What are Real Property Rights?
When you buy land or inherit it, you are automatically entitled to the “bundle of rights.” These are basically the rights and interests a person has in the thing owned, this can be land and all the other components of the land.
- Right of Possession
Provided the titled deed has your name on it, you own the land. But then again if you have a mortgage loan on the said land, you don’t really possess it until you are done paying the mortgage.
- The Right of Control
This right gives you the go-ahead to use the property the way you like. You have the right to change the physical state of the property or decide how it may be used. But such decisions must be in line with the local and state laws of the particular country where the property is based. For example in some countries, before you hold a large gathering, you need to get permission from the relevant authorities.
Zoning restrictions may also limit this right, hence it is always good to check the zoning restrictions of a certain place before investing.
- The Right of Enjoyment
You have the right to enjoy peace and harmony from your property. No one should interfere with your peace, not the previous owners of the property or anyone should do this.
- Right of Exclusion
You have the say on who should and should not access your property. But if your property is next to a water body say a river that serves the community, you have to understand that other people have a right of way to access the river through your property.
If you sell part of your land to someone else and the only way for them to access their property is through your property, they also have the right of way and you cannot restrict them.
- Right of Disposition
This means that you can change and transfer the ownership of the property to someone else. This can be through selling, inheritance, or gifting someone else with your property.
- Right to Use Property as Collateral
You can rightly use the property as collateral for a loan of any kind. This can make you lose your land, but if the property is yours, you can do whatever you want with it.