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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Aviation Easement


Synonyms:air traffic, fly zone, right of way
Filed Under: legal-contracts, real-estate
Tags: contract, legal, realty
 

Definition of aviation easement

aviation easement
1. 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.


Related Terms and Acronyms:

  • adverse possession   A means of getting title to land by using it without the objection of the title holder.
  • bundle of rights   A set of legal rights that an owner has regarding a property.
  • current market value (CMV)   The estimated price determined by the recent sale of similar properties.
  • easement   Giving persons other than the owner access to or over a property.
  • encroachment   An improvement, such as a fence, that illegally extends onto another property or impedes the neighbour's use of that property.
  • market value (MV)   Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.

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