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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 ]
The bundle of rights is a metaphor to explain the complexities of property ownership. [1] Law school professors of introductory property law courses frequently use this conceptualization to describe "full" property ownership as a partition of various entitlements of different stakeholders.
Under the common law, real estate can be jointly owned at a given time. [16] In most states, in a tenancy in common , co-tenants each have a theoretical right to possess the whole property. [ 16 ] Co-tenants must also share rents received from third-parties, as well as upkeep expenses and taxes. [ 16 ]
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Each U.S. state has a recording act, a statute which dictates the legal procedure by which an individual claiming an interest in real property (real estate) formally establishes their claim to that property. The recordation of property rights becomes particularly significant where an unscrupulous dealer in land purports to sell the same tract ...
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]
A unit of real estate or immovable property is limited by a legal boundary (sometimes also referred to as a property line, lot line or bounds). The boundary (in Latin: limes ) may appear as a discontinuation in the terrain: a ditch, a bank, a hedge, a wall, or similar, but essentially, a legal boundary is a conceptual entity, a social construct ...
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
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