Definition - What does Real Property mean?
Real property is land and any structure that is attached to it and anything that grows from it. It can be owned, occupied, transferred, or sold legally. It is subject to taxation by the state and can also be insured.
It is also referred to as real estate.
Insuranceopedia explains Real Property
While personal property refers only to moveable items, real property refers to a certain segment of land and all of the structures built on it. The owner of a real property has the right to sell it or transfer ownership, often to heirs or beneficiaries. Owners of real property are responsible for paying property taxes.
Insurance can cover real property for certain liabilities and other risks. If one has property insurance, for example, insurance can cover the financial loss for a building destroyed by a fire.
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