A property is something inseparably linked to the land, both physically and legally.
The term property comes from a Latin word that serves to refer to something that is inseparably linked to the land, both physically and legally . That is, a structure that cannot be moved without causing damage.
Buildings , houses and plots or land are real estate. These types of assets are part of what is known as real estate , since they are closely linked to the land. It is common for real estate to be part of a registry that provides greater protection to the owner.
In any case, although a piece of land can also be considered a property, the concept is usually used more frequently to refer to the architectural structures that are called homes . Some phrases in which the term may appear are: "As you can see, it is a high-class property, with marble floors and luxurious details in the bathroom, kitchen and bedrooms," "The best thing you can do with your savings is invest in real estate» , «The investigation showed that the suspect has three undeclared properties in Patagonia» .
Differences between real estate and personal property
Unlike real estate, movable property is property that can be moved from one place to another while preserving its integrity. Cars, motorcycles, boats, and airplanes are examples of personal property.
There are other differences between both types of elements. For example, in theory real estate is more expensive than personal property, although this is not always the case. Another common difference is that real estate is mortgaged and furniture, generally, is not.
At the same time, it is worth mentioning that there are legal differences between both types of property. Properties can be registered in the Property Registry , while others cannot; furniture cannot be mortgaged, while real estate can; to name two differences.
The owner of a property must pay different taxes for that possession.
Classification according to type
There are various types of real estate. These are:
*Properties by nature : those inherent to the land (land, solar, etc.).
*Properties by incorporation : buildings under construction.
*Properties by destination : movable property that comes with a property and that favors it (farming or mining utensils).
*Real estate by analogy : this is what mortgage concessions are called.
*Properties by accession : elements that are part of the property but that in themselves are movable. For example, doors and windows (in the factory they are furniture but when installed in a house they become real estate).
*Real estate by representation : documents that grant ownership; For example, the deed of a house to its owner .
Real Estate Taxes
There are various taxes that apply to real estate, such as property taxes that are set according to the cadastral value or income taxes (when the property is not used by its owner).
In Spain , the IBI ( Real Estate Tax ) is a tax that must be paid compulsorily every time a property is acquired. It is valued based on the value of said good and awards the buyer the legal and real rights of ownership of the product. Said tax must be paid in the municipality that collects the tax. This tax must be managed taking into account the information cited in the cadastral register and state property documents. This registry is located in the corresponding municipality and records all the properties that are within the jurisdiction. It must be reviewed annually to update the transactions carried out regarding the properties registered there.
Other taxes that can be imposed on real estate are the Tax on the increase in the value of urban land (if the value of the land increases, so does the value of the property and therefore, the tax payable on it), Income tax (of a direct and personal nature that must be paid by natural persons within a certain time) and wealth tax (taxed on the net worth of natural persons).