What is Property Registration definition/concept
When buying a house, land or any other place, it is common to register the property acquired in an institution, the property registry. The purpose of such registration is to guarantee and protect the legitimate rights of an owner vis-à-vis others. By publicly and reliably determining ownership of a property, the status of legitimate owner is protected. In this way, those who own a property can sell or rent it with all the guarantees established by law. Property Registration
A government-controlled body
As a general rule, the cost of registration depends on the value of the property and the fees previously established by the government (to ensure the transparency of this procedure, the fees are published in the official state bulletin ).
The information contained in the register is public, but data protection laws must always be respected, therefore the person requesting information on a property must be properly identified and justify the reason for their request. The right of registration does not expire and, therefore, it is valid for life, as well as its renewal is not necessary. Property Registration
In some countries, this registration procedure is mandatory, while in others it is voluntary. This body manages its activity in several sections and departments: commerce, mortgages, civil, etc. With this system it is easier to carry out any type of query.
As a general criterion, each property record is related to a specific territory. All types of assets can be registered: mortgages, houses, usufructs, dependencies, embargoes, etc. In any case, every registration has its corresponding registration number.
Legal certainty about ownership
Ownership of an asset can lead to legal disputes and conflicts. With ownership registration, reliable information is provided about the ownership rights of any property. Complementarily, this procedure is related to tax deductions on real estate. Property Registration
What does a registrar do?
These professionals have legal training and exercise their functions through public examinations. In its daily activity, several tasks are performed: reception and classification of public documents to ensure their legality, review and rectification of the data of each public document , resolution of possible doubts from citizens and requesting registration notes to applicants and legal professionals. Property Registration
At the same time, the information received and issued is reviewed so that they have all the necessary legal guarantees. With this procedure, citizens have legal certainty over their properties.