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Real property is a legal term encompassing real estate and ownership interests in real estate (immovable property).

 It is a type of property differentiated from personal property.
U.S. interpretation
In the United States, each state has its own real immovable property law. All states except Louisiana rely on variations of common law for the basis of their real immovable property laws. Louisiana's laws are derived from Napoleonic Code but have adopted some of the common law terms over the years.


Types of ownership interests
Real property (immovable property) can refer to the real estate itself, or to various types of ownership interests in real estate, including:

Fee simple or freehold: The most common interest or right in real estate and provides the owner the right to use the real estate for any lawful purpose and sell the interest when and to whom the owner wishes.
Life estate: An interest in real estate (immovable property) which is granted to a life tenant until that person dies. During the life estate, the life tenant has the right to use the real estate for any lawful purpose. The interest terminates upon the death of the life tenant
Estate for years: Similar to a life estate but term is a specified number of years.
Leasehold: The right to possess and use real estate (immovable property) pursuant to the terms of a lease.
Reversion: The right to possess the fee interest in real estate (immovable property) after the expiration of a life estate, estate for years, or leasehold.
Concurrent or co-tenancy: The ownership of an interest in real property (immovable property) by more than one party. Rights of any single party may be limited in various ways depending on the jurisdiction and type of concurrency.
Note that it is possible for a property deed (the legal document used to transfer title) to further restrict these general ownership rights.

 

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Palmer & Jones 
Bruce M Palmer
7665 Redwood Blvd # 200, Novato, CA 415 892-1616

Peter J Mancus Law Offices
876 Gravenstein Ave # 3, Sebastopol, CA 707 829-9050

 
 
 
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