LAND
Land is defined as:
THE EARTH’S SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY.
Land includes not only the surface of the earth but also the underlying soil. Land also refers to objects that are naturally attached to the earth’s surface, such as boulders and plants. Land includes the minerals and substances that lie far below the earth’s surface (subsurface). It even includes the air above the earth, all the way up into space (airspace).
REAL ESTATE
Real estate is defined as:
LAND AT, ABOVE, AND BELOW THE EARTH’S SURFACE, PLUS ALL THINGS PERMANENTLY ATTACHED TO IT.
The term real estate is similar to the term land, but it means much more. Real estate includes the natural land along with all human-made improvements. An improvement is any artificial addition to land, such as a building or a fence. The term IMPROVEMENT, as used in the real estate industry, refers to any addition to the land. Land also may be improved by streets, utilities, sewers, arid other additions that make it suitable for building.
REAL PROPERTY
Real property is defined as:
THE INTERESTS, BENEFITS, AND RIGHTS THAT ARE INCLUDED IN THE OWNERSHIP OF LAND AND REAL ESTATE.
Real property includes the surface, subsurface, airspace, any improvements, and the BUNDLE OF LEGAL RIGHTS—the legal rights of ownership that attach to ownership of a parcel of real estate.
Air Rights
The rights to use the space above the earth may be sold or leased independently, provided the rights have not been preempted by law. Air rights can be an important part of real estate, particularly in large cities where air rights over railroads must be purchased to construct office buildings. Now that air travel is common, the courts and the U.S. Congress have put limits on air rights.
With the continuing development of solar power, air rights, solar rights, and even “view” rights are being closely examined by the courts. Air and solar rights are established by laws and ordinances that very widely from state to state.
