WHAT IS REAL PROPERTY ?

WHAT IS OWNING REAL PROPERTY ABOUT ?

• use it;
• rent or lease it to others;
• sell or transfer it;
• give it away;
• use it as collateral for a loan;
• bequeath it to intended beneficiaries (by will or trust upon your death);
• let it sit where it is without doing anything to it (although this could create problems due to restrictions imposed by law.)

WHAT ARE SOME TYPICAL RESTRICTIONS IMPOSED BY LAW ON OWNING REAL PROPERTY ?

• zoning - restriction on the use of the property as to residential, industrial, agricultural, or commercial purposes are very common. The size and height of improvements attached to the property are likewise subject to restriction.
• environmental hazards - what materials can be stored on the real property as well as who is responsible for removing environmental hazards from real property (such as asbestos, lead paint, petro-chemicals, radon and toxic wastes) are government regulated.
• public easement and right of way - a portion of the real property may have to be left open for others to use. Easements and right of way are used to allow access to other property, to provide for roads and sidewalks, and to enable electric/gas/telephone/sewer lines to be installed. A broader discussion of easements appears below.