This page provides a general information about real estate or real property, as well as a discussion about zoning law, environmental hazards, easement and right of way, real estate transactions as well as real estate mortgage.

Definition (meaning) of real estate

Real estate, also called realty, includes land and all things that are erected or growing upon it, whatever is below the surface of the land to the center of the earth, and whatever is above it to the sky itself. This includes houses and other buildings which are erected permanently upon the land, and crops or plants growing on it. It does not include chattels (moveable or personal property) such as stock on a farm, furniture in a house, mobile homes and tool sheds.

Exceptions to the definition (meaning) of real estate

There are however, some exceptions to this definition, as when certain real properties assume the character of  personal property. For example, growing trees may be treated as personal property where the proper parties agreed that they be cut down, and a house may be treated as a mere chattel when erected by a person who is not the owner of the land subject to the provisions of a contract or the intent and agreement between the parties involved.

On the other hand, certain properties which ordinarily would fall under personal property, are treated as real property by reason of use or intent of the owner or parties to an agreement or contract. Thus the following may be regarded as real estate: a key to a lock fastened  to a door, millstones in a mill and irons even though taken out for the purposes of repair, as well as windows, blinds, though temporarily removed from the house and fragments of a house destroyed by a storm.

 Ownership, possession, and enjoyment of real estate are not absolute. First the State has the power to tax real property, second, the State can exercise its power of eminent domain, which is the power of the State to take away property for a public purpose after paying just compensation to the owner. Plus, there are a number of laws and regulations on zoning, environmental hazards, easement or right of way and other laws which curtail and regulate the enjoyment of these rights for the common good.

Types of real estate:

• Freehold real estates

• Non-freehold real estates

• Concurrent real estates

• Future interests

• Incorporeal interests

Freehold real estates

Freehold real estates are those in which an individual has ownership for an indefinite period of time. An example of a freehold estate is the "fee simple absolute", which is inheritable and lasts as long as the individual and his heirs wants to keep it. Another example is the "life estate", in which the individual retains possession of the land for the duration of his or her life.

Non-freehold real estates

Non-freehold real estates are property interests of limited duration. They include tenancy for years, tenancy at will, and tenancy at sufferance.

Concurrent real estates

Concurrent real estates exist when property is owned or possessed by two or more individuals simultaneously. For the most part, states have exclusive jurisdiction over the land within their borders, and their law concerning the kind of interests that can be held and how they are created is not subject to federal law.

Future interests

Future interests in real estates is a form of ownership of either real or personal property, the use, possession, or enjoyment thereof is suspended, until the arrival of a particular future date, or upon the occurrence of a particular event in the future.

Incorporeal interests

Incorporeal interests consists of certain inheritable rights, which are not, strictly speaking, of a corporeal nature, or land, although they are by their own nature or by use, annexed to corporeal inheritances, and are rights issuing out of them, or which concern them. These distinctions agree with the civil law. Just. Inst. The incorporeal hereditaments which subsist by the laws of the several states are fewer than those recognized by the English law. In the United States, there are fortunately no advowsons, tithes, nor dignities, as inheritances. 

The most important of these are types are freehold estates, non-freehold estates, and concurrent estates.

What are the things I can do as owner of real property?
You can use it, alienate (sell or transfer) it, donate it, use it as collateral for a loan, will it to intended beneficiaries upon your death, or do whatever you want to do with it, provided that what you are doing does not violate restrictions imposed by law, does not violate any rights, and is not contrary to morals or public policy.

What are these restrictions imposed by law?
There are countless federal, state, county and local laws regulating the use of real property. However, the three most common restrictions are:

1.  zoning law - restriction on the use of the property as to residential, industrial, agricultural, or commercial purposes. Likewise, the size and height of improvements attached to the property are are affected by this restriction. 
   

2. environmental hazards - this prescribes and regulate storage or use of hazardous materials on the real property, as well as for their proper removal. Hazardous materials are those that are combustible, health hazards, or toxic, such as asbestos, lead paint, petro-chemicals, radon and toxic wastes.
   

3. public easement and right of way - This is the right of the owner of a given piece of land (the dominant estate) to use the land belonging to another (the servient estate) for a special purpose without violating the general property rights of the owner of the servient estate. Easements and right of way are used to allow access to other property, to provide for roads and sidewalks, and to enable electric/gas/telephone/sewer lines to be installed.
   

Note: The owner's rights of enjoyment and use of real property are also subject to certain non-governmental restrictions, such as: 

1. agreements or contracts - provided that the contractual provisions are consistent with law, the parties are bound to follow the conditions found therein. Typical remedies for violation of private party agreements include an award of damages against the violator and injunctive relief (requiring removal of the violation and prohibiting such a violation in the future).

2. mortgage - if you fail to pay the mortgage, the lender will take the property back.

3. lien - a lien may be placed against real property, as security for payment of a debt, such as a "mechanic's lien" ( a lien in favor of labor and/or materials) or "judgment lien" ( the lien attaches to all the real property of the judgment debtor as soon as the judgment is filed).

4. observance of due diligence - the owner is bound to exercise due diligence in the use and enjoyment of his/her property, otherwise, he/she can be held liable for his/her acts or omission, should it cause damage to another's property or injury to persons. The degree of diligence required is relative. In situations where immediate danger to an individual is indicated, the requirement for a high degree of care is more urgent than where nothing more than possible harm to inanimate objects is concerned.

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