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An example of air rights transfer between properties: a high-rise building extends over a four-story building in New York City. In real estate , air rights are the property interest in the "space" above the Earth's surface.
At common law, property owners held title to all resources located above, below, or upon their land. Cuius est solum, eius est usque ad coelum et ad inferos (Latin for "whoever's is the soil, it is theirs all the way to Heaven and all the way to Hell") [1] is a principle of property law, stating that property holders have rights not only to the plot of land itself, but also the air above and ...
“Imagine you’re living in a condominium building and all you own is the air rights of your unit. ... a real estate attorney and consultant for Hotel Carillon in the Miami Beach dispute whose ...
Weiss, Lois. "Air Rights Case Headed for Supreme Ct. Review - Transferable Development Rights for Grand Central Terminal, New York, New York." Real Estate Weekly 4 May 1994. Boyd, Lydia, and Lynn Pritcher. "Brief History of the U.S. Passenger Rail Industry." Duke University Libraries: Digital Collection. 25 January 2008.
A high-profile trial involving a luxury condominium in downtown Sarasota concluded on Thursday to determine who owns the air rights in The Quay.
The underlying legal concept of a transfer of development rights programme is the notion that all land has a bundle of property rights. [1] It is used for controlling land use to complement land-use planning and zoning for more effective urban growth management and land conservation.
For example, perfection of a mechanic's lien takes some, but not all, rights out of the bundle held by the owner. Extinguishing that lien returns those rights or "sticks" to the bundle held by the owner. In the United States (and under common law) the fullest possible title to real estate is called "fee simple absolute." Even the US federal ...
It also allowed transferable development rights which gave birth to the concept of buying air rights from nearby lots. [2] The Summit (left) and Highcliff (right) in Hong Kong. In the 1970s Hong Kong was in a similar position of high land values and lax zoning laws, and started building pencil towers. [8]