Real Estate vs Real Property
Real Estate is the physical land and improvements or buildings affixed to the land. Real estate is immobile and tangible.
Real Property includes all interests, benefits, and rights inherent in the ownership of physical real estate.
Recently, Cliven Bundy has been in the news regarding property rights. This Nevada rancher wanted to graze his cattle on federal land without paying a grazing fee. The government claims Bundy owes $1.1 million in grazing fees and penalties. The issue has since escalated politically, but at the heart of the matter is the question of property rights and government power.
Private Restrictions on Real Estate
These are private limitations on the fee simple ownership rights that generally run with the land.
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Public Restrictions on Real Estate
This is when governments create limitations on the ownership of real estate. It includes taxation, eminent domain, police power, and escheat.
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