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Definition Of A Bundle Of Rights Essay

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Bundle of Rights The bundle of rights consists of the owner’s legal rights. This term was first used in the late 1900’s and is still popular till this day. There are a total of five rights: the right of possession, the right of control, the right of exclusion, the right of enjoyment, and the right of disposition. The bundle of rights transfers from seller to buyer. These rights are protected by the constitution and the state where the property is located. The right of possession is on top of the list in the bundle of rights. This right allows the holder of the property to possess, occupy or use the property at any time. The owner has a full control of the property. Title holder is another name for someone who owns a property, since the owner of a property, including land, must have a title to be the owner. One important detail when describing the right of possession is no current mortgage can exist for the owner to fully possess the property. Nevertheless, failure to pay property taxes can cause the property taken away from the title holder. …show more content…

This right allows the holder of the title to manage or use the property in his or her interest within the laws. The owner has the control of what happens to the property. For example, the owner can build a house on a property or leave the land completely empty. The owner can put up a sign that says “No entry” or “Everyone is welcome”. If the owner decides to rent out the property and collect the profits from rent; it is okay, as long there are no restrictions or covenants. Most of the cities are not against using the property or land for renting purposes; on the other hand, some cities do not allow renting of property to other individuals. Other limitations may include safety of those living near the property, or public

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