Appurtenance is the term that can be used to describe the rights associated with real property. Whenever a property is sold, appurtenant rights are sold as part of the package. However, it’s possible for both to be sold separately. In addition to knowing which items make up the property and the boundaries of the land, it’s always important that lenders and homeowners know which rights they will receive along with the real estate being sold.
With fee simple ownership it includes a number of other appurtenances such as subsurface rights, access rights, mineral rights, surface rights, water rights and air rights. The best way for you to have some understanding of how these rights work is for you to look at a property as an inverted pyramid, with its base extending into the air and its tip on the earth. Within the properties boundaries a homeowner will have rights to the lands surface, plus anything over and under the surface. This may include mineral and oil rights below the lands surface and certain air and water rights. Air and water rights tend to be regulated differently depending on the state.
It’s also possible for a homeowner to transfer specific rights of ownership during the sale of a property. For example, a homeowner may decide to keep the ownership of a farm while selling the mineral rights of a property. When the land is eventually sold, the mineral rights is likely to be put in the mining company’s possession, even those other rights to the land are transferred to the new owner of the property. The new owner of the property will be limited by the deal made with the previous owner of the property, and will have no right to sell the mineral rights to another party or individual or transfer them over later in the future.
Lenders will also need to know whether all of the rights to the property will be transferred over or whether restrictions exist or past transactions that could effectively limit the transfer of ownership. This is vital as it can affect the value of the property. The transfer of rights for a sidewalk to be constructed along the front of a property is unlikely to impact the value of a piece of land that you may have a keen interest in. Whereas the transfer of minerals rights to a company, is likely to have a major impact on the value of a property.
Author Resource:-
Ike Ani has been writing articles online for many years now. For additional information on real estate, which may include answers to specific questions that you likely want answers to, along with practical advice on how to get into the industry, you should visit his latest site step to build a house as well as Property Search Agents.
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