[TIL] JUST BECAUSE YOU BOUGHT A HOUSE DOES NOT MEAN YOU OWN WHAT IS UNDER IT! -- Huh?
Is Your Title Clean?
You buy a house and the property around it, but do you necessarily own what is underneath the ground? In most urban areas this most likely won't ever be an issue, but in some parts of the country where they might find oil, coal or some other valuable mineral, it can affect property and homeowners.
Can You See the Oil Pump nicely camoflouged?
When you "buy" a home and the property it sits on, you want to be sure that the mineral rights are also included or have not been separated from the property. If you are using a Real Estate Agent, they will do a Title Search on the property to make sure that the property has a "Clean Title." This means that the property is free and clear of any liens or judgements that could possibly carry over to the "New Owner" or Buyer. During this time, it is also important, especially in areas known to produce or having produced Minerals, oil or other valuable materials that the title does not have any encumbrances such as a contract for minerals or other subterranean valuables such as natural gas or oil. If the property did have a contract, you or the Real Estate Agent would want to make sure that those contracts were properly released and filed with the Local County Recorder's Office.
On a side note, when you do buy a property, you also own the air above your property. No, it is not time to sue the Airlines for flying over your "Air space." As a property owner you can only claim the "Air space" above your property that you could "reasonably use." Then even if you decided to build a "Tower of Babel," you will still be limited by your local county and city building ordinances to how many floors you can add.
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Resources:
https://www.landcentury.com/articles-news/conveying-of-all-rights-and-interests-when-buying-a-property/
http://normwerner.realtytimes.com/advicefromagents1/item/28220-first-time-buyers-what-are-mineral-rights-should-i-be-concerned-about-them-when-i-buy
http://homeguides.sfgate.com/mineral-rights-property-7961.html
http://www.zillow.com/blog/do-you-own-the-air-above-your-home-143915/
I think in the UK things below ground belong to the government but they do have to compensate you if it is anything valuable like gold coins.
Good to know. Now I will ask for mineral rights on my next purchase.
You would be surprised where this might matter. Take for example Compton, CA where to this day there are pumps at work pulling out oil. So buying a vacant lot there would definitely require this type of vigilance, because if there happens to be subsurface rights that were ceded it could be a problem.
If I am not wrong, this may depend on the country. I remember having read somewhere that in some countries (I am not sure, but maybe Switzerland?), one owns the soil and the underground
Too bad this is too obscure in my mind...
actually @lemouth The United States is one of the few countries where an individual can actually own mineral rights. Not sure about the Swiss, but it is definitely Country dependent, and then State and local might come into play as well.
Thanks for clarifying concerning the states. I hope to be able to search the web on that, but my day job is really taking putting too much pressure on me this week ;)
Yeah, those mineral rights can be important, making the property a whole lot more valuable in some cases.
Glad to see you learning more too, and sharing it to bless others!
thanks @narrowminded As I explained to another user earlier, none of this is really belongs to any of us. Not our money or properties, not even the air we breathe, for even our last breath we give back upon dying.
That is a very valid and deep thought and realization.
What happens after that dying breath, as far as you know?
I know that our physical form ceases to be. Is there a non-physical form of ourselves and what happens to it if so after death? That I no one truly knows. One can believe or have faith but that's it.
Thanks for your answer!
Personally, I believe that we have an eternal soul inside these temporary bodies.
thanks @scammymcspambot
if you can be taxed on it.
you don't own it.
you're just paying rent.
Taxes can be both good and bad I guess. And in theory, I guess we truly own nothing, not even our last breath since we exhale that too when our bodies die.
This is good information. I always assumed that when you bought the land you also bought what ever was in the land. TIL as well :)
The more you know.... Thanks @justtryme90
Indeed, thank you!