One of the most important aspects of real property ownership is what is known as the Bundle of Rights. These are the rights of the owner of the property.
The rights include: the right of possession; the right of control; the right of exclusion; the right of enjoyment; the right of disposition. Those right assure the owner the freedom to use the property within the limits of the law.
As the laws change impacting owners’ Bundle of Rights it becomes interesting as to whether the change in the law is legal, or if it is a “taking.”
The right of possession is just that, the right to own and possess the property. An owner actually gives up a little of this right when leasing a property, or otherwise allowing use of all or a portion of it, i.e., an easement across it, but that is a voluntary relinquishment, or one that was in place when the property was acquired. With few exceptions, you have the right to possess it. This is a very important right of real estate ownership.
The right of control is the right to decide how you will use the property. Again, a portion of this right may be given up if you are in a homeowner’s association, or by city or county rules and regulations. You may give up your right to having a loud all night party in such a situation. You can have a party, you may, perhaps, have some noise until 10 p.m. or so, but you have to comply with HOA, city or county ordinances, policies, procedures, or whatever they call their use limitations that impact you. You have the right to use your property as you see fit within the law.
The right of exclusion is very important. It gives you the right of privacy, the right to exclude others from your property. As with most rights, you can and sometimes must, give up some of this right, but usually it’s something given up when the property was created, or something like access to a surveyor who has the right to enter your property looking for corners. They won’t intrude into your home, your “castle,” which is protected by this right.
The right of enjoyment is essential. Also known as the right of quiet enjoyment, this gives you the right to enjoy your property doing what you want as long as it is legal. Again, you may give up some of these rights along the way, i.e., can’t own a horse on a specific property, but you have the right to control that going in. Abuses of this right can come in different forms, be aware of it and enjoy your property.
The right of disposition is the right to sell or otherwise convey the property. It is yours to do what you want with, it belongs to you and you have the right to give, sell, trade, or whatever you want to do with it. There can be consequences for each such action taken, but you have the right to evaluate and execute your chosen course of action to dispose of the property.
Another way to look at it is no one can take it from you. You may hear things like “uncompensated taking” when someone is challenging a government taking of their land, or a portion of their Bundle of Rights by their action or actions as a governing body. Watch this one carefully.
Your Bundle of Rights is essential to your property ownership and to your successors in interest. Be sure the rights that impact your intended use are intact and there to protect you.
If you give up a portion of your rights be sure to understand the long-term consequences if it is a longterm decision. Sometimes agencies want you to give up things that you really shouldn’t have to give up. Pay attention – it is your property and your rights.
If you have questions it is best to contact a real estate attorney to make sure of your standing. Yes, we feel it is that important that you don’t capitulate without total professional input into your specific situation.
The Bundle of Rights is the essence of real estate ownership. Don’t give it away and don’t tread on the rights of others. Privacy, quiet enjoyment, secure ownership and right to control are important to every property owner.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704 or dpwtigers@hotmail.com.
-->One of the most important aspects of real property ownership is what is known as the Bundle of Rights. These are the rights of the owner of the property.
The rights include: the right of possession; the right of control; the right of exclusion; the right of enjoyment; the right of disposition. Those right assure the owner the freedom to use the property within the limits of the law.
As the laws change impacting owners’ Bundle of Rights it becomes interesting as to whether the change in the law is legal, or if it is a “taking.”
The right of possession is just that, the right to own and possess the property. An owner actually gives up a little of this right when leasing a property, or otherwise allowing use of all or a portion of it, i.e., an easement across it, but that is a voluntary relinquishment, or one that was in place when the property was acquired. With few exceptions, you have the right to possess it. This is a very important right of real estate ownership.
The right of control is the right to decide how you will use the property. Again, a portion of this right may be given up if you are in a homeowner’s association, or by city or county rules and regulations. You may give up your right to having a loud all night party in such a situation. You can have a party, you may, perhaps, have some noise until 10 p.m. or so, but you have to comply with HOA, city or county ordinances, policies, procedures, or whatever they call their use limitations that impact you. You have the right to use your property as you see fit within the law.
The right of exclusion is very important. It gives you the right of privacy, the right to exclude others from your property. As with most rights, you can and sometimes must, give up some of this right, but usually it’s something given up when the property was created, or something like access to a surveyor who has the right to enter your property looking for corners. They won’t intrude into your home, your “castle,” which is protected by this right.
The right of enjoyment is essential. Also known as the right of quiet enjoyment, this gives you the right to enjoy your property doing what you want as long as it is legal. Again, you may give up some of these rights along the way, i.e., can’t own a horse on a specific property, but you have the right to control that going in. Abuses of this right can come in different forms, be aware of it and enjoy your property.
The right of disposition is the right to sell or otherwise convey the property. It is yours to do what you want with, it belongs to you and you have the right to give, sell, trade, or whatever you want to do with it. There can be consequences for each such action taken, but you have the right to evaluate and execute your chosen course of action to dispose of the property.
Another way to look at it is no one can take it from you. You may hear things like “uncompensated taking” when someone is challenging a government taking of their land, or a portion of their Bundle of Rights by their action or actions as a governing body. Watch this one carefully.
Your Bundle of Rights is essential to your property ownership and to your successors in interest. Be sure the rights that impact your intended use are intact and there to protect you.
If you give up a portion of your rights be sure to understand the long-term consequences if it is a longterm decision. Sometimes agencies want you to give up things that you really shouldn’t have to give up. Pay attention – it is your property and your rights.
If you have questions it is best to contact a real estate attorney to make sure of your standing. Yes, we feel it is that important that you don’t capitulate without total professional input into your specific situation.
The Bundle of Rights is the essence of real estate ownership. Don’t give it away and don’t tread on the rights of others. Privacy, quiet enjoyment, secure ownership and right to control are important to every property owner.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704 or dpwtigers@hotmail.com.