Land, Real Estate and Real Property
Transcript: LAND The Earth's surface extending downward to the center of Earth Includes natural objects like: Trees, water, underlying soil,boulders and plants LAND = SURFACE Physical land+ All things permanently attached to it Fixture/Improvements= An item of personal property intended to become part of the Real Property Real Property: Land and everything attached to it Land + Real Estate + Real Property OWNERSHIP RIGHTS OWNERSHIP RIGHTS of REAL PROPERTY =Bundle of Legal Rights POSSESSION RIGHT The right to control, to put a deed on it CONTROL RIGHTS The right to make decisions (NO TRESPASSING) or giving some else permission to use property. ENJOYMENT RIGHTS To use property in a legal manner EXCLUSION RIGHTS To keep others from entering or using property DISPOSITION RIGHT To sell, put in will, transfer or dispose of property Appurtenances Improvements, rights,interest and fixtures and privilleges come with land INCULDES: House, fence,road, and landscaping ( can't be moved Key Pionts: Real Estate Transfered When you buy land you have ownership rights and privillage of the property When a property is sold, the land+ Appurtenances automatically transfer to the new owner, via the deed Real Estate is immovable LAND RIGTHS Air Rights Surface Rights Subsurface Rights AIR RIGHTS: The right to use the space above the earth, that is controlled by the government EXAMPLE: A tree limb that goes over into your house, would be violating your Air Rights. ( Anything above your property) same thing for a new building that blocks sunlight to a smaller building exisiting. Air and soloar rights are regulated by state and local law ordinances 3 Forms of Rights Land Rights Ownership Rights Government Rights Inculdes surface, air, water and mineral rights The right of an owner to posses, transfer and control the property Land use controls, taxation,eminent domain and escheat Water Rights (owned by the state, useable by everyone) Given landowners access to rivers, lakes,or oceans are restricted right of land ownership Riparian- Gives access and usage of flowing of waters like rivers and streams. Littoral rights are a type of water rights that guarantee access to lakes, seas, and oceans. *ownership rights, most likey extend to the average high water mark Easement: The right to use the land of another SUBSURFACE
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