Property Rights deals with the rights to ownership of land, objects, and natural resources. An example of a property right would be if there is oil on your land. The details of your housing situation and the contract/lease you signed would provide more insight as to the ownership of the oil. Another example of property rights is who the fixtures inside a renting home belong to. Details such as if the fixture is permanently connected to the household would be looked at to determine the property rights. Another issue is if you live in a condo or town house, and there is a plot of land in the backyard. The property rights will determine if you own any of that land or you share it with the other tenants.
http://www.washingtonpost.com/wp-dyn/articles/A58185-2005Feb27.html
This article contends with a property right dispute in Oregon. Some Oregon land owners feel they should be compensated by the government because their anti-sprawl and land use restrictions have decreased the value of their land. In fact, there is a property right law that says the government should indeed compensate these people. In my opinion I don't think the government should have to compensate people for trying to protect the wildlife of Oregon.
Real Estate much have a legal description for the land that it is on. There are three methods to determine the legal description: metes-and-bounds, rectangular survey, and recorded plats. The legal descriptions fall into two categories, either platted or unplatted. This article provides examples and the methods to come up with the legal descriptions.Examples of a platted development are subdivisions and condos. Unplatted refers to all the land that does not have a legal designation, and it is all about location and dimension. Unplatted descriptions usually take the form of metes-and-bounds.
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