Basic Concepts of Real Estate
What is Real Estate? Real Estate can be referred to as land along with everything that is found on the land, such as a house. In other terms, real estate also refers to as land and fixtures which includes everything related to the land including rights, interest, and privileges of ownership of land. When we talk about land in real estate, we refer not only to the surface of the earth but also to the layers below it, the air above it and everything permanently attached to it whether artificial or natural. Thus, land includes minerals, underground water, planted vegetation and the air above it. A Fixture A fixture is a legal concept that includes any item of personal property such as drapery rods, toilets, wet bar, or other items that is permanently fixed to real estate which once removed will cause damage to the premises. If the property is not affixed to real property it is considered fitting. A property is said to be affixed to land when it is: · ...