Tuesday, November 12, 2013
Property Rghts in Real Property
Property Rights in Real Property
There are three main property rights that humans have over real property which are surface rights, subsurface rights, and air rights. Every person who owns real property has every right on how to use and profit from their asset. In addition, they also ensure the owner of the rights to physically transform and even destroy the asset ( Anderson 3). Moreover, estates in land are also a part of rights in real property and they are classified as either freehold or leasehold.
Real property is any property that is attached to the land, and the land itself. Not only does it include the buildings and other structures, but it also includes legal rights and interests. Moreover, any structure or improvements to the land is also considered real property. It includes all the physical aspects of real estate such as the dirt, bricks, and sticks (Diaz and Hansz 172.) The extended land rights are also referred to as the bundle of rights (Diaz and Hansz 176). It consists of many other rights, but for now we are focusing on the surface of the land, the space below the property, and air rights.
To whomever owns the land, shall own the earth to its center and up to the heavens (Duhaime). According to this Latin phrase, it clearly states what owners of a real property shall posses with purchasing a home. Surface rights, is the land an owner clearly sees. This particular right lets individuals improve, sell, and do whatever it is that they like since they are owners of that surface right. Subsurface rights, is the space underneath the earth’s surface. These rights only extend downward to where humans can reach with current machineries in drilling and digging (Diaz and Hansz 177). Air rights, is the space above the property. This particular right is more limited, which means others can use the space. For example, airplanes can fly above your space without asking for permission (Duhaime). All these rights can be leased, bought, or sold individually.
A freehold estate is ownership of a lifetime or an unlimited duration (Spaulding). They include the fee simple estate that provides the owner unlimited power to use the property and be passed down to their heirs. Qualified fee estate is a qualification to the fee simple estate. Lastly, life estate ends when there is a death of the holder of the life estate (Spaulding). Leasehold estate is the right to possess or use real property for a certain time. These include tenancy for a stated period, tenancy from period to period, tenancy at will, and tenancy at sufferance (Diaz and Hansz 177).
Overall, when a person purchases a home not only are they buying a comfortable space to live in, but they also gain legal rights. These include the surface of the land, space below the property which includes the dirt, and the air rights located above the property. The owner may buy, lease, or sell these property rights individually to whomever they wish. In addition, freehold estates and leasehold estates are also part of rights in real property. Freehold is described as ownership while leasehold refers to rights to possess or use real property.
Anderson L. Terry, Huggings E. Laura. Property Rights: A practical guide to freedom and prosperity. Stanford, CA: Hoover Institution Press, 2003
Diaz III, Julian and J. Andrew Hansz. Real Estate Analysis: Environments and Activities. Dubuque, IA: Kendall Hunt, 2010.
Duhaime, Lloyd. "Air, Water and Subsurface Rights." Duhaime.org. Permalink, 20 October 2006. Web. 12 Nov. 2013. <http://www.duhaime.org/LegalResources/RealEstateTenancy/LawArticle-66/Air-Water- and-Subsurface-Rights.aspx>.
Spaulding, WIlliam C. "Estates in Land." : The Fee Simple Estate and the Life Estate. Thismatter.com, 2011. Web. 12 Nov. 2013. <http://thismatter.com/money/real- estate/estates-in-land.htm>.