Real Estate Made Simple…Even I Can Understand!
October 4th, 2008Categories: Georgia Mountain Real Estate VIEWS, Real Estate Made Simple
I was recently asked the definition of Appurtenance by one of my readers, and now good friend and client. After answering his question, it made me stop and think that if he didn’t fully understand what an Appurtenance was, then how many other folks who have been on The Porch may not either? So I came up with a brilliant idea to begin a category of Real Estate Made Simple, and hopefully I will be able to write some interesting posts that will explain Real Estate a little more at my speed, how we know it in the North Georgia Mountains.
Before I further explain Appurtenance, I first need to explain Land. You see, Land is just simply a spot on Earth, and Land has 3 parts. It has the Surface, which has it’s “Surface Rights.” Then it has what is above the Surface, known as “Air Rights.” And third, it has the Sub Surface below, better known as “Mineral Rights.” Now these “Rights” are able to be separated and divided. Land has both Physical and Economic characteristics. Some Physical Characteristics of land are for one it is immovable, making it good for use in securing debt. It is also indestructible, it does not ware out. Lastly, it is Non-Homogeneous which means it is unique. We have all heard the most famous term in all of Real Estate, “Location, Location, Location.” Lands Economic Characteristics are Situs, again meaning Location making it have a preference. Second economic characteristic is it’s Scarcity, better explained as Supply relative to Demand. Another is Permanence of Investment; Fixity, meaning it is not typically a short term investment.
Now you may ask what this has to do with Appurtenance, well you see the term Real Estate is defined by it’s Land + Appurtenances.
Therefore, Land + Appurtenances = Real Estate.
So what is an Appurtenance? Appurtenance is the right, privilege or improvement permanently attached to the land, in other words it Runs with the Land.
An Appurtenance can be Natural, Man-Made, the Mineral Rights, Air Rights, or the Water Rights. ALL are included unless explicitly specified otherwise.
I certainly hope that this post has been helpful to you, and if you think that it can be helpful to others, please be sure to let them or your friends and family know you read it on The Porch! My name is Chad Lariscy, and I am a Full-Time Realtor in the North Georgia Mountains with Keller Williams Realty Mountain Properties. If I can assist you i anyway with your Georgia Mountain Real Estate needs, please do not hesitate to call me at 706.633.8186, or you can email me at ChadL@KW.com. If you have plans to come to our Beautiful Mountains, Fall is one of the BEST times of year to come. I hope you do, and I hope to get to meet you. As always, thanks so much for coming to rock with me a while on The Porch, and I do hope you come back.
Make it a GREAT Day!
6 Comments »
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Hello Chad, wonderful blog, however it took me a while to wrap my brain around it, but I do understand and appreciate the defining of rights and how it relates to real estate. Thank you for a most interesting thought provoking activity. David
Comment by Scenic City Scoop - Chattanooga Tennessee Real Estate Blog — October 6, 2008 #
Chad,
My “15 minutes of fame”? Thanks for clearing that up even futher my friend! Great post and Informative insight as well!
Orlando Doug
Comment by Doug M. — October 20, 2008 #
Chad,
What a timely and clever new category for you. You have definitely added to my real estate vocabulary and the visual was very helpful. I’ll be checking back here often.
Michael Bergin
GWSleptHere.com
Comment by Michael Bergin - Your Realtor in Alexandria, VA — October 21, 2008 #
David,
I guess my Real Estate made simple was not quite smple enough. I am glad that you finally was able to wrap your brain around all of it. Thanks fo rcoming up on “The Porch.”
Chad
Comment by Chad — November 4, 2008 #
Doug,
You are the Man! Thanks so much for your contributions to “The Porch.” I appreciate your friendship and I am glad that we have become friends by way of this blog!
Chad
Comment by Chad — November 4, 2008 #
Michael,
Thank You my fellow blogger. Please come back each and every opportunity that you have, you are always welcome on “The Porch!”
Chad
Comment by Chad — November 4, 2008 #