ADM 4716 Lecture 9: Module 9 Real Property and Mortgages
31 Jul 2016
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Document Summary
Property is divided into two classes, real property and personal property. Real property is land and everything that is attached to it in permanent fashion. Personal property is everything that is not real property. However, once the tree is cut down, it becomes personal property because it is no longer permanently fixed to the land. Windows and doors in a factory or a showroom are personal property. Once permanently installed in a building, these windows and doors become fixtures and become real property. All property that is not real property is personal property. An estate in fee simpleis the greatest interest in land that a person can have. The holder of an estate in fee simple has the right to exclusive possession of land for an indeterminate and indefinite period of time. Today, when we say someone is an owner of a piece of land, we are saying that that person has an estate in fee simple.
