Hey all, If you missed my first post explaining what I'm doing you can check that Here! I'm using steemit as a study tool to pass my real estate test. After reading a chapter in my book I'm reiterating what I've read. No copy & pasting here, that wouldn't help drill it into my brain!
Owning land includes earth surface, subsurface & air space. Subsurface is the land extending to the center of the earth. Air space is everything in the sky above your land. All of these rights can be sold separate, such as the subsurface rights could be sold to a mineral mining company (while you still own the surface).
Your bundle of legal rights are your rights of possession, enjoyment, control, disposition & exclusion!
When buying and selling real estate it is an ongoing battle to determine what is to be sold with a piece of property. Personal property or in the biz known as chattel are movable items (I. E. sofa or chair). If you have twenty 2x4's sitting in your yard then these are considered personal property, when you attach them to the land and build a deck they became real property. Real property are rights that are automatically included with real esate. You could also do the opposite, if you have rose bushes, those are real property. When you cut the flowers off, those flowers become personal property.
Title is your right to ownership of real property. The title is your evidence of ownership via a written document, this is a deed. Thus transferring title.
Appurtenances are rights & privileges that are passed on with real estate when it is sold. A common appurtenance would be a reserved parking spot at a condo.
Tommorow I will be diving into Fair housing. I will be talking about blockbusting, steering, redlining, ADA (Americans with disabilities act), civil rights, fair housing act & more!
Good luck on your exam , I'm sure you'll do very well ! Upvoted & Resteemed!
Thank you!
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Using Steemit as a study tool to pass your real estate test sounds like a great idea. Owning land includes various rights, such as subsurface and airspace rights, which can be sold separately. For those looking to explore the real estate market further, http://citizenship-by.investments/ offers comprehensive real estate services and detailed information. This resource can help you understand the complexities of real estate and find valuable opportunities.