The bundle of legal rights refers to the set of ownership rights that come with owning real property.

• Possession – the right to occupy the property
• Use – the right to use the property within the law (aka control)
• Enjoyment – the right to use the property without interference
• Exclusion – the right to keep others off the property
• Disposition – the right to sell, lease, or transfer the property

• Rights may be limited or transferred
• Rights can be separated and shared
• Encumbrances may restrict one or more rights
• Full ownership includes all five rights

• Lease – limit possession
• Easement – limit exclusion
• Lien – affect disposition
• Zoning law – limit control and use

• Ownership does not always include all rights
• The bundle can be split without transferring title