Real Property Topics

• urban agglomerations
• extractive industries
• preindustrial societies
• input factor
• amenity values
• personal actions
• leasehold
• industrialization
• economic activity
• common law
• personal property
• warehouses
• jurisdictions
• factories
• advent
• formalist approach
• escheat
• agriculture
• tourism
• united states

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Real Property, Real Property

This fact is material when, for example, property has been disclaimed by its erstwhile owner, in which case the law of escheat applies. In some other jurisdictions (not including the United States), real property is held absolutely.

These are all classified as real property, as they would have been protected by real actions in the early common law.

Land is an essential input (factor of production) for agriculture, and agriculture is by far the most important economic activity in preindustrial societies. With the advent of industrialization, important new uses for land emerge, as sites for factories, warehouses, offices, and urban agglomerations. Also, the value of real property taking the form of man-made structures and machinery increases relative to the value of land alone. The concept of real property eventually comes to encompass effectively all forms of tangible fixed capital. with the rise of extractive industries, real property comes to encompass natural capital. With the rise of tourism and leisure, real property comes to include scenic and other amenity values.

As a result of this formalist approach, some things the common law deems to be land would not be classified as such by most modern legal systems, for example an advowson (the right to present to the living of a church) was real property. By contrast the rights of a leaseholder originate in personal actions and so the common law originally treated a leasehold as part of personal property.

Source: Wikipedia > Real Property