Owning real estate comes with a bundle of legal rights related to the property. It is important that anyone, before owning property should be aware of what rights they have over a piece of property and what rights they don’t. No one has to be a legal expert to understand these basic rights. The bundle of rights includes:
- The right of possession: whoever has the appropriate deeds, will be the owner of the property.
- The right of control: the owner dictates the use of the property.
- The right of exclusion: others can be prohibited from entering or using the property.
- The right of enjoyment: within law, the owner can use the property in any manner.
- The right of disposition: the owner has the right to sell/rent/transfer the property.
These rights are transferred from seller to buyer or from lessor to lessee. There are various types of property rights. To name a few:Leasehold Right: the right to the property is given on a rental agreement for a certain period of time. For that time the lessee can use the land best suited for him/her. The lease period is usually stretched over a long duration of time (20 or 99 years). Example of leasehold property right is when company ‘A’ takes lease of some land from company ‘B’ for 99 years. Company ‘A’ then builds flats on that land and sells them. At the end of 99 years, the flats have to demolished or the land has to returned to company ‘B’ or the lease can be renewed.Property License Right: license given for the use of a property for a specific purpose. In this case there is no transfer of interest. Property license right allows the licensee to use the property on terms dictated by the licencor Example of property license right- when a coin operated machine is placed in a building, the owner of the machine has no right of possession of the building. However, he/she has a license to use the certain space within the building to place the machine in it.Adverse Possession Right: if a person takes possession of another person’s property without having any legal right to it then the property right is called adverse possession property right. This can be done by open, continuous or hostile possession of the property for a length of time prescribed by the state law. After the passing of the specific amount of time, the trespasser becomes the actual owner f the property. Some of the factors on which adverse possession depends are: whether the actual owner had knowledge of the possession, the duration of the possession, the nature of the possession, whether the possession had been open and continuous etc.Easement Rights: the right to use an adjoining property. The right of usage is rather limited and is mostly the right of way or the right related to flowing water. For example if a property owner has no direct access to the street, he may use a part of his neighbor’s land, which has access to the street.Freehold Right: the owner has the complete right over the property. He/she can use the property for any purpose and for an indefinite length of time. The property can also be sold by the owner or given on lease.займ на карту без отказов круглосуточновзять кредит онлайн