Real property or real estate is land and everything that is permanently attached or affixed to the land—buildings, fences, and those things attached to the buildings, such as light fixtures and plumbing and heating fixtures.
Real property includes the legal rights of ownership—such as the rights to possess, sell, use, lease, and enjoy the land. The terms real property and real estate are generally synonymous.
Land is generally defined as the earth’s surface, extending downward to the center of the earth and upward to infinity—including everything that is permanently attached by nature, such as trees and water. Land includes minerals below the earth’s surface and airspace above the land.
Real property is often classified and referenced according to its use as residential, commercial, industrial, agricultural, or special purpose property. Real property is generally contrasted with personal property, which includes all movable, tangible things that are not real property.
In North Carolina (NC), real property, also known as real estate, encompasses land and any permanent structures or attachments, such as buildings, fences, and permanent fixtures. This definition aligns with the broader legal understanding of real property, which includes the rights to possess, sell, use, lease, and enjoy the property. The state recognizes various classifications of real property based on its use, including residential, commercial, industrial, agricultural, and special purpose properties. The legal concept of land in NC extends to the space above and below the earth's surface, which means that land ownership can include mineral rights and airspace rights. Real property is distinct from personal property, which refers to movable items that are not affixed to the land. The regulation of real property in NC is governed by state statutes and case law, which address aspects such as property transactions, zoning, land use, and property taxes. Individuals interested in matters related to real property are advised to consult with an attorney who specializes in real estate law to navigate the complexities of property rights and regulations in North Carolina.