What is the term for rights that run with real property ownership and may be transferred with the property?

The term "appurtenances" refers to rights, privileges, or improvements that are associated with real property and are typically transferred when the property itself is sold or conveyed. These can include things like easements, rights of way, water rights, and access rights which enhance the value of the property and are considered integral to its use and enjoyment.

When real property ownership includes appurtenances, the new owner automatically inherits these benefits, which can significantly influence the property's utility and worth. This characteristic of appurtenances is what differentiates them from other real estate concepts, emphasizing their connection to the property itself rather than being standalone assets or unrelated values.

In contrast, assessed value refers to the determination of a property’s value for tax purposes; assets are general economic resources owned by individuals or businesses; and assessment typically relates to the process of determining value for taxation or appraisal purposes, but does not imply ownership rights running with the property. Therefore, understanding appurtenances is essential in real estate, as they help clarify what the buyer is acquiring alongside the property itself.