- An agreement granting the right to fly airplanes over property, even if doing so causes damage, inconvenience, or loss of property value to the property owner. This type of agreement usually restricts the property owner from building or growing anything over a defined height.
fly zone, right of way, air traffic
Related Terms and Acronyms
- Adverse Possession — Definition,
- A means of getting title to land by using it without the objection of the title holder.
- Bundle of Rights — Definition,
- A set of legal rights that an owner has regarding a property.
- Current Market Value (CMV) — Acronym,
- The estimated price determined by the recent sale of similar properties.
- Easement — Definition,
- A means by which access or right of way is granted by law if an owner of a property is negligent in restricting access or enforcing trespassing laws for ten years or more.
- Giving persons other than the owner access to or over a property.
- Encroachment — Definition,
- An improvement, such as a fence, that illegally extends onto another property or impedes the neighbour's use of that property.
- Market Value (MV) — Acronym, Important,
- Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.