Oversail is any part of a crane passing through the airspace above land its operator does not control. For a tower crane that usually means the jib and counter-jib, the trolley and hook, and any load. A crane that slews through a full circle can oversail property anywhere within its radius, and depending on the crane configuration its reach may extend well beyond the construction boundary.
A crane can oversail even when it is not working. Out of service, at night and at weekends, a tower crane is normally left free to slew so the jib can turn with the wind, like a weathervane. That keeps the crane safe in high winds, and it means the jib can come to rest over a neighbour within reach. Any agreement needs to consider that as well as the lifts.