Real Property for Dummies...me included Part VI

So, now you're rich from the oil under the azaleas, you're gotten your land back from the hospital that went bankrupt and you are hanging on the edge of your seats for another installment in the definition of 'Real Property'.

Our next line in context is:

real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium)or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.

Okay, so this one makes me laugh and think about how weird capitalism has made our culture. When you buy a condominium, you are buying air. Seriously, so those Florida real estate agents who only sold condos in the early 2000s were essentially "air peddlers" ( no offense, i am an equal opportunity mocker).

Remember the cone of space that defined your property? Well a condo is a piece of that cone, a fraction ofa whole. The pocket, or space of air, sold and then encased in drywall and stainless steel.

Also, owning airspace, back to a full cone now, means that essentially real property in its unencumbered non easement form extends into space.

I state again that I am worth the money...Aren't you glad I have 7 years of college to back up a career that started with an online course

:)

More to follow...