UNDERSTANDING YOUR PROPERTY RIGHTS IN REAL ESTATE 

By Aynaderka Odessa Vynn P. Sison

 

Screenshot_59Looking for a real estate property is a little bit difficult nowadays. Aside from searching for the right one for you – whether it is commercial, residential, or industrial property, you also need to consider the legalities property and or common law rights to successfully purchase one.

If you are not an expert on these matters, you shouldn’t be doing this on your own. This would really be a gamble. Want to seek for an advice? You really need to contact an expert lawyer or firm that is reliable enough to make difficult things (such as processing legalities) way easier for you.

Nobody really wants to invest with failure, right? So in choosing a real estate property, you need to understand what real property estate is along with the legal mechanisms that you need to take note of.

A real estate property is a legal term for a land that has been improved, consisting of different immovable natural or man-made resources. It might have a concrete building on it, or it is probably a vacant land area. However, this is not a simple property. Purchasing one is inclined with the notion of property rights, common law rights, and other legalities.

So to enlighten you about property rights in layman’s term, here are the things that you need to understand especially when you want to buy a real estate property.

In a Bundle of Legal Rights there are various types of your property rights that you should know:

1. RIGHT TO POSSESS

Once you close the deal with the original owner of the property, and as long as you have paid for it, you are tend to be given the right to have the land title and possess the newly bought real estate property. This right is your basic right as a buyer to possess the land that you purchased. However, if you fail to pay for the property taxes, through legal mechanisms, the one who owns the mortgage has the right to take over the property that you purchased.

2. RIGHT TO CONTROL

As the new owner of the property, you shall have the right to control over the newly bought real estate property. Whether you use the property for commercial or industrial purposes, you have all the right to determine what to do with it. You can use it as a commercial building, or an industrial building. It all depends on you since you have now the right to control over the property.

3. RIGHT TO ENJOY

This right is one of the most fundamental rights that you can gain upon buying a property. It is still interconnected with your right to control. However, with this right, you are decisive on what should you use it for – just like your right to control.   You have the right not to allow any interference from others.

4. RIGHT TO EXCLUDE

The right to exclude is a basic right that gives you the power to regulate what is to be done on your property. If others use it in a manner that you do not like, such as making business establishments on your building that are not appropriate for the dignity of your property, then you have all the right to do so. You have the power not to allow trespassers to be on the borderlines of the zone in your land.

5. RIGHT TO DISPOSE

Your right to dispose means that you can allow other people to rent, lease, or even sell your property. However, on your right to sell your property, you have to make sure that you do not have still any debt on the mortgage of the land. The expertise on legal mechanisms is of utmost importance in this kind of right.

Along with these rights that you have comes with obligation. There are laws that we do not know. That is why, we need the assistance of other people in order for us to understand these strange things to us. To fully understand these property rights on your real estate property, seek an expert to assist you on the legalities and processes for you to avoid conflict in the future.