Real Property

Definition

• Permanent, non-movable property, such as land and buildings. See also "Real Estate."

Synonyms
property, real estate, immovable property, realty

Alternate Spellings
Real Estate

Related Terms and Acronyms

• Agreed Boundary — Definition,
  • Property lines that are drawn to settle a dispute between neighbouring property owners.
• Appreciation — Definition,
  • An increase in the value of a property or item.
• Buffer Strip — Definition,
  • This refers to a parcel or stretch of land that separates two pieces of property.
• Building and Loan Association — Definition,
  • A financial institution designed to help members finance real-estate transactions.
• Chattel — Definition,
  • Personal property that can be moved.
• Chattel Mortgage — Definition, Important,
  • A loan backed by movable personal property. Generally mobile or trailer homes.
• Estate — Definition,
  • The ownership interest of an individual in real property.
  • The total sum of all the real property and personal property owned by an individual at time of death.
• Fixed Assets (FA) — Acronym, Important,
  • Assets like machinery, land, buildings, or property used in operating a business that will not be consumed or converted into cash during the current accounting period.
• Fixture — Definition,
  • Personal property that becomes real property when it is attached to a building. Examples include chandeliers, built-in bookcases and cabinets and drapery rods.
• Land — Definition,
  • The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
• Metes and Bounds — Definition,
  • A surveyor's legal description of a parcel of land, defined by measurements and angles.
• Non-recourse Debt — Definition,
  • A loan secured by collateral where the borrower is not personally liable.
• Property Report — Definition,
  • A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
  • A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
• Real Estate (RE) — Acronym, Very Important,
  • A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
• Unaffiliated Investments — Definition,
  • Investments in assets made by an insurance company where they have no control over the assets.