Let’s take a closer look at each of the five rights that makes up your bundle of rights. The right of possession is fairly simple; it just refers to the right to possess, or own, the property. If you’re the title holder, you’re the legal owner of the property. This is the “my house, my rules” right.The Right Of Possession
The Right Of Control
The right of control is your right to use or control the use of the property. This could include things like making renovations or changes to the property, having guests over to visit or live with you or renting it out to earn an income.
If you live in a community governed by an HOA, the HOA’s regulations can put certain limits on this right. For example, you might not be able to paint your house an outlandish color or keep a pet in your condo if it’s against HOA rules.
Local laws can impact your right of control as well. Depending on how your neighborhood is zoned, for example, you might not be able to run certain types of businesses out of your home or keep a coop of chickens in your backyard.
The Right Of Enjoyment
Being a homeowner can be a lot of fun. And as the property owner, you have a right to that fun.
The right of enjoyment gives you the right to lawfully enjoy your property how you see fit. For example, you can choose to throw a party at your home – provided you don’t break any local noise ordinances.
The Right Of Disposition
The right of disposition gives you the right to “dispose” of the property. This means you have the right to sell it, will it or otherwise transfer ownership to someone else.
If you have a lien on the property, this can complicate your ability to sell it. When you sell a home with a mortgage lien on it, you’ll have to pay off the remaining loan balance with the proceeds from the sale.
The Right Of Exclusion
A kid with a “no girls allowed” or “no boys allowed” sign outside their secret clubhouse is exercising their right of exclusion. With this right, you get to say who can and can’t set foot on your property.
This right can be limited in certain circ*mstances. For example, a police officer with a legal warrant can enter your home without your permission.
