Real property is not just the ownership of property
and buildings — it includes many legal relationships between
owners of immovable property (real estate) that are purely conceptual
such as the easement, where a neighboring property may have some
right on your property, right-of-way, or the right to pass over
a property, and incorporeal habiliments such as profit a render.
Real property can also be held in various ways. In some jurisdictions
real property is held absolutely, in England it may still be considered
to be carved out of Crown's ownership of all property in the realm.
Such distinctions are important in terms of the law of escheat
or when property reverts to the state because it lacks an owner
or has been abandoned.
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An important area of real estate immovable
property are the definitions of estates in land. These are various
interests that may limit the ownership rights one has over the land.
The most common and perhaps most absolute type of estate is the
fee simple which signifies that the owner has the right to dispose
of the property as she/he sees fit. Other estates include the life
estate where the owner's rights to the property cease at their death
and fee tail estates where the property at the time of death passes
to the heirs of the body of the owner of the estate before he died.
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Estates may also be held jointly as joint tenants with rights of
survivorship or as tenants in common. The difference in these two
types of joint ownership of an estate in land is basically the inheritability
of the estate. In some jurisdictions the magic words "with
right of survivorship" must be used or the tenancy will assumed
to be tenants in common. Tenants in common will have a heritable
portion of the estate in proportion to their ownership interest
which is presumed to be equal amongst tenants unless otherwise stated
in the transfer deed. There are other types of estates in land that
are used to prevent the alienation of land.
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