Topic #2: Property Rights and Legal Descriptions

Real Estate is defined as land and anything reasonably and permanently affixed to that land. It is immobile and intangible, and includes the natural part of the land plus any permanent buildings and site improvements. Real Property is the legal interests associated with ownership of the physical real estate.

Mineral and air rights are separate from the real estate. Air rights are real property to the space above the earth's surface. The purchase of air rights is more common in big cities like New York where skyscrapers fill the sky. In the article below, air rights go for $500/sq.ft. Pretty incredible considering many purchases are sold for far less than $500/sq.ft.

http://therealdeal.com/blog/2012/03/05/high-line-air-rights-net-500-per-foot/

Mineral rights are real property rights to the mineral and other useful materials that exist below the surface. There is a high demand for mineral rights just as there is for real estate and air rights. The link below offers an open market where mineral rights are bought and sold.

http://www.listmineralrights.com/

Property rights permit the owner to use a specific part of land, whether it be the surface, subsurface, water, or air. Fee simple estate gives the owner the right to unlimited use and abuse of the land, constrained only by liens and other encumbrances, public land use controls, and restrictive covenants.