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Metes and bounds is a system or method of describing land, real property (in contrast to personal property) or real estate. [1] The system has been used in England for many centuries and is still used there in the definition of general boundaries.
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
Highest and best use (or highest or best use; HBU) is a concept in real estate appraisal that originated with early economists such as Irving Fisher, who conceptualized the idea of maximum productivity. [1]
In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property heritable property , and in French-based law, it is called immobilier ("immovable property").
This phrase is the translation of the Latin habendum et tenendum that historically commenced these clauses in deeds. Technically speaking, the "to have" (Latin: habendum ) is separate from the "to hold" (Latin: tenendum ), such that the tenendum clause is sometimes considered a separate concept.
The concept originated with Wesley Newcomb Hohfeld in 1913, although he himself never used the phrase "bundle of rights". [3] It was further developed and propagated to a broader audience in the form of the first Restatement of Property (published in five volumes between 1936 and 1944), because the Restatement's first reporter, Harry Bigelow ...
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Glossary of Legal Terms and Phrases. The Army Service Schools, Department of Law. 1910. This article incorporates text from this source, which is in the public domain: Frederic Jesup Stimson. Glossary of Technical Terms, Phrases, and Maxims of the Common Law. Little, Brown and Company. Boston. 1881.