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Concept
Bundle of rights
Summary
The bundle of rights is a metaphor to explain the complexities of property ownership. 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.
The bundle of rights is commonly taught in US first-year law school property classes to explain how a property can simultaneously be "owned" by multiple parties. The term, "bundle of rights," likely came into use during the late 19th century and continued to gain ground thereafter. Prior to that, the idea of property entailed more the owner's dominion over a thing, placing restrictions on others from interfering with the owner's property. "Bundle of rights," however, implies rules specifying, proscribing, or authorizing actions on the part of the owner.
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 "bundle of sticks" – in which each stick represents an individual right – is a common analogy made for the bundle of rights. Any property owner possesses a set of "sticks" related directly to the land.
For example, perfection of a mechanic's lien takes some, but not all, rights out of the bundle held by the owner. Extinguishing that lien returns those rights or "sticks" to the bundle held by the owner. In the United States (and under common law) the fullest possible title to real estate is called "fee simple absolute." Even the US federal government's ownership of land is restricted in some ways by state property law.
Traditionally, the bundle of rights concept encompassed five basic rights that may be held with respect to a parcel of real property
Right of possession: an entity is the legal owner of the property.
Right of control: the owner of this right can prescribe what activity takes place on the property, such as the building of structures or operating a business.
Official source
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