Glossary

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Bundle of Rights
The bundle of rights refers to the different interests and rights an owner has on his or her property. When individuals purchase a piece of property, they automatically receive certain rights to that property. Some of the rights granted to property owners include the rights of possession, control, exclusion, enjoyment and disposition. "Possession" indicates the buyer is the owner of that property, and "control" means the buyer commands how to use the property. "Exclusion" means the buyer can keep people off the property, and "enjoyment" indicates the owner's right to use the property in any legal manner. "Disposition" means the owner can sell the property at his or her will. The bundle of rights is not always the same for everyone; some real estate contracts have provisions that inhibit certain uses of the property or require the owner to get permission to sell.