Types of property rights
It is important to know the rights on a property. The types of rights depend various factors and the kind of ownership over a property. Following are some important types of rights on a property;
Property license right:
In this case, a person gives license to another person the right to use his/her property. However there is no transfer of interest and only permission for a specific purpose is granted on the property. A person having the property license has the right to use the property based on the terms of the license given by the licensor.
Freehold right:
This right states that the owner has complete right of ownership over his land. He/she can use the property for desired purposes and can also dispose away the property as per his/her wish and there are no restrictions over the use of the property.
Leasehold right:
In this case, a person has been granted a property on lease for a specific purpose. The lessee, has every right to use the property for the specific use and can use the property only for the period mentioned in the lease agreement. The lease will be governed by the terms of the lease agreement executed between the lessor and lessee. The lease period will be fixed and the lessee can use the property with the lessor’s approval.
Easement right:
This is a right to use another’s property, wherein, a right in which owner of a particular land enjoys over an adjacent property, which he does not possess. It is the right over a property belonging to someone else and not to the person claiming easement.
Adverse possession right:
In this case, the right on ownership of premises can be changed. In case another person takes possession of the property without compensation in a manner that the owner’s position will be altered and the person trespassing will have a right over it for a specific period.
Here are few things to be considered for adverse possession:
- Nature of the possession
- Whether the fact of his possession of the property was known to the other party
- How long his possession has continued
- The date on which he came into possession
- That his possession is open and undisturbed
