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In law, the word real means relating to a thing (res/rei, thing, from O.Fr. reel, from L.L. realis "actual," from Latin. res, "matter, thing"[3]), as distinguished from a person. the law broadly distinguishes between "real" property (land and anything affixed to it) and "personal" property (everything else, for example, clothing, food, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. The oldest use of the term "Real Estate" that has been maintaned in historical records was in 1666.[3] This use of "real" also reflects the ancient and feudal preference for land, and the ownership (and owners) thereof.
Some people have claimed that the word real in this sense is descended (like French royal and Spanish real) from the Latin word for 'king'. In the feudal system (which has left many traces in the common law) the king was the owner of all land, and everybody who occupied land paid him rent directly or indirectly (through lords who in turn paid the king), in money, goods or services (including military service). Property tax, paid to the state, can be seen as a relic of that system, as is the term fee simple. , this derivation of real is a misconception.
The law recognizes different sorts of interests, called estates, in real property. The type of estate is generally determined by the language of the deed, lease, or bill of sale through which the estate was acquired. Estates are distinguished by the varying property rights that vest in each, and that determine the duration and transferability of the several estates. A party appreciateing an estate is called a "tenant."
Some crucial types of estates in land include:
* Fee simple: An estate of indefinite duration, that can be free of chargely transferred. The most common and perhaps most absolute type of estate, under which the tenant appreciates the greatest discretion over the disposition of the property.
* Conditional Fee simple: An estate lasting forever as long as one or more conditions stipulated by the deed's grantor doesn't occur. If such a condition does occur, the property reverts to the grantor, or a reforemostder interest is passed on to one third party.
* Fee tail: An estate which, upon the death of the tenant, is transferred to his heirs.
* Life estate: An estate lasting for the natural life of the grantee, called a "life tenant." If a life estate can be sold, a sale doesn't change its duration, which is limited by the natural life of the original grantee.
o A life estate pur autre vie is held by one person for the natural life of another person. Such an estate may arise if the original life tenant sells her life estate to another, or if the life estate is originally granted pur autre vie.
* Leasehold: An estate of limited duration, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee, and another party, called the lessor, having a longer lived estate in the property. As an example, an apartment-dweller with a one year lease has a leasehold estate in her apartment. Lessees generally agree to pay a stated rent to the lessor.