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An immovable property is a type of belonging that is stationary and usually firmly set on the ground. An property can be considered immovable if transporting it would cause some damage or unwanted modification. In America, the term is more popularly known as “real estate.” An equivalent term is “real property,” the formal term used in most countries’ law systems.
The permanence of an immovable property is established by certain characteristics such as a designated address and a boundary. One typical example of this property is the land. Everything affixed to it, such as a building, a house, and other kinds of structures, is also regarded as immovable property. Other objects, however, such as timber, crops, and other items contained inside the structure, are not included. Such as in a farm, the house, barn and fixtures are immovable, but the furniture, the cattle, and trees are not real property.
Ownership of an immovable property grants certain rights to the owner. One is the right to occupy the land. The right to renovate and repair the property is also included, so long as the owner abides by the law and obtains needed permits. For commercial properties, owners also reserve the right to collect rental fees or allow other occupants to reside; they can also transfer or sell rights to the property as they wish. The owner also has the right to consent or make terms of agreement before any alterations, demolitions, or acquisitions by another party can be done. A property subject to demolition will change its property type from immovable to destructible property.
Aside from gaining rights, the owner gains responsibility to the immovable property as well. The owner should pay the tax imposed by the government. In some cases, there are separate taxes that can be enforce if two or more structures are erected on one land. Necessary documents should also be updated if the owner wishes to change the property from a residential to a commercial type.
Certain immovable properties, however, can be exempt from tax impositions, such as those owned by the government. City halls, post offices, state universities, and government-owned hospitals can gain tax exemption. An immovable property is distinct from movable property or personal property. Aside from furniture and cattle, personal property also includes automobiles, money, jewelry, and other valuable items that can be transferred or carried.