Bundle Of Rights
Categories: Regulations, Real Estate
The real estate legalese equivalent of a combo meal.
Real estate owners can have several rights associated with a property (rights to ownership, exclusion, sale, etc.) and a bundle helps delineate them.
When Chris bought his new condo, there were lots of rules imposed by the condo association at his orientation meeting. They explained that he now had the right of ownership, the right to exclude certain parties from entering his unit, the right to enjoy use of the common areas, the right to sell his condo as long as the prospective buyer was approved by the condo association, etc.
Chris, being drunk and disinterested in their yammering, waved his hands at the president of the association and instructed her to “just send me a bundle of rights and I’ll read them when I get to it.” Shortly thereafter, Chris lost his right to enjoy the swimming pool for a month.
