Property rights are often referred to as a “bundle of sticks.” This metaphor is used to explain that property rights can be held completely by one person, or those rights can be split up and held by multiple people. This bundle of sticks traditionally includes four rights: the right to possess the property, the right to use the property, the right to transfer the property, and the right to exclude others from doing some, or all, of those things. The right to possess property is simple; if you are the owner of the property, you have the right to possess it. If you are the possessor of the property you are in charge of what goes on within its bounds. You can retain the right to use the property yourself, or you can lease the property to someone else, and pass the right to use the property to them. In some situations, you can retain the right to use the property even when you give someone else the right to use the land.
The right to use property is more complicated. The right to use property can be divvied up by duration, activity, or amount. You can be given the right to use property indefinitely, or for a certain amount of time. You can also have the right to use the property but only for a particular purpose. The right to use the property can include the entire property or only part of it. Additionally, the owner of the property can give you alone the right to use the property, or they can give it to multiple people.
The right to transfer property often goes hand in hand with the right to possess the property. To transfer property, you must have some type of present or future interest in the property to transfer to another person. You cannot transfer more interest in the property than you possess. If you are the sole possessor of the property and have all present and future interests in the property, you can transfer all or part of the property or interests in the property to another person. If you only have a present interest in the property and someone else has a future interest in the property, you can only transfer your present interest. For example, if you lease a property from a landlord, you can transfer your lease to another person, but only for the period specified in the lease. When you own property, you can specify in your will or in the deed to that property who you want to inherit the property when you die. If you fail to make that specification, the statutes of your state will determine it for you. While there is much variation between states, the general rule of thumb is that property passes to your heirs if there are any, and next of kin if there are not.
The right to exclude others from property—both physically and legally—is one of the most important property rights. After all, to most of us, there is little use in having the right to possess or use property if you have to share it with the rest of the world. The right to exclude others coincides with the right to use and possess the property.
The more property rights you have, the greater your legal claim to the property is. These rights, together or separately, can be obtained in multiple different ways. You can acquire possession by being the first to possess its property or by creating it yourself. In the case of property already in existence and already owned, you can obtain a property right by having the right transferred to you by the previous holder.
Regardless of what property you are interested in exercising your rights over, King Law Offices can help. King Law Offices is a full-service law firm with an outstanding team of professionals who work diligently, creatively, and compassionately on behalf of our clients each day. If you have a current conflict with your title or your deed, contact King Law at 888-748-KING for a consultation. We have offices located across western North Carolina and upstate South Carolina. We are here to serve you and to guide you as we navigate this journey together.