Know Your Basic Rights If You Own a Real Estate Property in Florida
Owning a real estate property in Florida gives you various legal rights. The rights are known as a ‘bundle of rights’ because they consist of multiple rights the owner may exercise.
Property owners may opt to give up an individual right for various reasons, and each request in the bundle has a varied range of functionality. A landowner might forego their right to exclude others in favor of tenancy, for example, by renting out a piece of their property to a farmer so that they might grow crops.
The following are your fundamental Basic rights if you own real estate property in Florida;
- Right of Possession
Anyone has the legal right to claim property ownership after purchasing it. Each mortgage or other type of lien could protect the buyer’s right after completing the payment. Therefore, they automatically acquire the title.
- Right of Control
The owner can exercise the exclusive right to manage their real estate property in Florida. However, laws such as zoning laws and property owners’ adherence to HOA rules limit this privilege. You are allowed to use your property however you please if you abide by all applicable laws, zoning rules, and any covenants or restrictions that may be affixed to the land.
- Right of Exclusion
Property owners have the choice to keep others off their land. A few restrictions exist to this privilege, including customary easements for utility providers and law enforcement personnel with warrants. You have the right to privacy in your house; no one else can enter without your consent or a court order.
- Right of Disposition
Property owners can gift their property to someone else or include it in their will when they pass away. The proceeds from the sale must be applied to the outstanding balance if there is still a mortgage on the property.
Wrapping Up
Lastly, the inability of property owners to exercise some rights, however, does occur in some unusual circumstances. Running an auto repair shop may not be permitted if a property is in a zoning district that only allows dwellings.
Loss of ownership rights may also result from failure to fulfill commitments, such as tax payments. However, having a real estate attorney will help you to understand and protect your rights.
