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What Is The Meaning Of Property Rights ?
Usually when we talk about property rights, we are taking about what rights an individual has when he or she own a piece of real estate. Therefore, when it comes to understanding the meaning of property rights, one has to first understand the legal rights that come with owning real estate. |
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Once a person purchases real estate, the legal rights of the property are transferred from the seller to the buyer. These legal rights are often called as the bundle of legal rights. Through these legal rights, the owner of the property, who is also the legal title holder, has the following rights:
- The right of possession means that the property is owned by the person who holds the title for the said property.
- The right of control means that the owner can use the property in whichever way he wants as long as the use is within the framework of the law.
- The right of exclusion denotes that the owner can ensure that others do not use his property or do not enter his property.
- The right of enjoyment means that the owner of the property has complete freedom to enjoy the use of the property as long as it is done legally.
- The right of disposition means that the owner, who is also the title holder, of the property, has the freedom to sell, transfer or rent the ownership of the property or use of the property as he sees fit. However, again this should be within the legal framework.
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Real Estate :
Definition Of Property Rights
 Before checking out the definition of property rights, it is best we understand the meaning of property. Usually when we say property, we think about real estate. However, a property can be a tangible or intangible thing owned by a person or a group of people. Depending on the type of property, the owner has all the rights to dispose it off, sell, mortgage, transfer, destroy, rent or exchange without taking consent from a third party. This is what is defined as property rights. More..
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