`land` means land belonging to any property, mines and minerals, whether or not separated from the surface, buildings or parts of buildings (horizontal, vertical or other) and other inheritances; also a manor, Advowson and lease and other intangible inheritances and an easement, right, privilege or advantage in, over or derived from land. Lenders are extremely attracted to land because it is one of the oldest forms of security. But unlike a house or car, for example, land cannot be moved, stolen or destroyed. Air and space rights – both above and below a parcel of land – are also included in the term land. However, the right to use air and space above land may be subject to height restrictions imposed by local ordinances as well as state and federal laws. The term “immovable” or “real property” means land and anything that grows, attaches to it or is erected thereon, including man-made objects such as buildings, structures, roads, sewers and fences, but excludes anything that can be removed from the land without harming the land. These man-made objects are called “upgrades.” If the real estate has nothing and is only undeveloped land, it is called “unimproved”. 7.18 The “set of rights” approach has created some current challenges, particularly with respect to land ownership. Laws that restrict what a landowner can do, for example by creating rights for others to the same land, can lead to arguments about eligibility for compensation, expressed in the question of when regulating what someone can do with the land becomes a “suppression” of that land. We will return to this later and in Chapter 8.

Land is a property or property. Owning land means that the owner owns the space under the land, the land itself, and the airspace above it. Depending on the type of property, a landowner`s interest in the property can vary widely. A simple owner has the full right to build, dismantle or carry out other activities on the land, as long as the activity does not violate the regulations or the rights of others. 7.25. The complex interactions of property rights of different forms fill the chapters of the literature on property law under the heading “Priorities”, in which rules of law and equity, including statutory law, have determined over centuries which property rights take precedence over others in certain circumstances and regulate competing property interests. Any circumstance may involve a “loser” in the sense that someone loses in a competition for property rights (rights in rem) and in such circumstances is degraded to all rights that can be invoked against data subjects (rights in personam). A few examples, expressed in very general terms, suffice to illustrate that the meaning of land in English law includes a number of things that go beyond land itself, such as furniture and easements. Its definition is practically important in English land law, because if a purchase of land ownership is made without specifying exactly what is being transferred, the law must provide an answer as to what is supposed to accompany the transfer.

Land ownership is called “four-dimensional” according to English rules. It includes not only the surface (two dimensions), but also things below the surface and above (three dimensions) and extends over a period of time (four dimensions). Legally and economically, a plot of land is a factor in some form of production, and although land is not consumed during that production, no other production – for example, food – would be possible without it. Therefore, we can consider land as a resource without production costs. Despite the fact that people can always change land use to be less or more profitable, we cannot increase their supply. Land may be transferred by deed. It can be transferred through business transactions, wills or even donations. The legal maxim is quicquid plantatur solo, solo cedit, Latin for “that which is fixed on the earth is part of it”. Holland v Hodgson[5] investigated this issue. The context was whether looms installed in a factory were part of the property.

Justice Blackburn stated that an object resting on the ground and “attached” to it solely by its weight is not usually part of the ground, but it is pertinent to ask what was intended. For example, a pile of stones in a field is not part of the country, but if the stones are arranged to form a dry stone wall, then the wall is part of it. In Botham v. TSB Plc,[6] it was decided on appeal that items that are easy to remove such as curtains and carpets are not part of the property, but things like faucets and caps, but not easy to remove. In Chelsea Yacht and Boat Club v. Pope,[7] it was found that a houseboat is not part of the property because it is not sufficiently attached. 7.27 Another question about the extent of property rights is how far a landowner`s title extends in the air above and the land below. Cases involving scaffolding, overflights and cranes have tested airspace rights. [39] The falls with underground caves, treasures and minerals tested the boundaries below the surface. [40] One aspect of these issues concerns mineral privileges, including substances such as coal. [41] Commercial land may refer to real property or property, less buildings and equipment, designated by fixed spatial boundaries.

Land ownership could give the title holder the right to all natural resources that exist within the boundaries of his lands. Traditional economics says that land is a factor of production, along with capital and labor. The sale of land results in a capital gain or loss. Under Internal Revenue Service (IRS) tax laws, land is not a depreciable asset and is considered fixed assets instead of a current asset. If you own land, you also own the animals and fish that are within the property line. So the next time you buy an estate, you have the right to hunt and catch wild animals and fish. 7.23 Similarly, with respect to land, Professor Peter Butt stated that “categories of interests in land are not closed” and that they “change and evolve as society changes and develops”. [30] The law defines “mines and minerals” as “any layer or vein of minerals or substances in or under a country and the ability to work and obtain the same.” In addition, a “succession” is defined as “any immovable property that may have been transferred to an heir following an inheritance made before the coming into force of this Act”. The juridical maxim est cuius est solum eius est usque ad coelum et ad inferos, Latin for “He who possesses the earth possesses everything to heaven and to the depths”. Since natural gas and oil are depleted in the United States, the land that contains these resources is of great value. In many cases, drilling and oil companies pay landowners large sums of money for the right to use their land to access these natural resources, especially if the land is rich in a particular resource.

7.22 Understanding what a property is reveals a certain fluidity when examined historically. As one stakeholder noted: Ownership is used in law in a variety of ways to describe a range of legal and equitable, tangible and intangible assets and interests. Different physical and intangible property rights relating to the same subject matter may exist simultaneously and be held by different parties. Property can be separated from possession. At common law, illegal possession of land can give rise to a fee simple succession, with only a right of readmission to the rightful owner. Property does not have to be transferable. A common law debt, although non-assignable, was nevertheless property. Justice brings a particular sophistication to the subject. The level of protection that confidential information provides through equity makes it appropriate to label it as proprietary, but that is not because ownership is the basis of protection; Rather, this is due to the effect of this protection. Hohfeld identified the term “property” as a striking example of the inherent ambiguity and vagueness of legal terminology.

The likelihood of confusion is increased when, without further definition, statutory or constitutional rights and obligations are expressed in such a way that they relate to the existence of “property”. The content of the term then becomes a matter of legal or constitutional interpretation. [20] Section 205(1)(ix) of the Property Act, 1925 contains the following definition of land. The “earth” is the surface of the earth that extends below the surface of the earth and into the sky. It includes objects that occur naturally on land, such as water, trees, rocks, and even minerals below the surface. Although the legal principle is that the owner of the land owns everything down to the depths of the earth. Bocardo SA v Star Energy UK Ltd 2010 concluded that, although the defendants had legally applied for a licence to explore and extract oil, they had penetrated into the layers (layers) under the plaintiffs` land.