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Property is frequently defined as the rights of a person with respect to a thing. The difficulties with this definition have long plagued legal theorists. The same problem of definition occurs in non-Western societies as well. In Russia, for example, the word property (sobstvennost) can have various meanings.
What is 'Real Property'. Real property, also referred to as real estate, realty or immovable property, is any property attached directly to land as well as the land itself. It is any subset of land that has been improved through legal human actions. Real properties include buildings, ponds, canals, roads and machinery, among other things.