water course such as a river stream or creek.

Property Owner: Bundle of Rights Flashcards

ErosionErosion is the wearing away of land or soil by the action of wind, water, currents or ice.Riparian RightsRiparian rights allow a property owner to use water from water course such as a river stream or creek.Surface rightsRight to use, improve and sell the surface of the land. ie.Can build a cabin, barn, a road or driveway, can plant crops or trees. (only limited by zoning codes).Air rightsRight to control, occupy or control air space above land.Others can you space above land if reasonable or necessary. Air rights are not absolute for example, I cannot control aircraft, can't prohibit utility.Can be bought leased or sold. Example of a zoning ordinance in Chicago, no land purchased or leased may exceed 50 stories. If you only built 30 stories, you can sell or lease the other 20 stories above to build on.The Right of Enjoymentthe right of enjoyment - the owner can enjoy the use of the property in any legal manner. We're back to that monster party and dozens of cult members thing. If that's how you want to enjoy your property, you can only do so if it's not restricted through subdivision or homeowner covenants or restrictions documents.Subsurface rights and Mineral rights.(Mineral rights are a type of subsurface rights).The right to the earth below the land, and any substances found beneath the land's surface. Can acquire the rights to oil minerals and water.Example, you can lease the subsurface rights for profit to a oil company.Avulsion - violent natural causeSudden tearing away of land by violent action of natural causes such as a river or other watercourse is called avulsion. A damn breaking or an earthquake is an example of avulsion.Bundle of RightsThe bundle of rights includes the right to use, to sell, to mortgage, to lease, to enter, and to give away, or the right to refuse to exercise any of these rights."bundle of legal rights" transferred with the property from seller to buyer.Correlative Use - underground water useCorrelative use allows a property owner the use of underground water. Or water from a river for irrigation purposes.Littoral RightsLittoral rights concern properties abutting an ocean, sea or lake rather than a river or stream. Littoral rights are usually concerned with the use and enjoyment of the shore.AccretionAccretion occurs when soil is deposited by the natural action of water.And may increase the size of the property

The Right of Possessionthe property is owned by whomever holds title. Once you close a real estate deal for cash and have the title in your hands, it's yours. Well, let's start out right away with the caveat that not paying property taxes and many association dues can get your property taken away from you. That said, when you have a deed in your name and no mortgage note or lien against the property, you own it. However, depending on the state in which you live and the laws there, the lien holder of a mortgage can quickly exercise the right to take the property, or they may have to go through the courts to do so.Doctrine of Prior AppropriationIn states where water is scarce the doctrine of prior appropriation determines the use of the water.Under this doctrine the use of the water is determine by the state.The Right of Dispositionthe right of disposition - the title holder can sell, rent or transfer ownership or use of the property at will. Unless you have a mortgage, as that must be paid off to dispose of the property, you generally can sell it at will. Of course, if the IRS has a tax lien on your property, then you'll have to pay that off as a part of the settlement money. This applies as well to mechanics' liens for work done on the property or improvements.The Right of Controlthe right of control - within the laws, the owner controls the use of the property. Here's another warning, as you must adhere to any subdivision or homeowner association covenants and restrictions. So, if you want to control your property by storing dead car bodies, but your covenants preclude that, then that control isn't yours. Likewise, if you want to have loud parties and let two dozen people squat on your property, you won't be able to do that if there are covenants and restrictions that forbid it.The Right of Exclusionthe right of exclusion - others can be excluded from using or entering the property. Generally, this one is pretty protected. You don't have to allow anyone to enter your owned property who isn't law enforcement with a warrant.However, there will likely be easements for things like utilities. Utility companies will have the right to enter the property to maintain their rights of way and utility lines as a part of the easement.Water RightsNo one has title to water. Property owners whose land adjoins bodies of water have reasonable right to the use of the water.