Business, Legal & Accounting Glossary
In all the civil law systems, immovable property is the equivalent of “real property” in common law systems, i.e. it is land or any permanent feature or structure above or below the surface.
In the United States, immovable property is any immovable object, real estate, item of property that can not be moved. Includes premises and property rights (for example, heritable building right), houses, land and associated goods and chattels.
They are located in and have a fixed address.
Immovable property is an immovable object, an item of property that cannot be moved. In the United States it is also commercially and legally known as real estate and in Britain as property. It is known by other terms in other countries of the world.
Immovable property includes premises, and property rights (for example, inheritable building right), houses, land and associated goods and chattels if they are located on or have a fixed address.
In much of the world’s civil law systems (based as they are on Romano-Germanic law, which is also known as Civil law or Continental law), immovable property is the equivalent of “real property”; it is land or any permanent feature or structure above or below the surface.
To describe it in more detail, immovable property includes land, buildings, hereditary allowances, rights to way, lights, ferries, fisheries or any other benefit which arises out of land, and things attached to the earth or permanently fastened to anything which is attached to the earth. It does not include standing timber, growing crops, nor grass. It includes the right to collect rent, life interest in the income of the immovable property, a right of way, a fishery, or a lease of land.
Other sources describe immovable property as “any land or any building or part of a building, and includes, where any land or any building or part of a building is to be transferred together with any machinery, plant, furniture, fittings or other things, such machinery, plant, furniture, fittings and other things also. Any rights in or with respect to any land or any building or part of building (whether or not including any machinery, plant, furniture, fittings or other things therein) which has been constructed or which is to be constructed, accruing or arising from any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, or other association of persons or by way of any agreement or any arrangement of whatever nature, not being a transaction by way of sale, exchange or lease of such land, building or part of a building.”
Immovable property cannot be altered or remodelled, added to, or reconstructed without entering into an agreement with and getting permission from its owner. Also, the owner of immovable property may not be involved in constructing an addition or remodelling without obtaining permits from his local authority.
Any legally, reasonably and physically immovable property or object which can be moved or destroyed by an irresistible force, such as an object falling from the sky or from another planet or a large meteorite colliding with Earth.
Also, a property or an object, which can be moved by destroying it would be considered a “destructible property” rather than an “immovable property”. Legally and actually a house with land under it can not be moved, without destroying it or taking it into pieces, since immovable property includes also the geo-location of the property, which is unique, and therefore can not be moved by any force on the planet.
“Immovable” term means moving in one piece, intact, without doing any damage to the object of property, not taking it apart. And although Earth is constantly moving by turning around on its axis and flying around Sun in space (also our Galaxy is on the move as well), yet “immovable property” is considered attached (“stuck”) to the soil, to the solid ground of the planet Earth, that it stands on and not attached only by construction materials and by Earth’s gravitational force, but also legally attached by ownership laws and the above-mentioned geographical coordinate.
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This glossary post was last updated: 1st May, 2020 | 138 Views.