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Houseboats, for example, occupy a gray area between personal and real property, and may be treated as either according to jurisdiction or circumstance. Bethell (1998) contains much information on the historical evolution of real property and property rights.
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
A profit (short for profit-à-prendre in Middle French for "advantage or benefit for the taking"), in the law of real property, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. [1]
For example, a husband and wife can be owners (technically, title owners) of real property that is also encumbered by a mortgage and a mechanics lien. Their neighbor may have an easement for a utility line, and a license for entry and exit to a nearby plot of land. Airplanes have the right to fly through their airspace.
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.
Types of property include real property (the combination of land and any improvements to or on the ground), personal property (physical possessions belonging to a person), private property (property owned by legal persons, business entities or individual natural persons), public property (State-owned or publicly owned and available possessions ...
States vary in how they tax common areas, for real estate tax purposes. It may depend on whether it is a condo or a co-op. For example, the state of Arizona taxes "residential common areas" in housing developments with a flat tax, but common areas of condominiums and golf courses are assessed separately. [18]
More recent examples include Edith Macefield, who refused to sell her Seattle house to a developer, and Randal Acker who challenged the power of eminent domain in Portland, Oregon. The People's Republic of China passed its first modern private property law in March 2007 amid the property development bubble. [15] [16]