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Bundle Of Rights
The bundle of rights theory is a concept where all the legal rights that come with real estate ownership is packaged together.
Some of the rights that we often hear about that are bundled together are the right to sell, right to occupy, right to cultivate, etc.
It is possible under certain circumstances, where the bundle is broken and specific rights are given to different people while other rights are retained.
For example, a land owner might sell easements or mineral rights to other parties, and leave the rest to his wife in his will.
In the purchase of real estate, new owners actually takeover the rights held by the previous owner, except those that are reserved for one reason or another.