the production Production may be: Economics and business * Production (economics) * Production, the act of manufacturing goods * Prod ...
, economists and legal scholars began to study the
property right The right to property or right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is found more rarely and is typically heavily ...
s enjoyed by tenants under the various estates and the economic benefits and costs of the various estates. This resulted in a much-improved understanding of the: *
Property right The right to property or right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is found more rarely and is typically heavily ...
s enjoyed by tenants under the various estates. These include the right to: **Decide how a piece of real property is used; **Exclude others from enjoying the property; **Transfer (alienate) some or all of these rights to others on mutually agreeable terms; *Nature and consequences of
transaction cost In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a Market (economics), market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companie ...
s when changing and transferring estates. For an introduction to the economic analysis of property law, see Shavell (2004), and Cooter and Ulen (2003). For a collection of related scholarly articles, see Epstein (2007). Ellickson (1993) broadens the economic analysis of real property with a variety of facts drawn from history and
ethnography Ethnography (from Greek#REDIRECT Greek Greek may refer to: Greece Anything of, from, or related to Greece Greece ( el, Ελλάδα, , ), officially the Hellenic Republic, is a country located in Southeast Europe. Its population is ap ...

ethnography
.


See also

*
Benefice A benefice () or living is a reward received in exchange for services rendered and as a retainer for future services. The used the term as a benefit to an individual from the Empire for services rendered. Its use was adopted by the in the as a ...
*
Fiefdom A fief (; la, feudum) was the central element of feudalism Feudalism, also known as the feudal system, was the combination of the legal, economic, military, and cultural customs that flourished in Medieval Europe In the hist ...
* Land ownership in Canada *
Land tenure In Common law#History, common law systems, land tenure is the legal regime in which land is owned by an individual, who is said to "hold" the land. It determines who can use land, for how long and under what conditions. Tenure may be based both ...
*
Landlord A landlord is the owner of a house A house is a single-unit residential building A building, or edifice, is a structure with a roof and walls standing more or less permanently in one place, such as a house or factory. Buildings come in a ...
* Mesne assignment *
Mineral rights Mineral rights are property rights to exploit an area for the minerals In geology Geology (from the Ancient Greek Ancient Greek includes the forms of the Greek language Greek ( el, label=Modern Greek Modern Greek (, , ...
*
Real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more genera ...

Real estate
* The Land Report


References


Further reading


Overview of real property

*Schram, Joseph F., 2006. ''Real Estate Appraisal'', Rockwell Publishing. *Moore, Geoff., 2005. ''Essential Real Property'', Psychology Press.


The law of real property

*Stoebuck, W. B., and Dale A. Whitman, 2000. ''The Law of Property'', 3rd. ed. St. Paul MN: West Group Publishing. *Thomas, David A., ed., 1996. ''Thompson on Real Property''. Charlottesville VA: Michie Co.


Analysis of the law of real property

* Ackerman, B., R. Ellickson, and C.M. Rose, 2002. ''Perspectives on Property Law'', 3rd ed. Aspen Law and Business. *
Tom Bethell Tom Bethell (; July 17, 1936 – February 12, 2021) was an Americans, American journalist who wrote mainly on economic and scientific issues. Life and career Bethell was born and raised in London, England. He was educated at Downside School ...
, 1998. ''Noblest Triumph: Property and Prosperity through the Ages''. St Martin's Press. For laypeople. *Robert Cooter, and Thomas Ulen, 2003. ''Law and Economics'', 4th. ed. Addison-Wesley. Chpts. 4,5. Easier text. *Robert Ellickson, Ellickson, Robert, 1993,
Property in Land
" ''Yale Law Journal'' 102: 1315–1400. *Richard Allen Epstein, Richard Epstein, ed., 2007, ''Economics of Property Law''. Edward Elgar. An anthology of articles, mostly from the law literature. *Shavell, Steven, 2004. ''Foundations of Economic Analysis of Law''. Harvard Univ. Press. Chpts. 2–5. Harder text; extensive references. *Jeremy Waldron, 1988. ''The Right to Private Property''. Oxford Univ. Press. *Oswaldo D. Agcaoili, , ed. 2006, ''Property Registration Code''. Agcaoili. Land Titles and Deeds: Property Law and Cases in the Philippines. {{Authority control Real property law, Real property