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The "bundle of rights," however, implies rules specifying, proscribing, or authorizing actions on the part of the owner. [4] Ownership of land is a much more complex proposition than simply acquiring all the rights to it. It is useful to imagine a bundle of rights that can be separated and reassembled.
A "fee simple" is real property held without limit of time (i.e., permanently) under common law, whereas the highest possible form of ownership is a "fee simple absolute", which is without limitations on the land's use (such as qualifiers or conditions that disallow certain uses of the land or subject the vested interest to termination).
Fee simple conditional: An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur. If such a condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party. Fee tail: An estate which, upon the death of the tenant, is transferred to his or her heirs.
In most states, full ownership of land is known as fee simple, fee simple absolute, or fee. [14] Fee simple refers to a present interest in the land, which continues indefinitely into the future. [14] One other type of ownership is the defeasible fee, which is like fee simple, except that it can end upon some event occurring. [14]
The rights in the bundle may be separated and held by different parties. It may also refer to a formal document , such as a deed , that serves as evidence of ownership . Conveyance of the document (transfer of title to the property) may be required in order to transfer ownership in the property to another person.
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An alternative view of property, favored by legal realists, is that property simply denotes a bundle of rights defined by law and social policy. [1] Which rights are included in the bundle known as property rights, and which bundles are preferred to which others, is simply a matter of policy. [1]
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