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Land is a real property or real estate. Owning a land means the owner owns the space underneath the land, the land itself, and the airspace over it. Depending on the ownership type, the interest of a landowner on the land can be very different. A fee simple owner has the complete right to build, mine, or conduct other activities on the land, as long as the activity does not violate any regulations or other people’s rights.

A piece of land can be transferred by deed. It can be transferred through commercial transactions, through will, or even as a gift. 

[Last updated in July of 2020 by the Wex Definitions Team]