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Unformatted text preview: MANAGEMENT 4803 LEGAL ASPECTS OF REAL ESTATE COLLEGE OF MANAGEMENT GEORGIA INSTITUTE OF TECHNOLOGY PROFESSOR LUCIEN J. DHOOGE OVERVIEW OF CHAPTER 3 Chapter 3 is primarily concerned with four topics. These topics are rights to the sky, rights to the depths, water rights and the right to lateral support. The traditional rule with respect to the sky was that the owner of the surface had exclusive rights to the heavens. Persons invading this space were deemed guilty of trespass. The modern rule provides that airplanes are free to fly over the property of others unless such flights constitute a direct interference with the use and enjoyment of the property. Such flights must be so low and frequent as to be a direct and immediate interference with the owners use and enjoyment of his property. Furthermore, the surface owner may sell rights to the air above his property separately from the surface. This concept is known as transferable development rights and occurs when the government permits the sale of air rights tied to one parcel of land to be sold or transferred to another parcel of land. government permits the sale of air rights tied to one parcel of land to be sold or transferred to another parcel of land....
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This note was uploaded on 01/25/2011 for the course MGT 4803 taught by Professor Staff during the Fall '08 term at Georgia Institute of Technology.
- Fall '08