Sonic Title

Exploring Air Rights in Title: Understanding Their Impact on Property Ownership

Exploring Air Rights in Title: Understanding Their Impact on Property Ownership

Understanding Their Impact on Property Ownership

Air rights refer to the legal right to use or control the space above a property’s surface within certain boundaries. While land ownership traditionally includes the rights to the property’s surface and everything beneath it, air rights extend ownership rights vertically into the airspace above the land. Let’s delve into the intricacies of air rights in the title and their significance in property ownership.

Air rights are crucial in real estate development and urban planning, particularly in densely populated areas with limited space. Property owners can leverage air rights to develop or expand their properties vertically by constructing high-rise buildings, adding additional floors to existing structures, or installing aerial structures such as billboards or telecommunications equipment.

However, the extent of a property owner’s air rights can vary depending on various factors, including local zoning regulations, building codes, and easements. Zoning ordinances may impose height restrictions or setback requirements to regulate the use of airspace and ensure compatibility with surrounding properties and public infrastructure.

In addition to development rights, air rights can be bought, sold, leased, or transferred independently of the underlying land. For example, a property owner may sell air rights to a neighboring property owner or developer to allow for the construction of a taller building while retaining ownership of the land itself.

While air rights offer opportunities for property owners, they can also lead to conflicts and legal disputes, particularly when the use of airspace infringes upon neighboring properties or disrupts existing structures or amenities. Easements and restrictive covenants are often used to clarify the rights and limitations associated with air rights, helping to mitigate conflicts between adjacent property owners.

In summary, air rights are a crucial component of property ownership, granting property owners the legal authority to use and control the airspace above their land. Grasping the implications of air rights and their interaction with zoning regulations and property rights is vital for real estate developers, property owners, and urban planners. It equips them to effectively navigate the complexities of land use and development.

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DJ Peterson

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Affiliated Business Arrangement Disclosure Statement
This is to give you notice that Sonic Loans Inc., Sonic Title Agency LLC, and Sonic Realty LLC have a business relationship. The nature of the relationship between the Referring Party and the provider(s), including percentage of ownership interest, if applicable, is: Sonic Loans Inc., Sonic Title Agency LLC, and Sonic Realty LLC are all 100% owned by the same party. Because of this relationship, this referral may provide any of the above parties with financial or other benefit.
A. Set forth below is the estimated charge or range of charges for the settlement services listed. You are NOT required to use the listed provider(s) as a condition for settlement of your loan on, or purchase, sale, or refinance of, the subject property.
THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.
Provider and Settlement Service Charge or Range of Charges
Sonic Realty LLC 1%-6% of purchase price
Sonic Title Agency, LLC Title Insurance Policy: $950 - $1706 on a $250,000 property. (Rates vary and are dependent on the state, selling price, and loan amount on the property.)
Title Search Fee: $250 - $325 (where applicable)
Closing Fee: $450 - $650
Sonic Loans Inc.

This company provides various real estate mortgage loan origination activities either as a third-party originator or a mortgage broker, including loan pre-qualification, competitive bid process (when providing third-party origination services), loan origination, loan pre-approval, loan structuring, processing, and closing.

Loan Origination Charge: 0-3 % of loan amount (may include 3rd party fees)
Loan Discount Fee/points: 0.5%-6% of loan amount.
Application/Processing Fee: $0.00 - $875.00
Flood and tax service: $0.00 - $95.00
Underwriting Fee: $0.00 - $1295.00
Document Review Fee: $0.00 - $400.00
Appraisal Fee: $0.00 - $850.00
Credit Report Fee: $0.00 - $135.00

Actual charges may vary according to the particular lender selected, the particular services provided, and the underlying transaction, borrower selections, etc. Some or all of these fees may be charged by third parties and/or the Member Mortgage Lender/Mortgage Broker. The Member Lenders and Mortgage Brokers have agreed to pay a fee ranging from 0.5% to 2.75% of the loan amount to Sonic Loans in connection with a range of loan origination services provided by Sonic Loans to the Member Lender/Mortgage Broker. The fees are paid either directly to Sonic Loans by the Member Lender/Mortgage Broker or billed directly to you at closing.
B. Set forth below is the estimated charge or range of charges for the settlement services of an attorney, credit reportingagency, or real estate appraiser that we, as your lender, will require you to use, as a condition of your loan on this property, to represent our interests in the transaction.
Sonic Loans Inc. provides mortgage lender/broker services. Sonic Realty LLC provides real estate brokerage services. Sonic Title Agency LLC provides title insurance and settlement services.

Provider and Settlement Service Charge or Range of Charges
Appraisal Fee $0-$800
Credit Report Fee $63-$125
 Actual charges may vary depending on the lender and loan program selected which can be found on your loan estimate.

ACKNOWLEDGMENT

I/we have read this disclosure form and understand that Sonic Loans Inc., Sonic Realty, LLC, or Sonic Title Agency LLC are referring me/us to purchase the above-described settlement service(s) and may receive a financial or other benefit as the result of this referral.