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Real Property Overview

Definition Of Real Property

Each piece of land has its own non-homogeneity, meaning you can always decipher between two pieces of land, they are unique. In real estate transactions each piece of land has its own block number. Real property management deals with real and personal property in which systems and manpower are required in order to manage the life cycle of all properties acquired.

This also includes accountability, acquisitions, control, dispositions, maintenance, and utilization. In example, a few duties they bare are collecting rent, responding to and addressing maintenance issues, and providing a buffer for those landlords desiring to distance themselves from their tenant constituency.

Anything that is not considered real property is personal property. Personal property is anything that permanently fixed, is not nailed down, or built onto the land. Since real property is immovable and permanent, the owner therefore has the estate for a minimum of his lifetime, unless he or she decides to sell it. There are two types of personal property: one being tangible, which has value, in example, a car, a pocket book, a laptop.

And intangible which has no value of its own, rather it has representative value, for example, bills, a certificate, diploma, poker chips in casinos, and even the lottery. Overall, real property law consists of clean cut differentiation between real and personal property. Both of these work as a base which stems into a variety of different regulations, benefits, procedures, they bare a whole complexity of their own.

NEXT: 6 steps of Closing Process

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