What does Real Property consist of?

Real property encompasses both tangible and intangible rights associated with land and improvements on that land. Tangible items refer to the physical aspects like the land itself and any structures built on it, such as houses or commercial buildings. Intangible rights include things like air rights, mineral rights, and rights of access. Together, these elements create a comprehensive definition of real property, reflecting both its physical characteristics and the legal rights that accompany ownership.

This holistic perspective is crucial in real estate and property management, as it emphasizes the importance of understanding not only what can be seen and touched but also the legal entitlements that come with property ownership. By recognizing both dimensions, individuals and professionals can better navigate property transactions, valuation, and ownership responsibilities.