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<br><p>At common law, a mortgage was a conveyance of land that on its face was absolute and conveyed a fee simple estate,
but which was in fact conditional, and would be of no effect if certain
conditions were not met --- usually, but not necessarily, the repayment
of a debt to the original landowner. Hence the word "mortgage," Law
French for "dead pledge;" that is, it was absolute in form, and unlike
a "live gage", was not conditionally dependent on its repayment solely
from raising and selling crops or livestock, or of simply giving the
fruits of crops and livestock coming from the land that was mortgaged.
The mortgage debt remained in effect whether or not the land could
successfully produce enough income to repay the debt. In theory, a
mortgage required no further steps to be taken by the creditor, such as
acceptance of crops and livestock, for repayment.</p>
<p>The difficulty with this arrangement was that the lender was
absolute owner of the property and could sell it, or refuse to reconvey
it to the borrower, who was in a weak position. Increasingly the courts
of equity
began to protect the borrower's interests, so that a borrower came to
have an absolute right to insist on reconveyance on redemption. This
right of the borrower is known as the "equity of redemption".</p>
<p>This arrangement, whereby the mortgagee (the lender) was on theory
the absolute owner, but in practice had few of the practical rights of
ownership, was seen in many jurisdictions as being awkwardly
artificial. By statute the common law position was altered so that the
mortgagor would retain ownership, but the mortgagee's rights, such as foreclosure, the power of sale and the right to take possession would be protected.</p>
<p>In the United States, those states that have reformed the nature of mortgages in this way are known as lien
states. A similar effect was achieved in England and Wales by the Law
of Property Act 1925, which abolished mortgages by the conveyance of a
fee simple.</p><p><b>Real estate</b> or immovable property is a legal term (in some jurisdictions) that encompasses land along with anything permanently affixed to the land, such as buildings. Real estate (immovable property) is often considered synonymous with
<b>real property</b> (also sometimes called <i>realty</i>), in contrast with personal property (also sometimes called <i>chattel</i> or <i>personalty</i>). However, for technical purposes, some people prefer to distinguish real estate, referring to the land and fixtures themselves, from real property, referring to ownership rights over real estate.
</p><p>The terms <i>real estate</i> and <i>real property</i> are used primarily in common law, while civil law jurisdictions refer instead to immovable property.</p>
<p>In law, the word <i>real</i> means relating to a thing (from Latin <i><span class="extiw">res</span>/rei</i>,
thing), as distinguished from a person. Thus the law broadly
distinguishes between "real" property (land and anything affixed to it)
and "personal" property (everything else, e.g., clothing, furniture,
money). The conceptual difference was between immovable property, which
would transfer title along with the land, and movable property, which a
person would retain title to. (The word is not derived from the notion
of land having historically been "royal" property. The word <i>royal</i> — and its Portuguese cognate <i>real</i> — come from the related Latin word <i><span class="extiw">rex</span>-regis,</i> meaning king.)</p>