Real property

**Historical Background of Real Property**:
– Real property originated from the Latin word ‘res’ meaning thing.
– European civil law distinguishes ‘actio in rem’ and ‘actio in personam’.
– Henry de Bracton’s work defined real property in English law.
– Legal systems vary in classifying property as real or personal.
– Houseboats blur the line between personal and real property.

**Characteristics of Real Property**:
– Real property is immobile.
– Land location directly impacts its value.
– Minerals and crops can be transported.
– Changes nearby affect real property value.
– Vulnerability to external factors due to immobility.
– Desired resources attract attention to a location.
– Natural locational attractions influence land use and values.
– Proximity to markets and transportation routes impacts value.

**Identification and Ownership Types**:
– Legal property descriptions are necessary for value.
– Descriptions use natural or man-made boundaries.
– Metes & bounds and lot & block are common description methods.
– Public Land Survey System is used in the US.
– Property consists of a bundle of rights or sticks.
– Allodial title refers to land held without superior landlord obligations.
– Allodium is absolute ownership of land without feudal duties.
– In most countries, the state is the ultimate landowner.

**Jurisdictional Peculiarities**:
– Physical and corporate entities do not have allodial title.
– They enjoy estates in the land but do not own it outright.
– The state holds the ultimate ownership of all land.
– Land ownership is subject to the sovereign state’s authority.
– The Torrens title system manages real estate ownership in Australia and New Zealand.
– The Crown is considered the ultimate owner of all real property in the UK.
– Each U.S. State (except Louisiana) has its own laws governing real property.

**Economic Aspects and Related Concepts**:
– Land is a crucial input for agriculture, historically.
– Industrialization led to new uses for land like factories and urban areas.
– Real property value generally decreases relative to land value due to man-made structures.
– Different types of property values depreciate based on factors like contamination and wear and tear.
– Economic analysis of property rights has improved understanding of tenant rights and transaction costs.
– Related terms include benefice, fiefdom, and landlord.
– Real estate and mineral rights are related to real property.