Legal Definitions - realty

Realty, also frequently referred to as real property or real estate, describes land and everything that is permanently attached to it. This includes not only the surface of the earth but also the space above it, the ground below it, and any natural elements like trees, plants, and minerals. It also encompasses human-made structures such as buildings, fences, and fixtures that are considered a permanent part of the land and cannot be removed without causing significant damage to the property.

Here are some examples to illustrate the concept of realty:

• Imagine a family purchasing a suburban home. The realty they acquire includes the plot of land itself, the house built on that land, the attached garage, the paved driveway, and the mature oak trees growing in the yard. All these elements are considered permanent fixtures of the property and are transferred together as part of the real estate transaction.

  This illustrates realty because the house, garage, driveway, and trees are all permanently affixed to or naturally growing on the land, making them integral components of the real property.

• Consider a large agricultural farm. The realty here would encompass the vast fields, the soil, any barns or silos permanently constructed on the land, and even the underground irrigation systems that are deeply embedded to water the crops. The crops themselves, once harvested, would typically not be considered realty, but while growing and attached to the land, they are part of it.

  This demonstrates realty by showing how both natural elements (land, soil) and significant man-made structures (barns, silos, irrigation systems) that are fixed to the land constitute real property.

• A commercial developer buys a downtown lot to build a new office tower. The initial purchase is for the bare land, which is realty. Once the skyscraper is constructed, the building itself, its foundation, the underground parking levels, and any permanently installed utilities like water pipes or electrical conduits become part of the realty, along with the land they occupy.

  This example highlights that both undeveloped land and the substantial, permanent structures erected upon it are classified as realty, as they are fixed and intended to be an enduring part of the property.