What does ‘realty’ mean? Realty means any property or land that doesn’t move. Realty, real estate, and real property all means the same, and the land or property has had to have improvements done to it. These improvements can include roads, buildings, wells, canals, and machinery as well as other infrastructure. Personal property and “real” property are subunits of the wider legal concept of “property” and is recognized by laws worldwide. When a person owns realty (real property), then the law will protect the ownership of the real property and offer guidelines for the sale and purchase thereof.
The word realty has its roots in Latin, from the word “real” which literally means “thing.” The evolution of this word’s usage in English has come to mean all things related to ownership and property. Realty / Real property is protected by law. If you own realty and want to sell your property, then you would have to resort to a legal action. The law also distinguishes between personal property, which is considered clothing, furniture, money, and movable belongs, and real property, which is considered land and anything that is attached to the land (non moveable).
There are different sorts of interests that are recognized under the law. An realty estate comes with a deed, a contract of sale, land grant, and/or will. Estates and the property of the estates have rights and can be considered transferability. Any estate that is being enjoyed, then that state is a tenant.
Fee Simple: This is the most common type of estate and this state has an indefinite duration. The tenant gets to enjoy the estate indefinitely and has the benefits of the estate.
Conditional Fee Simple: If one or more conditions has been stated by the grantor’s deed, then this estate can last forever. If this happens, then the estate can be passed on to another person or party.
Leasehold: Leasehold realty has a time limit. The leasehold is often set up in a contract. An excellent example is when a person renting an apartment signs a lease and agrees to pay the owner a set fee for the time that has been set forth in the lease. The renter is referred to as the lessee and the owner is referred to as the lessor.
Fee Tail: This estate is transferred to an heir when there is a death has occurred with the tenant.
Life Estate: A life tenant is an estate that last for the life of the grantee. If the estate can be sold and it is a life estate, then it still doesn’t change the time for the grantee.