Wednesday, January 19, 2011

What is land?


Land consists of more than just the surface of the earth. When you acquire land, you own from the middle of the earth and outward around it, infinitely. There can be three separate owners of a piece of land. Each owner is allowed to own the subsurface (mineral) rights, surface rights, and/or air rights. Although we may own the rights to our land/property, the government has their own certain rights to our property as well. For instance, one right is allowing an airplane fly over your land without your permission. More about other government rights later.

www.realestateexpress.com
Real Estate includes:
  1. Land plus appurtenances, such as the rights, privileges, and improvements that belong to, and pass with, the transfer of property;
  2. Man-made appurtenances, such as houses, fences, barns, and swimming pools – in other words, items that have been "added" to the real estate;
  3. Natural appurtenances are things like trees, creeks, and streams;
  4. Air rights, gas rights, solar rights, light and sound rights, mineral rights, and surface rights. Air, surface and subsurface rights can each be sold or not sold separately ("I will sell you the 'mineral rights' to my land."); and
  5. Water rights, such as littoral and riparian rights, and prior appropriation. 
www.businessdictionary.com
Terms:
Appurtenance: Anything attached to a piece of land or building such that it becomes a part of that property, and is passed on to a new owner when the property is sold. It may be something tangible like a garage, septic system, water tank, or something abstract such as an easement or right of way.

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