Real Estate Alphabet Soup: R is for Real Estate | Miles and Stockbridge PC
In my last article, “Real Estate Alphabet Soup: Q is for Quitclaim,” I continued my introduction to real estate “alphabet soup.” This post continues to stir the “alphabet soup” with the letter “R”.
R is for “restrictive covenants” which are written promises governing and restricting the use of “real property”, which may include the types of buildings that may be erected on it. Covenants may be included in a deed or in a separate written document, which is registered in the official land records of the county in which the property is located. Restrictive covenants create a charge on the property that “runs with the land” so that any future owner who may later take title to the property does so subject to these restrictions.
R is also for “Real estate”. While it might be a no-brainer, everything about real estate stems from “real estate ownership”. “Immovable Property” is the land, including the surface and anything on the surface, such as buildings and landscaping. Real estate also includes everything below the surface, such as water and minerals, as well as the area above the surface, air, and sky. “Real Property” is distinct from “Personal Property” which may include equipment and furnishings located in a building on the Property.
At the “root” of all real estate is “Real Property“, the land, the earth and everything above, below and above. The owner of “real estate” owns not only the land, but any crops or forests that grow on the land, as well as the water and natural products that may be present below the surface. This includes mineral rights, oil and natural gas, if the owner is lucky enough to discover these valuable natural resources on the property. So, when talking about “real estate”, there may be a “treasure” buried on the property and, since this also includes the air above, the old adage may be true that “the sky is the limit”. “.
In my next article, I will move on to the letter “S”, the next letter in this real estate “alphabet soup”.
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