Property is defined as both anything that is owned and the right to own it by the American Heritage Dictionary. As a result, property comprises both the thing that is possessed and the set of rights that go along with it. As significant as the real property itself are these rights. These rights include the right to occupy or rent out the property, the right to control and alter the property, the right to use the property as you see fit without interference from outsiders, and finally, the right to transfer the property or the various rights to that property to others. Without them, we’d just have something that we couldn’t do anything with.

In reality, we never truly totally own anything because the government has the authority to take it for a better or higher use, but for the most part, we won’t experience government takeover or intervention.

Real property includes both the ground and any immovable items that are affixed to it. Real estate is also referred to as real property for this reason. However, actual property ownership extends beyond what we can see. The right to use the air above the property is generally acquired along with the purchase of your home. If municipal laws don’t prohibit it, you have the right to add a second, third, or fifty-first story to your house. You also have a right to what is underground. The Beverly Hillbillies come to mind. You own the entire oil on your property! You also own the minerals found beneath the earth’s surface on your property, including gold, diamonds, and other resources. Last but not least, you also own the trees, shrubs, and other perennial plant life.

Many people could overlook the rights they have that come with the purchase of real estate even though much of this may seem clear. As you can see, a property’s rights may be worth more than the actual property. Imagine purchasing some land and learning there is oil underneath. You’ve succeeded, right? What if you neglected to purchase the land’s mineral rights? You wouldn’t want that, would you? No.

If you don’t obtain all the rights to your property, you won’t actually be its owner.