Bundle Of Rights And Property Ownership

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Bundle of Rights is one way to explain property ownership. Bundle of Rights Theory an individual holds a free hold estate of inheritance, that individual owns the whole bundle of rights. Some rights are considered too been known as bundle of sticks and they represent and identifiable rights. In the rights, there are two types of property real and personal property. Estates in land: life estate, leasehold estate, real estate, fee simple. It includes nonpossessory interest such as easement and liens. It talks about fixtures, property rights, mineral rights, air rights and surface rights. Mineral rights are the legal claim to the minerals below the surface of the land. The only way that the seller does not get claim on the minerals if they agree…show more content…
Leasehold estates have four categories: estate for years, estate from year to year referred as to estate from period to period, tenancy at will, and tenancy by sufferance referred to holderover tenant. Estate for years can be a residential lease because it can continue for a definite period of time, if it more than for one year it recognized as a commercial or industrial lease. Estates from year to year, if a tenant maintains the possession of the property after their years are up and the tenet continue to own the property and pay rent. Real estate rights that can be own by one or more people considers to be co-ownership or co-owners. Co-ownership consists of joint tenancy, tenancy in common, tenancy by the entirety, and community property. Another right called nonpossessionary rights consists of easements and liens. Physical and Economic are two types of characteristic real estate commodity. Physical characteristic is defined as land itself and on site-improvement. The three types of physical characteristics of land are immobility, indestructibility, and nonhomogeneity. Land cannot be destroyed or moved. Immobile means it cannot be move from one place to another, because land cannot be move it is immobile. Indestructible in the sense that movement of the surface does not destroy the full package rights describe land. Land is considered
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