In real estate terms, what does the term "bundle of rights" refer to?

The term "bundle of rights" refers to the set of legal privileges that come with property ownership. This concept encompasses various rights that a property owner possesses, such as the right to possess the property, the right to control it, the right to enjoy it, the right to exclude others from it, and the right to dispose of it by selling or leasing it. Each of these rights can be exercised individually or collectively, making the "bundle of rights" a foundational principle in real estate law. Understanding this concept is crucial for recognizing the comprehensive nature of ownership and the various ways an owner can utilize and benefit from their property.