For many people, homeownership is the pinnacle of the American dream. It is a great source of pride and security that comes with plenty of significant advantages. Indeed, buying a home – or any real estate property, for that matter – is an attractive long-term investment that appreciates over time.
However, because of the well-accepted notion that owning a home is a sage move, many homebuyers rush into it without going in-depth on the benefits and possible risks that come with it. Generally, homeowners have the freedom to enjoy the use of their properties as they deem fit. But as with most things, these rights have limitations bound by acknowledged rules and laws.
As a homeowner and titleholder, you have individual rights that go along with your ownership of a piece of real estate property. Consequently, it is also your responsibility to learn about these rights, the basics of real estate law, and how you can benefit from them.
Real estate ownership carries with it a recognized set of legal rights known as the “bundle of rights,” which are afforded to the title holder and are as follows:
The Right of Possession
Possession is a basic ownership right, which exerts the power of the title holder to exercise physical control over the property. In short, whoever holds the title owns the property. These rights, however, may be limited by instances wherein the title holder fails to satisfy other requirements of ownership such as unpaid taxes, mortgage notes, or liens against the property.
The Right of Control
The law gives the homeowners the right to control and manage the use of their property in countless ways and as they desire. This is as long as said use is allowed by the rules, restrictions, and legal standards in the area where the property exists. Moreover, homeowner association covenants may also limit the title holder's right of control. The owner must adhere to the sanctions and preclusion of the agreement.
The Right of Exclusion
The right of exclusion gives you the power to keep others off your piece of land. As the titleholder, you have the privilege to dictate who may or who may not enter your property. This rule applies to most situations, except when a law enforcement agency serves a search warrant, or when certain easements are in order. Being able to regulate the access of people to your home is basically what makes it your property.
The Right of Enjoyment
The homeowner is allowed to indulge in pleasurable activities within the property as long as they are within the confines of the law. Also, the events in question must be in accordance with subdivision rules and homeowner covenants, if there are any.
The Right of Disposition
The right to transfer property is a fundamental feature of private ownership. The right of disposition protects the titleholder’s prerogative to move the ownership of the property from one party to another at will. The transfer may be permanent or temporary, given that the owner has already paid off any outstanding debts, mortgages, or property taxes.
The Role of Real Estate Lawyers in Real Property Transactions
Real estate law allows homeowners dominion over their properties within legal boundaries. When you come right down to it, ownership of real property is the possession of its title. Since purchasing a home is likely one of the most significant financial transactions of your life, you must take all the necessary measures to ensure that you are protected from any erroneous claims, starting with title insurance.
Suffice to say, real estate lawyers are extremely valuable when dealing with disputes, deeds, and almost every negotiation involving real property. Not only do they know your rights as a homeowner, but they also educate you and protect your interests so that you can enjoy the benefits of homeownership to its full extent.
About The Author
Kristin Keller is the Marketing Manager of Provident Law, a full service business and real estate firm located in Scottsdale, Arizona. Aside from writing, she enjoys volunteering and running with her friends.