What is an air rights lease?

At the simplest level, the term air rights simply refers to the right to occupy certain empty space. Property owners generally have the right to the empty space above their land, and there are some interesting implications when it comes to commercial real estate development.

Can you really buy air rights?

Just like any other surface rights, air rights can be bought, leased or sold; they can act as a price booster when selling a property.

Who owns the air rights above your property?

Federal law (The Air Commerce Act) gives the government exclusive control over “navigable airspace.” The FAA defines and regulates navigable airspace, through which the public has a right of transit.

How are air rights determined?

The value of air rights is the value of the unencumbered land less the sum of the additional costs of developing the air rights and the capitalized value of the reduced utility of the building.

Do you own the airspace above your property Canada?

The law in Canada is that a property owner owns only so much of the air space that can be reasonably occupied or used in connection with the land below.

What are air rights called?

Air rights are part of the complicated game known as development in downtown Los Angeles and a few other selected areas, and the procedure for transferring air rights is being revamped. Air rights, technically known as “transferable development rights,” are the space available for development at a given site.

Can you sell airspace?

The airspace is property and retains developmental rights which can be sold or transferred. Thus in a dense downtown area, each building owner in the area may have the right to thirty-five stories of airspace above his or her own property.

What is an air space lease?

Leasing the airspace above your property is one way to maximise the income available from your investment. You might lease the airspace to a developer who adds floors to your building, or to a tenant who installs telecommunications equipment or solar panels on the roof.

Can you buy the airspace above your house?

Put simply, air rights are the property interest in the space above the earth’s surface. When you buy land for sale, it usually comes with a bundle of rights including surface, mineral, water, and air rights. In many cases, each of these rights can be bought, leased, or sold alone.

How far do air rights extend?

Although this statement can still be used as a general guideline, it had to be strongly reevaluated with the emergence of airplanes in the 20th century. Ownership no longer extends endlessly into space. Today, air rights extend to the airspace above the surface that could reasonably be used in connection with the land.

Can I shoot down a drone over my property in Canada?

He discourages anyone from trying to shoot down a drone with a firearm, which is both illegal and ineffective given the target size. In Canada, even if a drone trespasses on a property, the only thing that can be done legally is to call the local police force, an RCMP spokesperson confirmed.