Real estate is land and anything reasonably and permanently attached to it. Real property refers to the legal interests tied to real estate, including property rights. It is important to note that real property rights are not constricted to the surface of the land. Property rights also include air rights (the space above the surface of the land), mineral rights (minerals and useful materials that exist below the surface of the land), and water rights (rights to withdraw water from the land).
In addition to comprehensible property rights, accurate legal descriptions are essential when it comes to dealings with the title of real estate. In order to transfer real estate ownership successfully, exact boundaries of the land being considered is vital. The three methods commonly used to compose precise legal descriptions are the metes-and-bounds system, the rectangular survey system, and reference to recorded plats.
For specifics on the three methods used to legally describe real estate, visit http://thismatter.com/money/real-estate/legal-descriptions.htm
Traditionally, real property rights have been thought of as
pie-shaped, starting at the earth’s center and expanding through the surface
into outer space. In modern ideology, the mineral rights, surface rights, and
air rights are often divided among different owners. Occasionally, the water rights
may be held distinctly from the land itself. It is also common for a surface
owner to sell mineral rights or air rights to a third party. For example, one
party might own the surface of the land, while another owns the rights to any
oil, gas, coal, or other materials located below the surface. Water rights vary
from state to state and depend mainly on what type of water the land touches.
It is important to understand that it is not just the land that is of value in real estate. In places such as New York City, prices for the air above real property can be extremely valuable. As the article discusses, in a city that commonly builds up, air rights are development potential. Any building that does not build as high as allotted for in the zoning laws can sell the space above it to a neighboring building for development.
http://www.ny1.com/content/ny1_living/real_estate/157030/air-rights-can-send-price-of-property-soaring
With landmark buildings, selling air rights can be a huge cash payout. Take for example the Archdiocese of New York, who wants to cash in on a possible upzoning in midtown NY by selling the air rights to its landmark properties, including St. Patrick's Cathedral. Because the air rights would allow for building up, developers would pay big amounts to own the rights. To be able to transfer the rights would allow for competition among developers, which is beneficial is places that want to induce development. For landowners such as the Archdiocese, the sale of the rights could be used to preserve its landmark properties. St. Patrick's Cathedral is currently undergoing an enormous renovation, and the income from the sale could help more easily restore the building. For more on this example, see the article below.
http://articles.nydailynews.com/2012-09-13/news/33823081_1_air-rights-development-rights-buildings
It is important to understand that it is not just the land that is of value in real estate. In places such as New York City, prices for the air above real property can be extremely valuable. As the article discusses, in a city that commonly builds up, air rights are development potential. Any building that does not build as high as allotted for in the zoning laws can sell the space above it to a neighboring building for development.
http://www.ny1.com/content/ny1_living/real_estate/157030/air-rights-can-send-price-of-property-soaring
With landmark buildings, selling air rights can be a huge cash payout. Take for example the Archdiocese of New York, who wants to cash in on a possible upzoning in midtown NY by selling the air rights to its landmark properties, including St. Patrick's Cathedral. Because the air rights would allow for building up, developers would pay big amounts to own the rights. To be able to transfer the rights would allow for competition among developers, which is beneficial is places that want to induce development. For landowners such as the Archdiocese, the sale of the rights could be used to preserve its landmark properties. St. Patrick's Cathedral is currently undergoing an enormous renovation, and the income from the sale could help more easily restore the building. For more on this example, see the article below.
http://articles.nydailynews.com/2012-09-13/news/33823081_1_air-rights-development-rights-buildings
Estates in land are collections of property rights bundled
together. The two basic types of estates in land are freehold estates and
leasehold estates. Freehold estates are ownership estates, while leasehold
estates include the right to use and possess property owned by someone else. The
fee simple absolute estate, a type of freehold estate, is the most complete set
of ownership rights one can possess in real property and is most commonly
associated with owning real estate. Other types of freehold estates include
qualified fee estates and life estates. Freehold estates and leasehold estates
are based on the supposition that one person owns the real estate. As
discussed, many of the real property rights associated with real estate may be
owned by more than one person. Estates owned by two or more people or entities
are called concurrent estates.
In addition to comprehensible property rights, accurate legal descriptions are essential when it comes to dealings with the title of real estate. In order to transfer real estate ownership successfully, exact boundaries of the land being considered is vital. The three methods commonly used to compose precise legal descriptions are the metes-and-bounds system, the rectangular survey system, and reference to recorded plats.
For specifics on the three methods used to legally describe real estate, visit http://thismatter.com/money/real-estate/legal-descriptions.htm
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