Real property – also commonly referred to as “immovable” property – means land or buildings. For the purposes of these indicators, Real Property Law is defined as a system of laws and regulations that creates and protects recognized rights in real property, taps the asset value of real property through secured lending, and preserves land use rights and tenant rights.
The CLIR Real Property law section focuses on ownership and use rights that are attached to immovable property, including forms of ownership, assignment of rights through contracts, and institutions that record, authenticate, and enforce such rights. Ownership rights include the right to exclusively and continuously use and enjoy property (subject to legal regulation) and the right to transfer all or part of such ownership rights through sale, gift, exchange, or inheritance. They also include the right to access the value of the property through formally sanctioned mechanisms, such as leaseholds or mortgages. Ownership-like rights include long or continuing leases that do not convey full ownership of the property but in practice carry most of the benefits of ownership.
