What does 'real property' encompass?

Real property encompasses more than just the physical land or any structures on it; it includes a bundle of rights associated with ownership. These rights can encompass the right to use the property, sell it, lease it, and even develop it, among others. This bundle of rights is fundamental to understanding what constitutes real property, as it distinguishes real property from personal property, which does not include these rights.

By defining real property in this way, it allows for a broader understanding of ownership that includes the legal implications of possessing real estate. Simply considering the land itself or the structures on it would overlook the legal and economic dimensions that give real property its value and utility.