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The bundle of rights is a metaphor to explain the complexities of property ownership. [1] Law school professors of introductory property law courses frequently use this conceptualization to describe "full" property ownership as a partition of various entitlements of different stakeholders .
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 of the fee-simple owner are limited by government powers of taxation, compulsory purchase, police power, and escheat, and may also be limited further by certain encumbrances or conditions in the deed, such as, for example, a condition that required the land to be used as a public park, with a reversion interest in the grantor if the ...
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.
Freehold estates: rights of conveyable exclusive possession and use, having immobility and indeterminate duration. fee simple. fee simple absolute—most rights, least limitations, indefeasible; defeasible estate—voidable possession and use fee simple determinable; fee simple subject to a condition subsequent; fee simple subject to executory ...
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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A habendum clause is a clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. In a deed, a habendum clause usually begins with the words "to have and to hold". This phrase is the translation of the Latin habendum et tenendum that historically commenced these clauses in deeds.