The Real Estate clause (closely related to the Title to Assets clause) generally represents that all property interests, real or leaseholds, are disclosed in a specific section in the agreement and that the Buyer has been furnished copies of any agreements pursuant to these property interests.  If applicable, the clause will usually explicitly state that the Seller owns no real property.  The clause further represent that any leases are in full effect and have not been defaulted on, breached or transferred to another party.

Clause examples differ significantly in the number and type of representations for each class of property.  The Standard Clause includes all of the most common elements, however, many individual clauses only include some of the elements while including additional rarer, sometimes deal-specific, representations.

Standard Clause

Owned Property. Neither the Company nor any of its Subsidiaries currently own [or in the past have owned] any real property.

OR

[The Owned Property Schedule] sets forth a sufficient description of all real property owned by the Company.  [Except as expressly listed on The Owned Property Schedule], the Company has good and indefeasible title to all property listed on [The Owned Property Schedule] free and clear of Encumbrances. Neither the Company nor any of its Subsidiaries has leased or otherwise granted to any Person the right to use or occupy any portion of such Property.  There are no outstanding options, rights of first offer or rights of first refusal to purchase any portion or interest of such Property.

Leased Property. [The Leased Property Schedule] lists all real property the Company leases. [The Leased Property Schedule] also contains an accurate and complete list of all leases and other Contracts in respect of real property the Company leases, accurate and complete copies [and all material modifications] of which have been delivered to Buyer. The Company has a good and valid leasehold interest in each lease listed on [The Leased Property Schedule].  Except as set forth on [The Leased Property Schedule], each of the leases and Contracts required to be listed on [The Leased Property Schedule] is Enforceable against the Company in accordance with its terms and is in full force and effect.  To the knowledge of the Company, no termination event or condition or default of a material nature exists under any of the leases on [The Leased Property Schedule].

Optional Additional Clause Elements

Clear of Liens. The Company has a good and valid leasehold interest in each parcel of real property used by it free and clear of all Liens, except (i) Liens for Taxes and general and special assessments not in default and payable without penalty and interest, and (ii) Permitted Liens. No party to any such Lease has given written, or to the knowledge of the Company other, notice to the Company of or made a claim in writing against the Company in respect of any breach or default thereunder.

No Default. The execution, delivery and performance of this Agreement [and related agreements] and the consummation of the transactions contemplated hereby [and thereby] will not cause a material default under any such Lease.

No Assignment. The Company has not assigned, transferred, conveyed, mortgaged or encumbered any interest in any leased property subject to such Lease.

See also Title to Assets

Example of Title to Assets (Property) Clause

Real Property.
(a) Section 3.20(a)(i) of the Seller Disclosure Schedule sets forth a true and complete list of all real property and interests in real property owned in fee by the Companies (individually, an “Owned Property” and collectively the “Owned Properties”) and identifies any material lease, or material reciprocal easement relating thereto. Section 3.20(a)(ii) of the Seller Disclosure Schedule sets forth a true and complete list of all real property and interests in real property leased or subleased by the Companies (individually, a “Leased Property” and collectively the “Leased Properties”, and the Owned Properties and Leased Properties being collectively the “Company Real Property”) which are material to the Business (each a “Material Leased Property”). ISP or one of its Subsidiaries, as applicable, holds good and marketable fee title to the Owned Properties, and except in any such case, as would not individually or in the aggregate, have a material impact on the continued use thereof, in each case free and clear of all Encumbrances, except for the Permitted Encumbrances.
(b) With respect to each of the Owned Properties, except in any such case, as would not individually or in the aggregate, have a material impact on the continued use thereof, (i) other than as set forth on Section 3.20(a)(i) of the Seller Disclosure Schedule, the Companies have not leased or otherwise granted to anyone the right to use or occupy any of the Owned Properties or any portion thereof, (ii) other than as set forth on Section 3.20(a)(i) of the Seller Disclosure Schedule there are no outstanding contracts, options, rights of first offer or rights of first refusal to purchase any of the Owned Properties or any portion thereof or interest therein, (iii) all improvements upon any Owned Property are in good condition and repair (ordinary wear and tear excepted) and sufficient in all material respects for the conduct of the Business as currently conducted and (iv) there is no condemnation or other proceeding in eminent domain, pending or threatened, affecting any parcel of an Owned Property or any portion thereof or interest therein.
(c) With respect to the Leased Properties, except in any such case, as would not individually or in the aggregate, have a material impact on the continued use thereof, as of the date of this Agreement, (i) each lease of a Leased Property is valid, subsisting and in full force and effect, (ii) none of the Companies has subleased, licensed or otherwise granted anyone the right to use or occupy any Material Leased Property or any portion thereof or collaterally assigned or granted any other security interest in any such leasehold estate or any interest therein, (iii) all improvements upon a Material Leased Property are in good condition and repair (ordinary wear and tear excepted) and sufficient in all material respects for the conduct of the Business as currently conducted and (iv) there is no condemnation or other proceeding in eminent domain pending or threatened, affecting any portion of a Material Leased Property.
(d) The Company Real Property comprises in all material respects all of the real property utilized by the Companies in the conduct of the Business in the Ordinary Course.

 (Stock Purchase Agreement, May 30, 2011, [Cravath, Swaine & Moore LLP; Sullivan & Cromwell LLP])

Title to Properties. (Real Property) The Corporation does not own any real property or any buildings or other structures, nor have options or any contractual obligations to purchase or acquire any interest in real property. Schedule 5.14(b) lists all real property leases to which the Corporation is a party and each amendment thereto. All such current leases are in full force and effect, are valid and effective in accordance with their respective terms, and there is not, under any of such leases, any existing default or event of default (or event that with notice or lapse of time, or both, would constitute a default). The Corporation, in its capacity as lessee, is not in violation of any zoning, building or safety ordinance, regulation or requirement or other law or regulation applicable to the operation of its leased properties, nor has it received any notice of violation with which it has not complied.
(Stock Issuance Agreement, May 30, 2011, [Bingham McCutchen])