Homeownership: Your Bundle of Rights
In addition to acquiring a new property, homeowners assume a bundle of legal rights after closing a real estate transaction. The five rights are universal to all title holders, offering them the highest level of protection in their rights to benefit, enjoy, and use their property. Property owners are not required to exercise the bundle of rights, but have them at their disposal should legal enforcement become necessary.
Let’s take a look:
Right of Possession
The first right in the bundle is rather straightforward – the title holder is the legal owner of the property and is therefore entitled to possess the home, land, and other permanent fixtures on the property.
Right of Control/Use
Your house, your rules. The right of control permits a property owner to control the use of their home. It also legally permits them to control who may use their property. Bear in mind that certain HOA and neighborhood covenants may trump this right. If your HOA enforces quiet hours from midnight to 5 a.m., for example, you cannot exercise your right of use to throw a loud party at 1 o’clock in the morning.
Right of Enjoyment
Like the right of control, the right of enjoyment allows the title holder to perform any activity on the property that they find enjoyable. Think swimming in your pool, relaxing in your living room, or doing yoga in the driveway. All activities performed by the title holder must, of course, be legal.
Right of Exclusion
By law, property owners may prohibit anyone from accessing or using their property without a warrant. Many property owners consider security features such as Ring and other smart doorbells to monitor trespassers. Parties permitted by easements and law enforcement officials are exceptions to the right of exclusion.
Right of Disposition
Property owners have the authority to sell, lease, rent, or transfer ownership to whomever, whenever they want. Under the right of disposition, the transfer can take place after the property owner’s death by way of a will. Any liens, monies, or taxes owed may place restrictions on this right.
Buying a Home is common legal life event for thirty-somethings; read more about What To Expect in Your 30’s.