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real property definition
1) all land, structures, firmly attached and integrated equipment (such as light
fixtures or a well pump), anything growing on the land, and all "interests" in the
property, which may include the right to future ownership (remainder), right to
occupy for a period of time (tenancy or life estate), the right to drill for oil,
the right to get the property back (a reversion) if it is no longer used for its
current purpose (such as use for a hospital, school or city hall), use of airspace
(condominium) or an easement across another's property. Real property should be
thought of as a group of rights like a bundle of sticks which can be divided. It
is distinguished from personal property which is made up of movable items. 2) one
of the principal areas of law like contracts, negligence, probate, family law and
criminal law.
See also condominium easement life estate personal property real estate reversion
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