Bundle of Rights
A set of rights associated with property ownership.
What is bundle of rights?
A legally binding agreement between two or more parties to do or not do something.
What is a contract?
Legal document to confirm the ownership rights to a property.
What is a deed?
Type of water right allows the use of water running on or adjacent to the property owned.
What is riparian?
Not a physical document but rather the legal right of ownership.
What is title?
The right to legally use the property by the owner how they see fit.
What is control?
The term for a contract that lacks one or more of the essential elements and thus is not binding on any of the parties?
What is void?
Used when you want to add someone to the deed. Giving them rights to the property
What is a Quitclaim Deed?
When property is next to a ocean or lake.
What is littoral water rights?
More than one person occupies the property.
What is joint tenant?
The right to keep others from using the property.
What is exclusion?
Mutual understanding and consent by all parties.
What is a genuine agreement?
Says the owner has the right to sell the property and that there is no other liens. “Highest Quality” deed because it trumps all other deeds.
What is a general warranty deed?
Supplemental water if not enough natural rain/snow/water is supplied.
What is irrigation water rights?
The failure to fulfill a contractual obligation.
What is breach?
The right to possess the property without outside interference.
What is enjoyment?
The term for a promise made in exchange for something of value in a contract?
What is consideration?
States: owners guarantee the title was free and clear during their ownership BUT not previous ownerships.
What is a special warranty deed?
System for allocating water, used in most Western states. "First in time is first in right"
What is prior appropriation doctrine?
A legal doctrine that allows someone to claim ownership of property if they have occupied it openly, continuously, and without the owner’s permission for a certain period, typically set by state law (often 5–20 years in the U.S.).
What is adverse possession?
The right to sell or give the property to another.
What is disposition?
Certain conditions affect one party’s ability to fully agree to the terms of a contract.
What is voidable?
Dictates which heirs receive the deed.
What is a Trustee's Deed?
Removal or redirecting of water from its natural source whether it is surface or groundwater and applied for its beneficial use.
What is diversion?
Funds (money) deposited by the buyer representing good faith to make the purchase. Will be forfeited if the sale does not go through.
What is earnest money deposit?