Basic Rights You Should Know If You Own A Property In Florida
You have a bundle of legal rights if you own a property in Florida. They’re called a bundle of rights because it is a collection of different rights exercised by the owner as pleased. These rights include:
- The right of possession
- The right of control
- The right of exclusion
- The right of disposition
- The right to derive income.
Each right within the bundle can operate differently, and property owners may choose to give up an individual right for specific reasons. For instance, the owner could decide to rent out a portion of land to a farmer to plant crops and give up the right to exclude others in favor of tenancy.
However, there are exceptional cases where property owners cannot exercise specific rights. Operating an automobile repair shop may not be allowed if a property lies within a zoning district that only permits residences. Inability to meet their obligations, such as paying taxes, could also lead to losing ownership rights.
1. The Right of Possession
Anyone has the legal right to own the property once they have purchased it. Once the buyer makes the full payment, they have the title to it because there’s no mortgage or other form of lien that may threaten the buyer’s right.
2. The Right of Control
A property owner can exercise the right to control how the property is managed. But this right is subject to other regulations like property owners adhering to homeowners’ association (HOA) and zoning regulations.
3. The Right of Exclusion
Property owners can decide to prevent others from invading their property. However, this right has several exceptions, such as law enforcement officers with a warrant or common easements for utility companies.
4. The Right to Derive Income
You can generate income on properties by renting them out to a person or a business if you own a property in Florida.
5. The Right to Disposition
Property owners can transfer property ownership to another as a gift or included in their will after death. If the property still has a mortgage, the proceedings, when sold, must be used to pay the remaining balance.
Fewer common rights are granted to the property owner, such as surface rights, mineral rights, and air rights.
