Thursday, 19 November 2015

Distinction Between Real Property and Personal Property

Real property and Personal Property . What is the difference between personal property and real property ?

Previously i wrote about the article ( real property interest )
What is Real Property ?
And what is Personal Property ?

Real and personal property is a basic distinction between real & personal property.
Real Property generally means land and the rights associated with it ownership. In medieval England the term ( Real Property ) was unknown, but the term ' Things Real ' was used to include ' Land, Tenements and Hereditaments '. Land has a physical character & includes the surface of the earth, space above the earth, and minerals below the surface, along with all other things permanently attached thereto, such as buildings.
Frequently the term " Real Estate " or " Realty " is used to refers to the physical land, while " Real Property " refers to the rights in the real estate. Real estate is characterized by fixity of location, or immovability, which is why, when used as security, real property is accorded more favorable lending terms than personal property.
Tenements, usually associated with a freehold estate, is a broader term than land because it includes both corporeal and incorporeal hereditaments, while land includes only corporeal hereditaments. Hereditaments are things capable of direct inheritance, while incorporeal hereditaments are property rights arising from the ownership of corporeal property. An apartment house owned in fee simple absolute is a corporeal hereditament, the right to receive rent and the proceeds from resale of the apartment house are incorporeal hereditaments, while money received is tangible personal property.
Personal property or chattels is movable property not included in real property. Examples of personal property are automobiles, furniture not permanently attached to the real estate, dams build on another's land, contract rights, and title deeds.

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