Real Property Definition

Real property is a legal term describing certain forms of property, usually distinguished from personal property. Real property usually includes land, land improvements, and buildings situated on land. Depending on the jurisdiction involved, real property is further divided into a variety of classes.

In the US, real property is defined by the states. Real property is usually taxed at a higher rate and with much greater frequency than personal property. Loans issued with real property as security are usually termed mortgages.