What is another term for Real Property?

The term "Real Property" specifically refers to land and any permanent structures or buildings attached to that land. This encompasses the physical, tangible aspects of real estate, which include not only the land itself but also any improvements made to it, such as houses, commercial buildings, and other structures that are fixed in place.

Understanding this definition is crucial, as real property is distinct from other types of assets. For instance, "Fixed assets" might include machinery or equipment that a business owns, but it does not specifically denote property in the context of land and buildings. Similarly, "Movable assets" refer to personal property that can easily be moved, like vehicles or furniture, and thus do not imply permanence or attachment to a particular piece of land. Lastly, "Intangible assets" are non-physical assets such as patents, trademarks, or goodwill, which again do not relate to the physical aspect of property.

By recognizing that "Real Property" is synonymous with "Land and buildings," it becomes clear that this terminology is fundamental in discussions concerning property value, taxation, and real estate transactions.