Real property

Real property refers to one of the two main classes of property, the other being personal property. Real property generally encompasses land, land improvements resulting from human effort including buildings and machinery sited on land, and various property rights over the preceding. does not change. The law recognizes different sorts of interests, called estates.

The type of estate is generally determined by the language of the deed, lease, or bill of sale through which the estate was acquired. Estates are distinguished by the varying property rights does not change that vest in each, and that determine the duration and transferability of the various estates. A party enjoying an estate is called a tenant.

An estate lasting for the natural life of the grantee, called a "life tenant." If a life estate can be sold, a sale does not change its duration, which is limited by the natural life of the original grantee. A life estate pure acuter vie is held by one person for the natural life of another person. Such an estate may arise if the original life tenant sells her life estate to another.

An estate of limited duration, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee, and another party, called the lesser, having a longer lived estate in the property. Lessees typically agree to pay a stated rent to the lesser. The joint ownership of an estate in land is basically the inheritability of the estate.