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In the United States, a split estate is an estate where the property rights to the surface and the underground are split between two parties. It is the result of Homestead Acts such as the Alaska Native Claims Settlement Act (1971) or the Stock-Raising Homestead Act (1916). [1]
A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the owners of property. [1]
This allows people to buy a home at a price far below the market rate and to realize the benefits of their property value improving. Real Estate Investment Trusts divide up the bundle of rights in order to allow commercial investments in real property. These legal structures are becoming more common throughout the developed world.
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
The rights in real property may be separated further, examples including: Water rights, including riparian rights and runoff rights; In some U.S. states, water rights are completely separate from land—see prior appropriation water rights; Mineral rights; Easement to neighboring property, for utility lines, etc. Tenancy or tenure in ...
There are two main views on the right to property in the United States, the traditional view and the bundle of rights view. [6] The traditionalists believe that there is a core, inherent meaning in the concept of property, while the bundle of rights view states that the property owner only has bundle of permissible uses over the property. [1]
When mineral rights have been severed from the surface rights (or property rights), it is referred to as a "split estate." In a split estate, the owner of the mineral rights has the right to develop those minerals, regardless of who owns the surface rights. This is because in United States law, mineral rights trump surface rights. [5]
In real estate, air rights are the property interest in the "space" above the Earth's surface. Generally speaking, owning or renting land or a building includes the right to use and build in the space above the land without interference by others.