By Ángel Marín Díaz
We welcome Ángel Marín Díaz with 21 years’ experience as President and CEO of Inmtec Legal Services, with offices in Mexico City and San Miguel de Allende.
We can start by saying that the property right is the title that identifies a person or group as the owner(s) of a real property, granting the power to take advantage of the real property, either for their own good or by using it to obtain a profit; this right is born from the acquisition of it, but it can also originate from the possession of a property over time (“Squatters rights”). That is why property is a right that is subject to the law and must be handled accordingly.
When we refer to property, we are not saying that it is exclusive to real estate, but also to all other objects or rights that belong to us; that is why we call them “real property”. These can be furnishings, vehicles, jewelry, land, residential or commercial property, livestock, and industrial property such as trademarks that identify companies and inventions of new products, as well as intellectual property that has artistic value.
Additionally, property can belong to a single owner or to several, giving rise to forms of private property such as: co-ownership, which means that a single right belongs to several people; divided property, which is when each person enjoys a fraction of the right; collective property, which represents the right of an entire community with respect to all things in the place and “time in common” (TIC); or fractional ownership.
We must also understand that a property right has fundamental characteristics. It legally protects the owner against any person who intends to take advantage of it without the right; also, that the right is timeless—in other words, it does not become extinct as long as it is subsequently used by the correct people, such as through inheritance.
Finally, who can execute property rights? In Mexico, it can only be done by the person who has a property title or by a transfer of possessory rights, which allows on to delegate these powers to another subject through the power of attorney to represent them in some or all of the matters related to property owners rights. In other words, the owner can act by himself or through his/her legal representative to exercise ownership, perform acts of administration of the property, or defend the property rights.
I am happy to field any inquiries about case-specific subjects.
For more specific information on the matter, as well as all Legal and Notarial Services, including Residential and Commercial Closings, Fiscal (Capital Gains), and Estate Planning, please contact the author:
Ángel Marín Díaz at: firstname.lastname@example.org
415-121-9005 (754) -107-0163