Also known as: landed properties · real property
Written by attorneys · grounded in primary & secondary sources — see below
Interests in real property consisting of land together with any structures or fixtures attached to it. Such interests are subject to security devices, transfers by operation of law, and rules governing fixtures and probate administration.
Lillian Locke borrows funds from Linden Bank to expand her farm. She executes a mortgage pledging her 200-acre parcel and the barn built on it as security. When Lillian defaults, the bank initiates foreclosure proceedings against the parcel to satisfy the debt.
Lucy Liu applies for a loan to purchase a suburban home. An appraiser values the house and the half-acre lot on which it sits. The appraisal report considers only market factors unrelated to protected characteristics under federal law.
Leonard Lowe's will devises 'the lot next to the old oak tree.' Extrinsic evidence shows he owned only one such lot. The court construes the description to pass that parcel to the named devisee rather than allowing the gift to fail.
Select any source to read its text and confirm it supports the definition.
Lone Peak Energy installs heavy drilling equipment on its leased mineral parcel. The equipment becomes so integrated with the real property that an interest in it now arises under real-property law.
After Leah Lamb dies owning several rural parcels, the personal representative takes possession of the land to pay estate debts and preserve the property for distribution to heirs.
Lorenzo Lugo dies intestate owning a mountain cabin. Title to the cabin passes directly to his heirs by operation of law under the state descent statute without any deed from the decedent.
Landed property encompasses the land itself together with any structures or fixtures attached to it. Security interests and transfers therefore reach both the soil and the improvements.
Supporting sources
A mortgage creates a security interest in the real property. Upon default the mortgagee may foreclose to satisfy the debt while the mortgagor retains possession and the right of redemption until foreclosure.
Yes. Title passes by operation of law through intestate succession, adverse possession, foreclosure, tax sale, or devise under a will, although a fiduciary may later execute a deed to perfect record title.
Goods become fixtures when they are so related to particular real property that an interest in them arises under real-property law. A fixture filing may then be required to perfect a security interest.
The personal representative may take possession or control of the decedent's real property when necessary for administration, pay taxes on it, and maintain actions to recover or determine title to it.
…enhances the economic position of the landmark owner in one significant respect. Under New York City’s zoning laws, owners of real property who have not developed their property to the full extent permitted by the applicable zoning laws are allowed to transfer development rights to contiguous parcels on the same city block. See…