Real estate is defined as the physical land and

Transcript:Real estate is defined as the physical land and:
Real estate is defined as the physical land and those human-made items, which attach to the land. It is the physical, tangible “thing” which can be seen and touched, together with all additions on, above, or below the ground. Real property includes all the rights, interest and benefits related to the ownership of real estate. An interest or interest in real property is normally demonstrated by some evidence of ownership (e.g. a title deed) separate from the physical real estate. Personal property includes interests in tangible and intangible items which are not real estate. Items of tangible personal property are not permanently affixed to real estate and are generally characterized by their move-ability. Land is Unique In Location and it’s Composition Physically Immobile Durable Supply is finite Useful to People 3 Concepts Governmental and Legal the focus of law is on ownership rights Legal Definition Land… includes not only the ground, or soil, but everything that is attached to the earth, whether by course of nature, as are trees and herbage, or by the hand of man, as are houses and other buildings. It includes not only the surface of the earth but everything under it and over it. Thus in legal theory, the surface of the earth is just part of an inverted pyramid having its tip, or apex at the center of the earth, extending outward through the surface of the earth at the boundary lines of the tract, and continuing upward to the heavens. 4 Concepts, con’t... Geographic Diverse physical characteristics May be used for many purposes Use influenced by geographic considerations Legal Individuals hold private rights to own and use land public rights to shared use Land: “The earth’s surface, both land and water, and anything that is attached to it whether by the course of nature of human hands.” Subsurface rights Surface rights Suprasurface rights 5 Concepts, con’t... Social resource that all individuals share marketable commodity Conflicts between groups with different views on land use Environmental and Historic preservation concerns 6 Concepts con’t... Economic Major source of wealth Can be used for multiple purposes Restrictions Public right to use of the nation’s airspace Highest and Best Use Physical Characteristics Locational Characteristics 7 Definitions Real Estate Physical Land and Appurtenances affixed to the land (e.g., structures) Real Property all interests, benefits and rights inherent in the ownership of real estate bundle of rights Personal Property Moveable