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Effective: December 1, 2006 |
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19.25.15ar1 - Real Property (Archive) |
Archived: January 1, 2007 |
Real Property is an asset such as:
l A life estate. See Life Estates.
l A person’s house (homestead).
l A mobile home if it is attached to a foundation on land owned by the unit.
l A piece of land, which includes all buildings, structures, improvements, or other fixtures on the land, belonging or pertaining to the land and all mines, minerals, fossils, and trees on or under the land.
l The buyer’s interest in a Contract for Deed. See Contracts for Deed.
The value of real property that is defined as the homestead may be excluded from a client’s asset total. See Homestead Real Property.
There are also certain exclusions for real property that is not a homestead. See Non-Homestead Real Property.