Property law is an essential part of the legal and real estate framework. This property grants people the ability to enjoy, dispose of, and claim property that has been acquired legally.
Property rights are essential for urban planning and development. They provide a framework for balancing private ownership with the public interest, such as zoning laws and environmental regulations. By protecting individual property rights while accommodating community needs, societies can promote sustainable and equitable development.
Below, we explain the elements that underpin this right and how they can affect each individual and society as a whole.
Concept of Property Law
The right to property is established by law so that a person can use, enjoy, and dispose of their property once it has been legally acquired. Currently, the right to private property is one of the main axes of society, allowing people to control their assets (movable or immovable) and being an essential part of the global economy.
How is property acquired?
The legal acquisition of property is a decisive process in property law. Whether through purchase, donation, inheritance, or another method, the owner obtains the inherent rights of said asset through property rights.
This acquisition, acquired through property law, is the starting point for enjoying the advantages and fulfilling the responsibilities that being the owner of a property entails.
Elements That Make Property Rights.
Property law is made up of three fundamental property elements:
Right of use: grants the power to use the property in accordance with its nature and purpose.
Right of enjoyment: allows the owner to enjoy the fruits and profits that the property generates.
Right of the disposal: confers the power to alienate, encumber or transfer the property
Characteristics Of Property Law
Property law has different characteristics that make it unique:
- Perpetual: the right to private property, being durable over time and not subject to a time limit, allows owners to exercise their rights as long as they are legal owners.
- Exclusive– Owners have the exclusive right to use and enjoy their property. This means that no other person can do it without his consent unless it is established by law.
- Limited– Property rights may be limited by municipal regulations, zoning, and legal restrictions in the name of public welfare.
Legal Foundations
The legal foundations of the right to property are included in Article 17 of the right to private property, which says:
Article 17 – Right to property
- Every person has the right to enjoy ownership of assets that they have legally acquired, to use them, to dispose of them and to bequeath them. No one’s property may be taken away from them unless it serves the public interest, under the circumstances and circumstances allowed by law, and in exchange for prompt and just compensation for the loss suffered. The use of the assets may be regulated by law to the extent that it is necessary for the general interest.
- Intellectual property is protected.
Therefore, this article establishes that every person has the right to enjoy the property that they have legally purchased, use it, sell it or leave it to someone upon death. No one can take away the ownership of said assets except in situations of greater importance for the public good and after compensation.
This article also warns that intellectual property is protected, taking care of the things that are invented or generated.