Ownership rights to realty possession encompass the legal rights to control, enjoy, use, lease, and dispose of real property. These rights are fundamental to property ownership and are guided by state and federal laws.
A package mortgage is a type of mortgage arrangement where the principal amount loaned is increased by including both personalty (e.g., appliances) and realty (real estate) as collateral.
Personalty refers to all property that is movable and not fixed to land. It is distinct from realty, which pertains to real estate and immovable property.
Realty, also known as real estate, encompasses properties consisting of land and buildings on it, along with its natural resources like crops, minerals, or water. Realty is a crucial component of the economy and plays a significant role in investment, development, and personal wealth management.
