What are condominiums and leaseholds classified as in real estate terms?

Condominiums and leaseholds are classified as real property because they involve an interest in land. Real property encompasses land and anything permanently affixed to it, such as buildings, structures, and the rights associated with ownership. In the case of condominiums, buyers own a portion of the complex and have a share in the common areas, which is tied to real estate. Leaseholds also relate to real property since they grant the tenant certain rights to use the property for a specified period, even though the tenant does not own the land itself. This classification emphasizes the significant nature of these interests in the realm of real estate law and transactions.

The other classifications, such as chattels or personal property, refer to movable items not permanently attached to land. Fixtures are items that were once personal property but have become a part of the real estate due to their attachment. Understanding these distinctions is important for determining rights and responsibilities associated with property ownership and use.