Start Your Property Search

What is Land, Real Estate and Real Property?

Have you considered buying land in Louisville, KY?  What exactly is the definition of “Land”?  What if something is built on the land?  Is that included in the definition of land?  What is the difference between “Land” and “Real Estate”?  It is important for someone in the market for Land or Real Estate to know the legal definition of Land, Real Estate, and Real Property.

Land in Louisville, Kentucky

Land is defined as the Earth's surface extending downward to the center of the Earth and upward to infinity, including permanently attached natural objects.

The definition of Real Estate includes everything in the definition of Land, plus all things permanently attached to it naturally or artificially.

Real Property Louisville

The definition of Real Property includes Real Estate plus the interests, benefits and rights automatically included with the ownership of the Real Estate - Possession, Control, Enjoyment, Exclusion, and Disposition.

While we typically take these rights for granted when we purchase a home, it is important to know what these rights include and do not include.  Lets review what these rights included in the definition of “Real Property” mean.

  • Possession is the right to occupy the premises.
  • Control is the right to determine interests for others.
  • Enjoyment is the right to possess your land without harassment or interference.
  • Exclusion is being able to legally refuse other interests in your property.
  • Disposition is the right to determine how the property will be sold or transferred.

Together, these rights are known as the “bundle of rights” that are included in ownership of real property.

 While there are some restrictions to these rights and definitions, now you know that land is different than real estate and real estate is different than real property.  In common language, the term “realty” is used to describe “real property”.  

 

Source: Dearborne

Post a Comment

Blog Navigation

Posts By Category

All Categories Community News (1) Homes for Sale (150) Insurance (1) Louisville Business (5) Louisville Events (2069) Louisville Mortgage (2) Louisville News (82) Louisville Real Estate (7) Louisville Subdivisions (107) Mortgage Loan (6) Podcasts (27) Real Estate (9) Real Estate Education (64) School Systems (1) St. Matthews, Kentucky (3)

Posts By Month

Tag Cloud

Grab Our RSS Feed
Louisville Market Stats
Homes for Sale 2,928
New Properties Today 2
Averages
Days on Market 87
Avg List Price $289,577
Med List Price $214,900
MOM Chng -0.83%

Be one of the first to know when new listings matching your criteria hit the market.

Learn more

Find your next home and learn about neighborhoods, current market stats and local schools.

Learn more

Our free service provides you with a detailed estimate of your home’s current market value.

Learn more