The desire for land ownership by man can be linked to the territorial nature of man, a phenomenon that makes individuals or groups tend to claim or monopolize their space. Over time, nations began to make laws to regulate how real estate can be owned, used, and transferred from one person to another. While some nations and economies have laws that favor private ownership, others have laws that placed all available real estate in the hands of the government.

The most common reason why people own real estate is for use as residential property. People work hard to earn enough income to enable them to buy their dream homes. Other reasons include office use, industrial use, and investment. When a person buys a real property, a document called title is issued to confer a legal right of ownership to the buyer.

It is not only individuals that can own real estate. Corporations or Limited Liability Companies can also own real estate. Most corporate bodies own real estate for use as their offices, factories, and staff houses. Real properties owned by individuals and corporations are known as private properties.

Government and government agencies also own real estate for use as public offices, libraries, embassies, the seat of government, public parks, state secretariats, sewer lines, and many more. These are called government properties. When government-owned real estate is freely accessible to anyone, the property is said to be public property.

When a person buys a real property, a document called title is issued to confer a legal right of ownership to the buyer.

Ngozi Ikwueto Author