What are ownership rights to all that is found beneath the surface of the tract of land owned extending downward to the center of the Earth?
Subsurface rights. Subsurface rights apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center Page 6 Chapter 2: Rights in Real Estate 21 of the earth.
What is the term that describes water rights over a moving body of water?
Riparian rights. Riparian rights concern properties abutting moving water such as streams and rivers. If a property abuts a stream or river, the owner’s riparian rights are determined by whether the water is navigable or not navigable.
What are the rights associated with moving water called?
Riparian rights are a type of water rights awarded to landowners whose property is located along flowing bodies of water, such as rivers or streams.
Is your property owned in fee simple?
Fee simple is a term that refers to real estate or land ownership. The owner of the property has full and irrevocable ownership of the land and any buildings on that land. He is free to do whatever he wishes on the land subject to local zoning ordinances. Fee simple is the highest form of property ownership.
Which is the most complete freehold estate in real property?
Fee Simple Absolute A fee simple absolute is the most extensive interest in real property that an individual can possess, since it is limited completely to the individual and his or her heirs and assigns forever, and it is not subject to any limitations or conditions.
What is legal estate in land?
An estate in land is essentially the legal and beneficial rights and interests a person has over land and property. The 2002 Act makes this Register a complete picture of title (ownership) to land and property, and shows the rights, obligations and interests attaching to or affecting the land.
What does life use mean on a deed?
A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary.
What is reversionary interest in real estate?
A landowner who is concerned about the future use of his land can donate or sell the land on a conditional rather than absolute basis. A reversionary interest is created by a deed that reserves to the grantor a future ownership right upon the occurrence of some condition.