What Is Real Estate Registry Law And How To Work
The law of real estate registry Law is an important branch of law and government administration. A set of fundamental tenets governs its performance. We’ll go over the nine most crucial registration principles today. Stay tuned to learn what they are.
What is the Definition of Real Estate Registry Law?
It is a set of rules and regulations that govern real estate registration, purchase, and sale in Peru. They also control the registration, modification, transfer, and extinction of real estate rights. Its goal is to ensure that real estate transactions are transparent and that property owners have legal protection.
What Kinds Of Products Are There?
According to Peruvian legislation, there are the following types of assets:
Furniture: are those that can be moved from one place to another with relative ease.
Real estate: are those that cannot move from their place because they will fuse with the surface. However, aeroplanes and aircraft are also considered real property.
What Is The Property Registry?
It is the central institution of real estate registry law. It consists of an administrative procedure for a person to register real estate ownership. This procedure seeks to know who the property owner is and what rights exist over it. In this way, the registry provides legal certainty to citizens on the purchase, sale, rental, mortgage, and other movements around real estate.
Fundamental Estate Law’s Registration Principles
To direct the actions of institutions in real estate law, we resort to the registration principles contained in the Civil Code. Below we will review the most important ones.
It is perhaps the essential principle in Registry Law. And also entails assuming the citizens’ goodwill and the absence of any intent to defraud the government. It is to safeguard property that will acquire in good faith. It means that you can keep it even if it discovers that the person who transferred the property to you was not the legal owner or possessor of the property.
According to this principle, registering a property provides security for the entire population. In other words, one cannot claim ignorance of the rights to a property if they will correctly record. For example, a person who buys a house cannot say that he did not know about his mortgage when it was registered.
It refers to the requirement that the documents used in the registration process be compliant with the law. They must be qualified by registry operators for this purpose, to reject them if they do not find them following the regulations.
According to this registration principle, it is allowed to assume that the content of the registry entries is proper and adequate. It also means that they are only rectified or cancelled through administrative acts.
The principle is that the Registry Law has its own rules, laws, and institutions, different from other legal branches. In this way, it will make clear that it is a series of special rules different from the others. Therefore, if a registry operator wants to solve a problem regarding real estate titles, he must first resort to the laws and institutions of registry law.
The principle of rogation allows the registrar to express his will to start the registration of a title. That is to say. It is the principle that the administrator can create a real estate title registration procedure.
Under the previous principle, this comes to say that the rights that will register first in the public registry have priority. For this reason, it is imperative to be aware of the rights written in the registry entries of the real estate of our interest.
Exclusive Priority or Impenetrability
Finally, due to this last principle, it will declare that a new title cannot register on real estate that will already write in the public records. These three registration principles work together to guarantee the protection of the owner’s natural property rights.
The Right Of Property In Real Estate.
The property right is a power people have to dispose of a good as they see fit. Ownership allows the owner to own, use, rent, sell, grant security, usufruct, etc. Although the law does not require that the property will registere, it is convenient to report it to avoid later problems.
Ownership means having all the powers, faculties, and obligations before the law for an asset. Although the property is personal power, it also has a social dimension. Being an owner implies a responsibility: that of using your property for the benefit of society.
Where Are Natural Rights Over Real Estate Registered?
Real estate registration will occur before the National Superintendence of Public Registries – SUNARP. SUNARP is the public entity responsible for registering the acquisition, transfer, modification, and termination of rights over real estate. It has its own legal and technical instruments to carry out this work, which we will discuss in a future opportunity.