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What Is a Real Property? Definition, Uses and Importance.

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Real property is property thta can not be moved such as a home residence or plot of land.

Property is a legal term that refers to communal belongings or wealth, typically with strong implications of individual ownership. In law, the phrase refers to the web of jural ties that exist between and among individuals in relation to things. The items may be material, such as real estate or tangible products, or intangible, such as stocks and bonds, a patent, or a copyright.

Tangible personal property

Anything other than real estate or money, including furniture, cars, jewelry, etc. Tangible personal property is in some ways the reverse of real property, as real property cannot be moved. Unlike intangible assets, tangible assets can be physically held. 

Jewelry, toys, and sports equipment are all examples of tangible property that do not automatically qualify for any other class life. A desk, a bed, a lamp, or any other piece of furniture that can be used in a rented home or company is considered tangible personal property.

Real property in probate

A common probate scenario involving real estate occurs when beneficiaries inherit real property comprised of either a residence or vacant land or assets like a Rolex watch. Often the beneficiaries don’t intend to keep the property and would like to sell it but their title insurance company has required them to first obtain clear title.

Buying out siblings from real property ownership in an estate

It is possible to buy out other siblings from owning real property in an estate. In fact, it’s quite frequent. Many times when an estate is inherited and the probate process is underway, a beneficiary will receive a probate loan. In this case, the advance would be received by one of the beneficiaries and that money would be used to buy the other heirs out of the estate. At that point, the heir who received the advance would own the real property outright and would be able to sell it.

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