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Bundle of rights refers to beneficial interests or rights attached to the ownership of real property. It includes the right to sell, lease, encumber, use, enjoy, exclude, and to make will. A purchaser to a property while purchasing real estate, actually buys all the rights previously held by the seller, except those which are reserved or limited in the sale.
The following is an example of a case law on bundle of rights:
The definitions of real property include all fixtures and rights and privileges appertaining thereto. In essence it is these rights and privileges that the assessor is valuing. These rights are called the bundle of rights and consist of use, possession, enjoyment, disposition, exclusion, or the right not to exercise any of these rights. [City of W. Bend v. Continental IV Fund Ltd. P'ship, 193 Wis. 2d 481 (Wis. Ct. App. 1995)].