Very few things in life can make you feel safe, proud and happy at the same time. Being a homeowner gives you these and more. You may not think about it this way, but owning a home is a great achievement. With today’s real estate prices, to afford a house is no easy feat.
It doesn’t take a genius to understand the advantages of buying a house over renting, so long as your finances can handle it. With real estate value getting higher and higher by the day, homeownership is an investment that builds equity and grows with time.
The amount of money you put into that piece of real estate property is not a joke. That said, you must do everything in your power to protect it. How, you ask? Well, learning your rights as a homeowner is a pretty good place to start.
What are your rights as a homeowner?
As the titleholder, you are afforded by the law with a set of legal rights known as the “bundle of rights.” As with everything else, however, these rights are not absolute. To fully exercise them, you – as the homeowner – have to satisfy the requirements of your ownership and abide by the limits as imposed by the law.
The right of possession awards the “legal owner” status to whoever holds the title to the property.
The right of control gives you the power to use the property in whatever way you desire as long as the law allows it.
The right of exclusion prevents other people from entering your land without your permission unless mandated by a law enforcement agency.
The right of enjoyment allows you to indulge in the use of your property for any activity that offers you delight and happiness.
Lastly, through the right of disposition, you have the freedom to rent, lease, transfer ownership, or sell your home at will, given that your tax and legal obligations are settled and in order.
How to protect your property from disputes
Knowing and understanding your fundamental homeownership rights are a valuable guide in exercising your liberties as a homeowner. In times of real estate dispute, however, your awareness of the fundamentals won’t be enough. Whether it’s a lien on your home, a zoning problem, or an issue with the title, you can’t solve real estate-related predicaments on your own. You need a real estate attorney by your side to help you get past the complexities.
If you are yet to buy a house – or any real estate property for that matter, have a real estate lawyer check the title first before finalizing the purchase. Additionally, you can purchase title insurance to protect you from damages in case of defects in the title.
When it comes to real estate transactions, never throw caution to the wind. A grain of precaution now may save you from a world of headaches in the future.
About the Author
Kristin Keller is the Marketing Manager of Provident Law, a full service business and real estate firm located in Scottsdale, Arizona. Aside from writing, she enjoys volunteering and running with her friends.