What are property registries?

Understanding Property Registries.

Property registries are official documents that contain detailed information about the ownership of real estate. They serve as a fundamental element to guarantee legal certainty in real estate transactions. Below, we will explore their definition, functions and relevance in the legal and economic sphere.

Definition of Property Registries

Property registries are official databases maintained by government entities that document ownership and other rights related to real estate properties. These registries include detailed information about the location, dimensions, value and ownership history of each registered property. Their main objective is to provide certainty and publicity to the legal status of real estate, thus facilitating trade and investment in real estate.

Functions and Benefits of Property Registries

Key Functions:

1. Ownership Verification: They confirm the legal ownership of a property, which is crucial in buying and selling processes.
2. Registry Publicity: They offer transparency about the legal status of properties, including liens, mortgages or restrictions that could affect the property.
3. Fraud Protection: They reduce the risk of fraud and property disputes, ensuring that any change in ownership is properly recorded and accessible to the public.

Main Benefits:

• Legal Certainty: Registries provide a solid foundation for secure real estate transactions, avoiding litigation over ambiguous property rights.
• Credit Facilitation: By having a registered property, owners can use it as collateral for loans, increasing their access to financing.
• Market Efficiency: They improve the transparency and efficiency of the real estate market, allowing buyers and sellers to make informed decisions.

These functions and benefits highlight the importance of property registries in the management and transaction of real estate, significantly contributing to the economic and legal stability of a society.

Process and Requirements for Registration

Registration Process:

1. Document Submission: The process begins with the submission of the necessary documentation, which generally includes a property title, a property plan and the owner's identification.
2. Verification: The registry authorities carry out a verification of the documents and the legality of the transaction. This may include verifying that there are no previous liens or charges that prevent registration.
3. Fee Payment: Property registration usually requires the payment of administrative fees, which vary depending on the jurisdiction and the value of the property.
4. Registration: Once the documentation is approved and the fees are paid, the property is formally registered in the public registry.

Essential Requirements:

• Title Document: Must be legal and free of any defect or limitation of rights.
• Cadastral Certification: A document that certifies the physical and geographical characteristics of the property.
• Owner Identification: Documents that verify the identity of the current owner and all previous owners, in case of resale.

Legal Importance of Registries

Property registries are crucial for several legal reasons:

• Property Certainty: They provide a legal basis for determining ownership of real estate, essential for resolving disputes and for tax and inheritance planning.
• Transaction Transparency: The publicity of registry data ensures that all interested parties have access to relevant information, reducing the possibility of fraud.
• Basis for Tax Imposition: Registries allow tax authorities to accurately determine the taxes applicable to each property.
• Support for Development and Urban Planning: Updated registries help authorities plan urban and rural development, including zoning and infrastructure expansion.

Together, property registries play a fundamental role in maintaining order and efficiency in the real estate market, ensuring that property rights are clearly defined and legally protected.

Differences between Property Registries and Other Legal Documents

Property registries differ from other legal documents in several key aspects:

1. Nature and Function:
   • Property Registries: They are specifically designed to record and publish ownership and other rights associated with real estate. Their main function is to provide a complete and official history of ownership and the charges affecting a property.
   • Other Legal Documents: They may include contracts, wills, powers of attorney, and other types of documents that regulate agreements or transmit rights and obligations between parties, but are not necessarily related to real estate properties nor registered in a public registry system.
2. Authority and Registration:
   • Property Registries: They require a formal registration process in a public office and are subject to verification by competent authorities to ensure their validity and accuracy.
   • Other Legal Documents: Some may require notarization or registration in specific offices to acquire legal validity (such as companies or marriages), while others, such as private contracts, can be legally binding without the need for public registration.
3. Legal Effects:
   • Property Registries: They have a declarative and constitutive effect, in the sense that they not only declare a right but can also create, modify or extinguish it. Registration is essential for the effectiveness of certain legal acts, such as the transfer of real estate property.
   • Other Legal Documents: They generally have a declarative effect, establishing the intentions and agreements between the parties. Their validity depends on their compliance with the law and, in some cases, on their proper registration or notarization, but they do not affect property ownership directly as property registries do.
4. Public Access:
   • Property Registries: They are fundamentally public to ensure transparency and legal certainty in the real estate market. Anyone can consult these registries to verify the legal status of a property.
   • Other Legal Documents: Many are private in nature and their access is limited.

These differences underscore the importance and specificity of property registries within the legal system, and their irreplaceable role in the management and transaction of real estate.