Land – Included, but not limited to, the soil, earth, and ground, that which is the result of nature or man-made, as well as an indefinite extent upward into the air, and downward in a direct line from the surface to the center of the earth.
Real Estate – Land, and generally whatever is erected upon or affixed thereto. Improvements, such as buildings, structures, landscaping, fences, etc, are included.
Real Property – That which is immovable. Land, things affixed to land, and appurtenances. Real estate plus the Bundle of Rights.
Personal Property – All property that is not considered to be real property. That which is movable (not attached to land).
Appurtenances – Something which is outside property itself but belongs to the land and adds to its greater enjoyment such as a right-of-way or a barn or a dwelling.
Bundle of Rights – The rights, or interests, that an individual has in a particular piece of property. The right to dispose, the right to encumber, the right to possess, the right to use, and the right to exclude others (the right of quiet enjoyment).
Alienate – The capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another.
Encumbrance – Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation.
Reversion – A future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he/she has.
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