{"id":1553,"date":"2021-07-23T11:00:29","date_gmt":"2021-07-23T15:00:29","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1553"},"modified":"2024-04-25T23:19:59","modified_gmt":"2024-04-26T03:19:59","slug":"the-whole-enchilada-know-whats-in-your-bundle-of-rights-when-you-buy-a-home","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-whole-enchilada-know-whats-in-your-bundle-of-rights-when-you-buy-a-home\/","title":{"rendered":"The Whole Enchilada? Know What\u2019s in Your \u201cBundle of Rights\u201d When You Buy a Home"},"content":{"rendered":"\n
\"Image<\/figure><\/div>\n\n\n\n

The privileges you get as a homeowner are, in a famous legal\nmetaphor, your bundle of rights<\/em>. Why the metaphor makers didn\u2019t choose\nan enchilada is anyone\u2019s guess. It certainly would have spiced up law school\ncourses.<\/p>\n\n\n\n

In any case, what\u2019s in a real estate deed matters. If your\nbundle is missing a few sticks, so to speak, you might not get to use your\nproperty as planned. You could need to negotiate or compromise with another\nparty. You might learn that someone else has a conflicting interest and\npossibly always will. <\/p>\n\n\n\n

Ideally, the buyer of a home with a clear title receives\ncomplete ownership and the prerogative to use it as desired. In reality, things\nget complicated. Here are six of the most significant rights you can have:<\/p>\n\n\n\n\n\n\n\n

1.  \n<\/strong>Your Right of Possession <\/strong><\/h2>\n\n\n\n

Possession has nothing to do with a haunted house \u2014 usually<\/a>.\nWhen you receive the title to the real estate, you possess a piece of property.\nBy law, then, you own the place and may live there. You may have others removed\nin necessary and appropriate circumstances.<\/p>\n\n\n\n

If you buy with cash, and own your home free and clear, then\nyour right of possession is not subject to a mortgage lien. But if you secure a\nloan on the property, you\u2019ve traded a part of your ownership rights for a loan.\nWe\u2019ll talk a little more about this below, when we discuss the homeowner\u2019s\nright of disposition. <\/p>\n\n\n\n

\u261b<\/em><\/strong> <\/em><\/strong>What kinds of\nliens can impact a title? Read\nabout how various types of liens affect a homeowner\u2019s rights<\/a>.<\/em><\/strong><\/p>\n\n\n\n

In some states, a home is conveyed to a mortgage borrower\nthrough a deed of trust<\/a><\/em>.\nHome loans in these states differ from standard mortgage states. In deed of\ntrust states, a third party holds the legal title until you, the borrower,\npay off the loan. This way the lender can easily repossess <\/em>the home\n\u2014 not by turning to the court\u2019s foreclosure process, but by simply using the power\nof sale clause<\/em> in the deed of trust.<\/p>\n\n\n\n

2.  \n<\/strong>Your Right to Quiet Enjoyment <\/strong><\/h2>\n\n\n\n
\"A<\/figure><\/div>\n\n\n\n

The covenant of quiet enjoyment gives the owner or\nrenter freedom from disruptions to their right to possess or use their real\nestate. If you own your home, you can use and enjoy it free from anyone else\u2019s\nmeddling \u2014 within legal limits, of course. Zoning and local ordinances may\nprohibit you from carrying out certain activities or placing certain structures\non the real estate you own, or oblige you to apply for a permit. <\/p>\n\n\n\n

If you\u2019re a homeowner on a multi-unit property, everyone in\nthe community has the same right to quiet enjoyment. So, the individual\nhomeowners need to compromise on their own rights to respect the rights of the\ncollective whole. If you buy a condo, others will hear or be impacted by your\nactivities. You might be sharing walls and plumbing. Therefore, the title to\nyour property will have conditions, covenants and restrictions (CC&Rs)\nlimiting the activities you can take in and around your unit.  <\/p>\n\n\n\n

\u261b <\/em><\/strong>Home\nprices have soared. But many condo properties still offer affordable\nhomeownership. Read\nmore about what you get with a condo deed<\/a>.<\/em><\/strong><\/p>\n\n\n\n

3.  \n<\/strong>Your Right of Control<\/strong><\/h2>\n\n\n\n

As an owner, you have the right of control. This is the\nright to make improvements and do other things you want with your real estate. Related\nrights include the right to use the air, water, or underground resources on the\nproperty.<\/p>\n\n\n\n

Here again, your right to control your property as you see\nfit is typically offset by certain rules and limits set by your township or subdivision,\nand by your neighborhood association or homeowners\u2019 association if you have one.\n<\/p>\n\n\n\n

\u261b<\/em><\/strong>  <\/em><\/strong>Can\na homeowner get around a deed restriction? Read more here<\/a><\/em><\/strong>.<\/em><\/strong><\/p>\n\n\n\n

You can have an ownership interest and yet not<\/em> have possession\nor control. Some co-ownerships are vested\nas tenancies in common<\/a> with one co-owning as an investor. That\nperson, although an owner, might live elsewhere and not have the right of\npossession.<\/p>\n\n\n\n

If you rent out your property, the lease will pass the\nrights of quiet enjoyment and possession to your renter. The renter will also\nget the right to exclude. As the owner, though, you keep the right of control\nover your property, and may come in \u2014 after giving the requisite advance\nnotice.<\/p>\n\n\n\n

4.  \n<\/strong>Your Right to Exclude Others<\/strong><\/h2>\n\n\n\n

As an owner of private property, you have the right to keep\ntrespassers out. Note certain exceptions for:<\/p>\n\n\n\n