There are several different aspects that fall under property rights. When you have real property, your rights will be stated in the lease. Not only are there rights to the land its self, but there are also air, mineral, and water rights to consider as well, which may or may not be the same owner of the land. Real property will also have estates in land, freehold and leasehold. Actual ownership falls under freehold estates. When property is owned by another person and you have the right to use and possess it, this is the leasehold estate.
http://www.foxbusiness.com/personal-finance/2012/08/24/how-will-fracking-affect-your-property-value-and-mortgage/
This article describes some of the obstacles that you could face when dealing with mineral rights. Unfortunately for some people, the extraction of these minerals was causing damange to certain properties and decreasing their values. Compensation is an option when dealing with cases like these.
Legal descriptions are what will describe all of the specific boundaries of your property. Without these, nobody would have clear understanding of where exactly their property began and ended.
http://homebuying.about.com/od/glossaryl/g/Legal-Description.htm
This site gives a brief description on what legal descriptions are.
No comments:
Post a Comment