Property rights are the bundle of rights that are associated with a specific piece of real estate. There are several different kinds of rights such as: subsurface rights, surface rights and air rights. Each of these give you legal rights to do specific things to the property. Here is a link to some information about property rights in Texas and what the legislature is doing to secure the balance between the people and the government's right to eminent domain. http://www.dallasnews.com/news/state/headlines/20110209-texas-senate-passes-property-rights-bill.ece.
When purchasing real estate there are several different kinds of real estate parcels that you can purchase. The best one and the one you should aim for is a fee simple estate, in which the current owner is entitled to all the rights associated with the property. If you do not have a fee simple estate and have something like a partial estate someone else other than you owns a part of the bundle of rights associated with your property. This is something that should really be looked in to before you purchase any real estate. You would hate to buy a house without air rights and have a bridge be built over you after you move in or something like that.
Because it is the legal system a simple address will not do to describe where a property is. A person has to use a surveyor and a lawyer to help write up a description to describe legally where a property is. Either the describe a space on a plat map or they use a marker and a system of metes and bounds (metes are the measurements and bounds are the boundaries) to describe the property from the point of the marker. Here is another explanation of metes and bounds. http://en.wikipedia.org/wiki/Metes_and_bounds
No comments:
Post a Comment