The right to property legally recognizes the ownership achieved by someone over an asset, which can be personal or real estate, to take advantage of and enjoy it.
Property right is, as legal experts explain, the power that legally allows the person who owns it to use an element or belonging without interfering with the rights of a neighbor or harming anyone.
This domain governs and applies in relation to belongings that are limited, useful and may be the subject of occupation or possession . If we travel back in time we will discover that Roman Law established three conditions or powers for the owners : ius utendi (endorsing a right to freely use a property, as long as it is acted within the framework of the laws and does not violate or affect the rights of others. ); ius fruendi (right to enjoy, enjoy and take advantage of both the good in question and the fruits that arise or are on the ground) and a last possibility, indicated as ius abutendi , which gives freedom to dispose (legally or materially) of one's own good. in multiple ways but at all times within the law.
Important concepts in property law
There are important concepts in property law that help to know and understand the scope and applications of this power.
First of all, it is essential to know that real rights exist. These are legal powers (there are several, including the real right of mortgage and the real right of usufruct ) that a certain individual can hold over something. It must be taken into consideration that, in real estate matters, acquiring or transferring real rights requires registering the property titles in the real estate registries in the corresponding area ( jurisdiction ).
When someone gains power over a right or asset (something that can be real property or movable property ) and carries out material actions that reveal their control or power over them, then the concept of possession comes into play.
Within the universe of real rights, the so-called domain is present at the same time. It occurs every time a unit is under the action or will of a human being. Domain is classified as perfect or full if it is given in a lasting manner and the object or element in question has not been encumbered with property rights towards another person. To highlight: there are restrictions on the domain that mark limits and ways of proceeding, for example, when it is a horizontal property.
The real right baptized as easement , to detail another case, governs another's property, and can be temporary or perpetual. When applied, there is a chance to limit the property rights of the owner and/or to have the exercise of certain disposal rights enabled.
Nor should it be overlooked the acquisition prescription, also known as usucapión , because this expression of legal relevance describes a modality of being able to complete the acquisition of a property based on an elapsed time. Possession leads to usucapion , the theory states, when an uninterrupted and continuous character is proven over a period established by law (between ten and twenty years depending on whether or not there is a title to the property), when the property is available to someone from the consideration or concept of owner (owner) and when, in addition to being durable, possession is evident.
Property Types
Among the types of property, private property can be recognized. Under this name are grouped the assets – the capital – of companies, corporations and individuals in conditions of legally obtaining a property, having possession and disposing of said asset. Public property is the opposite because it includes assets that are owned by a Government or State and, therefore, are intended for the common use of society.
Personal property , on the other hand, is differentiated by being the right that someone claims to possess, use, enjoy and dispose of savings and economic income from their own efforts in order to satisfy, with objects, housing, etc., their cultural and cultural needs. materials. Communal property is different from it, since it focuses on lands and heritage of communities: indigenous peoples, to clarify in this regard, have the right to communal property and every State must recognize it. Connected to this last case is the idea of collective property , an approach with a social perspective that rests on assets that correspond to a group and, within that framework, are shared or assigned in a fair and equitable manner.
It is also valuable to know the features of intellectual property , a concept that is highly visible at a social level but not everyone knows what it consists of. The definition around it indicates that it is a legal protection that someone can process to protect the rights for their creation that may belong to the didactic, artistic, literary or scientific field. By managing it, the author of a work obtains legal support to commercially exploit, reproduce or display said work as they prefer, at the same time preventing others from taking advantage of the material that belongs to them and from having rights over it. This group includes copyright , economic rights , personal rights , and industrial property rights (which, in turn, include registered trademarks, designations of origin, patents, etc.).
Copyright legally protects those who invent, for example, musical works.
Contracts and agreements framed in property law
Contracts and agreements framed in property law encompass the lease contract (that is, rental , which regulates the link between a tenant and a landlord) and the exchange contract (the signatories assume the commitment to exchange a certain thing). . Likewise, the co-ownership regime gains prominence (the denominations of community or condominium are also accepted when describing the agreement between two or more subjects who are owners of the same element), the trust (a widely used legal resource when wanting to protect family assets or when developing businesses) and a security right known as a mortgage .
The mortgage and usufruct are part of legal powers known as real rights.
It is enriching to know, finally, that there are legal documents and records that come into play when focusing on property law , an area where the development of processes focused on successions and events that can range from a simple inheritance to an expropriation is common. .
The fact of being the owner of real estate , for example, is certified with a document called a property title , while the deed officially recognizes the rights , thus achieving the security of knowing that a notary or notary certified the legal act. .
With consensus between the parties involved, to detail another instrument for reference, the purchase and sale contract takes shape by agreeing on the transfer (sale) of a property in exchange for a certain sum of money.