In the real estate industry, the legal concept of land encompasses more than just the ground that we see or that comprises a parcel of property. Land includes everything natural beneath and above the surface. The operative term here is "natural"; but the concept of land need not be completely tangible.
It may be helpful to view land as an inverted pyramid extending from the center of the earth and projecting outwards into the atmosphere. Land includes, but is not necessarily limited to the following elements:
The concept of personal property, as opposed to real property, will discussed later in this article. As you can see, however, the land can contain both real property and personal property. Ownership of land can also be further divided into different facets-which allow for separate uses and manners of possession.
Example: Ownership of Land
Sally owns a ranch. She learns that there may be precious minerals under her land. She would like to take advantage of this fact, without jeopardizing her ranch operations. So, Sally sells the rights to the mineral under her land without surrendering her land. The mining company that purchases the mineral rights is allowed to mine for it, within strict limits, while Sally is free to continue with her ranch operations.
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