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. Once you close a real
estate deal for cash and have the title in your hands, it's yours. Well, let's start out right away
with the caveat that not paying property taxes and many association dues can get your property
taken away from you. That said, when you have a deed in your name and no mortgage note or
lien against the property, you own it. However, depending on the state in which you live and
the laws there, the lien holder of a mortgage can quickly exercise the right to take the property,
or they may have to go through the courts to do so.
 the right of control - within the laws, the owner controls the use of the property. Here's another
warning, as you must adhere to any subdivision or homeowner association covenants and
restrictions. So, if you want to control your property by storing dead car bodies, but your
covenants preclude that, then that control isn't yours. Likewise, if you want to have loud parties
and let two dozen people squat on your property, you won't be able to do that if there are
covenants and restrictions that forbid it.
 the right of exclusion - others can be excluded from using or entering the property. Generally,
this one is pretty protected. You don't have to allow anyone to enter your owned property who
isn't law enforcement with a warrant. However, there will likely be easements for things like
utilities. Utility companies will have the right to enter the property to maintain their rights of
way and utility lines as a part of the easement.
 the right of enjoyment - the owner can enjoy the use of the property in any legal manner. We're
back to that monster party and dozens of cult members thing. If that's how you want to enjoy
your property, you can only do so if it's not restricted through subdivision or homeowner
covenants or restrictions documents.
 the right of disposition - the title holder can sell, rent or transfer ownership or use of the
property at will. Unless you have a mortgage, as that must be paid off to dispose of the
property, you generally can sell it at will. Of course, if the IRS has a tax lien on your property,
then you'll have to pay that off as a part of the settlement money. This applies as well to
mechanics' liens for work done on the property or improvements

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. Title insurance
is how we protect those rights against claims against them. When a property changes hands and title
insurance is purchased by or for the new owner, they are supposedly protected against frivolous or
erroneous claims on their ownership rights. An example of a situation when title insurance could come
to your aid might be in a boundary line dispute. Let's say that suddenly a new buyer neighbor's survey
shows that ten feet of one side of your property is supposedly theirs.