Air Lot

Air Lot Definition

An air lot is a block of space in the air, that can be legally identified and described, and for which the ownership may be transferred from one entity to another, in exchange for legal consideration.

Explanation

The most typical and readily understood example would be in a condominium building, in which units are built on multiple floors.

An owner of a condominium unit in this kind of building would typically own the air space between the inner surfaces of the floor and the ceiling, and between the inner surfaces of the walls of the unit.

However, air lots can be used for other purposes as well. For example, prior to the onset of air travel as a common means of transportation, property owners typically owned the air above their real estate, extending from their property lines on the surface of the ground, and extending indefinitely into space. But that’s not very practical anymore. Helicopters that report on traffic jams, airplanes traveling from one destination to another, drones that are used by police and fire departments all have the need to fly above people’s properties in order to serve the needs of the public, and the needs of the public are usually favored over the needs of the private property owner.

Today, due to many lawsuits that have transpired over the years, and unless you own a skyscraper, your “private airspace” will typically end somewhere between 80 – 500 feet above your ground, depending on the jurisdiction where you live.

 

Jim Eyre

LOAN OFFICER

Expert contributor at RealEstateWords.com

 

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