Bundle Of Rights – Real Estate Exam Key Concepts (OLD VIDEO: check description for new video link)
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Bundle Of Rights – Real Estate Exam Key Concepts (OLD VIDEO: check description for new video link)

October 22, 2019

Owning property comes with a bundle of rights. Property ownership is subject to the rights and interest of others. The bundle of rights is a common way to explain the complexities of property ownership. It is useful to imagine the bundle of rights as something that could be separated and reassembled. Imagine that you had in your hand a number of straws, each straw representing a distinct and separate right of the owner, such as the right to use the property, to sell it, to lease it, to give it away, or to choose to exercise all or none of these rights. For example, if the owner does not pay a worker who worked on the property, a mechanic’s lien would be filed. That would take some, but not all, the rights out of the bundle held by the owner. Now one of those straws that represent a right is gone. Taking care of the mechanic’s lien returns those rights, or straws, to the bundle held by the owner. The recognized rights include the right of possession, which means 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 the property. The right of enjoyment: the owner can enjoy the use of the property in any legal manner. And the right of disposition: basically means you could sell it, rent it, or will the property. Ownership of land is holding title to it. The evidence of the transfer of title is the deed. The seller executes a deed to transfer title to real property and the bundle of rights that go with it.

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