Ownership Rights in Real Property

Instructor: Tara Schofield

Tara has a PhD in Marketing & Management

Property ownership brings many benefits and advantages. You can help your clients understand the benefits of ownership when you know the various rights that come with real property ownership.

Owner's Rights

When a person owns a property, they are entitled to several rights that come with it. Say you buy some property and own the title. You now get to enjoy the benefits of owning that property. As a real estate agent, you can help your clients understand the benefits of ownership when you know the various rights that come with real property ownership. Let's talk about what those rights are.

Right to Possession

In legal speak, if you own a piece of property you have the right to possess, in other words, you have legal ownership of the property. The only exception to this is paying fees and taxes, as those are ongoing and must be current for you to maintain ownership.

The other exception is if you have a mortgage or lien on the property. The lien holder or mortgage company has the right to possession and are allowing you to use the property until it is paid off. If you do not make payments, the lender can take back possession because they hold that right until the property is paid for.

Right to Control

You also have the right to control, in other words you have the last say in how the property is used, within certain parameters. For instance, if there is a Homeowners Association (HOA), you must abide by theor rules and regulations.

Likewise, you must abide by the laws of the city and state where the property lies. As long as you are following regulations and laws, you can use the property any way you want.

Right to Use and Quiet Enjoyment

The right to use and quiet enjoyment lets you do projects and do whatever you want on your property, as long as you abide by any HOA regulations, if applicable, and laws. Keeping this in mind, you may not be able to have a loud, wild party all night long if it encroaches on your neighbor's right to quiet enjoyment.

Right to Lease

You decide you want to take a year and backpack across Europe. But what will you do with your property? You have the right to lease the property or rent it to a family who will occupy the property while you are gone.

You can create rules for the occupants, but they must also abide by the rules of the HOA and laws in your area. If they do not, you will be held liable as the owner of the property.

Right to Privacy

You decide this weekend is going to be a quiet weekend alone. You have a right to privacy when you own your home, meaning you can decide who comes on your property and you can exclude anyone you want. It is your space to use as you like, as long as those uses are legal and staying within defined regulations.

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