What is Real Estate?

What is Real Estate? - If you own a chair, motor car, farm tool, it can be stolen, lost, or destroyed. If you went to court to recover such property, you could only be compensated for it if it were lost or destroyed. But if you owned land, and for some reason the land was taken from you, the courts could restore the land itself to you.

The thing itself, in Latin, is res, from which comes our word “real”. In other words, land was “real” property, or a “real” estate, as compared to personal property. It was based on this difference that English law in ancient times established two kinds of property, real property (or real estate, as we now call it), and personal property.

In early times, land (real property) was considered to be of the greatest value. Today, there may be other was considered of greater value by some people. For example, owning shares of stock in a company, or the right to use patents in manufacturing goods and machinery may sometimes be of more value.

In feudal days when the laws were being established, real property was not only land, but everything fixed ti it, such as trees, buildings, and everything fixed to the buildings. And this personal property, removable should the house be sold.

If you screw it to the wall, and intend it to remain there, it then becomes a fixture and goes with the house. In transferring real estate from one person to another, a deed must be officially recorded with the Land Commission for assessment. The law recognizes transaction concerning real estate in the order in which they public records examined to make sure that the title is “clear” that is, that there are no claims against the land or right held on it by other persons.

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