Question: What is The Bundle of Legal Rights of a Real Estate Owner?
Answer: Owning real estate carries with it a traditional "bundle of legal rights" transferred with the property from seller to buyer. These are the recognized rights of the holder of title to the property and include:
- the right of possession - the property is owned by whomever holds title;
- the right of control - within the laws, the owner controls the use of the property;
- the right of exclusion - others can be excluded from using or entering the property;
- the right of enjoyment - the owner can enjoy the use of the property in any legal manner; and
- the right of disposition - the title holder can sell, rent or transfer ownership or use of the property at will
Actually your ownership of real estate extends from the center of the earth and includes all the airspace above. Over time some of these other interest have been excluded such as the mineral rights and the air space. For example, commercial and military air traffic are permitted to fly over your property.
Ownership of land is holding "title" to it. The evidence of that title is the deed. The seller executes a deed to transfer title to real property and the bundle of rights that go with it. Examples of deeds include: Warranty Deeds, Limited or Statutory Warranty Deeds or Quit Claim Deeds. To know exactly what you own or are buying have a real estate attorney examine the chain of title or provide a title abstract!
For Information on Buying or Selling Land contact G. Kent Morris, ALC, RF at (706) 457-0090