Real property ownership rights are called a bundle of legal rights . The bundle of rights includes the following rights:
- The right to sell , mortgage, dedicate, give away , or otherwise dispose of all or a portion of the property .
- The right to enjoy and use the property without interference (the legal term is quiet enjoyment).
- The right to keep others from trespassing by entering or using the property without permission.
- The right to occupy the property in privacy. An owner acquires the right of possession of a property on the day the owner has legal title even though the owner may not have set foot on the land itself.
- The right uninterrupted use and control of the property consistent with local laws (for example, zoning).
Real property versus Personal property
The two basic types of property are real property and personal property. Real property is land and improvements to the land. Property that is not real property is personal property (also called chattel). Personal property usually consists of items having a limited life that are easily movable from one place to another. Just as the items having a limited life that are easily removable from one place to another. Just as the term realty is used to denote real property, the term personality is used to indicate personal property. It is important to distinguish between real property and personal property in a real estate transaction. All personal property included in the sale should be identified in the contract for sale, or the seller is entitled to remove the property.