5 Legal Rights Tied To Most Pieces Of Real Estate

Whenever you purchase a piece of real estate, you should understand the rights that may be attached to the property. You will want to confirm the rights you desire are included whenever you buy real estate. Buyers should be aware of and ask about these 5 legal rights.

Possession, Control, and Exclusion

Arguably, these are the simplest rights. Whenever you acquire a deed, you have the right to possess and use the property within the limits of the zoning rules for the area.

Likewise, you can exclude others from the property as long as you don't break local laws. Some jurisdictions create public easements around beaches, streams, and sidewalks, for example.

Disposition

By the nature of possessing a deed, you also have the right to dispose of it. You have the right to sell or transfer it to another party as you wish. Also, you can dispose of it in your estate.

Resource Rights

Real estate law gets a little trickier at this point because resource rights are sometimes severable. For example, a previous owner might have sold the exploitation rights for a natural gas well on a property. Similar issues can arise from the exploitation of mineral, farming, and timber rights.

Notably, a resource rights owner may have to continue to exercise those rights. Otherwise, you might be able to ask a real estate attorney to petition the court to revert those rights to you as the current owner.

If you decide to sell resource rights, it's a good idea to avoid creating perpetuity. You may want to have a real estate lawyer draft an agreement that outlines how many years a purchaser can exploit purchased rights.

Water Rights

Generally, water rights are a somewhat different thing from resource rights. Real estate law sees it this way because your water rights may harm others. Before you exploit a water resource on a property, you should check the state and local laws. Even if a well appears to be entirely under your property, there may be rules about how you can use it. Also, most jurisdictions require reports about water discoveries so future owners can identify previously found sites.

Air Rights

Especially in urban areas with lots of vertical development, the air over a property can be a major source of property disputes. For example, a neighbor may have the right to at least part of the view from an existing structure. If you build anything new, you may need to limit the construction to a zone where you have strong air rights. Otherwise, there is a risk of conflict over how your usage might conflict with their view.

To learn more, contact a real estate law office in your area, such as the Law Office of Steven Kurlander.