August 23, 2017
What is Real Property?
Real Property refers to bare or unimproved land or land with immovable structures attached to it and/or man-made improvements located on the property, such as a house, garage, barn, pool, fence, dam, road, etc. When someone purchases real property, that purchaser usually receives a mortgage from a bank or lender. In that case, the purchaser also signs a Deed of Trust which is recorded in the land records. The Deed of Trust secures the mortgage by designating the real property as collateral for the bank or lender in case of default. The bank or lender has the right to foreclose on the real property if the purchaser does not make the mortgage payments in a timely manner.
Real Property vs. Personal Property
The concept of Real Property is distinct from Personal Property in that Personal Property can be categorized as a movable object, such as a car, a boat, a trailer, or a household item. Personal Property may be repossessed (as opposed to foreclosed) if a bank or lender has filed a financing statement certifying and describing its lien, and the purchaser has failed to make the required payments.
In conclusion, at Davis, Upton & Palumbo LLC, we represent many individual property owners when real estate issues arise. Our Real Estate Practice Group has developed the reputation of being the “People To Talk To” when a real estate issue arises. To learn more about our Real Estate services click here or contact us today.
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