Property Registry of Colombia
- Property Registry of Colombia
- When is it mandatory to register in the Land Registry?
- What happens if it is not registered in the Land Registry?
- How did the Land Registry come about?
- How long does it take for the land registry to register a property?
- How long do I have to register a deed of sale?
- How much is the fine for not registering a deed in Colombia?
- What do I have to do to register a property?
- Registration of intellectual property
- What is the importance of the Land Registry?
- Where was the registry system born?
- What is the function of a Land Registry?
- Importance of the property registry
The Land Registry may also be defined as the institution that, in order to strengthen legal security in real estate, has as its object the registration of the constitution, transmission, modification and extinction of real rights over real estate, as well as judicial decisions relating to the capacity of persons and leases and option contracts. The study of the Land Registry corresponds to real estate law.
Roman law has traditionally been considered the prototype of the clandestine system in real estate transactions. This clandestinity was due to various reasons, including technical ones such as the lack of dissemination of the document.
The problems posed by the cases of double sale or sale of estates as free, being encumbered, were not faced from the preventive point of view, but repressive, through the figures of the actio auctoritatis and the crime of stelionato.
In these periods, the mancipatio and the in iure cessio fell into disuse and the traditio became generalized, turning the transfer of real estate into a private and secret act. It is then when the characterization of Roman law as a clandestine system appears, especially when the transfer of possession is spiritualized through the various forms of traditio ficta.
When is it mandatory to register in the Land Registry?
Under Spanish law, registration is not mandatory. However, it is advisable to do it because of the benefits it has. First of all, the registry officially recognizes you as the owner, which will facilitate many things when it comes to selling the house or making other formalities.
What happens if it is not registered in the Land Registry?
You will not have legal certainty
Contrary to this, as mentioned in the previous point, if your property is not registered in your name, you will not have a legally valid document that accredits you as owner and therefore you will not have legal rights and guarantees over your property.
How did the Land Registry come about?
Registration in real estate registries
The origin of the registry publicity itself can be found in the early Middle Ages, where churches, monasteries and large landowners were accustomed to use books in which documents relating to properties were copied.
How long does it take for the land registry to register a property?
Royal Decree 1093/1997, of July 4, 1997, approving the complementary rules to the Regulations for the execution of the Mortgage Law on Registration in the Property Registry of Acts of an Urbanistic Nature.
The registration of equidistribution projects is regulated in Chapter II. The requirements and the effects of the marginal note of initiation of the reparcelling file or of affection of the land included in an execution unit to the fulfillment of the obligations inherent to the compensation system are especially contemplated. With respect to the practice of the aforementioned marginal note, it is worth noting that special provision is made for the possibility of practicing it on properties located outside the unit, but assigned to the project, and on urban developments registered in an independent folio; likewise, the necessary rogation for the practice of the marginal note, its duration and the actions to be observed by the Property Registrar are detailed.
How long do I have to register a deed of sale?
The general maximum period for registration is fifteen days from the date of the filing date.
How much is the fine for not registering a deed in Colombia?
The term to register the file with the approving order is ninety working days from the date of its issuance. If within this time you have not paid the registration and annotation tax, you will have a fine equivalent to 50 percent on the basis of the liquidation.
What do I have to do to register a property?
To register your property in the Land Registry there are three fundamental documents. Authorized copy before notary of the public deed of sale. Proof of payment of the Property Transfer Tax. Proof of having presented the documentation for the payment of the municipal capital gains tax.
Registration of intellectual property
Specifically, this lawyer adds that the successive tract must be complied with, “which consists of the fact that in order to register or record titles, the right of the person granting it must have been previously registered or recorded”. Thus, it regrets that “in the event that the right is registered in favor of a person other than the person granting the transfer or encumbrance”, the registrars will deny the requested registration.
This is due to the fact that “the real right of mortgage can only be granted by the owner”, since it is configured as the guarantee given to the creditor in case he fails to comply with his obligation as owner. “And in order to know who the owner is, it has to be registered in the Property Registry,” adds Hernández de la Fuente.
The supply of homes that lack registration in the Land Registry usually occurs at a value below the average of the properties offered for sale in a given area. This price reduction is a consequence, from Hernández Román’s point of view, “of the uncertainty generated by the lack of registration”. However, Carretero defends that many times these properties are less economical “since there is a cost that is not seen”, which is the result of the payment of the notary procedures, the subsequent registration and even a judicial procedure. Hence, this lawyer does not recommend acquiring an unregistered property “assuming the costs and formalities”. “In any case, if the price is attractive, the expenses are assumed by the seller”, she emphasizes.
What is the importance of the Land Registry?
The function of the Public Registry of Property is to make known the true legal status of a property, both in relation to its owner and with respect to the encumbrances and rights in rem that it may have.
Where was the registry system born?
The first attempts to create a Public Registry of Property began in 1829 in the state of Zacatecas, where a draft of the Civil Code was presented with a chapter called “On the Registry of Mortgages” but the state Congress did not approve it, even so a General Registry was established.
What is the function of a Land Registry?
The Land Registry is a public institution whose mission is to reflect the legal status of property, for example, in the case of real estate such as houses, premises or buildings, who owns them and whether they are subject to real rights such as mortgages or easements.
Importance of the property registry
Not to register the purchase of our property in the Land Registry is very risky because if after the private agreement (a contract without going through the Notary or the Registrar) the registrant (the person in whose name the property is still registered) were to sell it again (transfer it) or mortgage it or have it seized, the owner would have to show his face.
In addition, the registration of the purchase and sale of a property facilitates its transfer and the obtaining of financing at lower costs than would be the case without it, no matter how interesting it may seem not to register it for whatever reasons (basically fiscal).