What does the term "real property" refer to?

The term "real property" specifically refers to land and anything that is permanently affixed to it, such as buildings, structures, and natural resources like trees or minerals. This definition encompasses not just the physical land itself, but also the improvements made on that land, making it distinct from personal property, which includes movable items not permanently attached to the land. Real property rights also include the rights to use, lease, and sell the land and its improvements.

Understanding this term is crucial in the context of real estate, as it encompasses the full scope of what is considered "real estate." This definition is important for various legal and transactional purposes in the field, influencing everything from property valuation to ownership rights and taxation.