Real estate ownership is unique in the sense that the owner of any realty also possesses an aggregate of related rights. This is an inherent characteristic of real property and is anchored on the economic theory of "bundle of rights." Investopedia defines this theory as "a set of legal rights afforded to the real estate title holder."
Right to possess. In legal terms, this may also be called jus possidendi and gives the owner or lawful possessor the right to exclude any person from the enjoyment of a property. However, "possession" must be distinguished from "ownership." An owner is someone granted the right over a thing or an object in such a manner that makes that thing belong to him. In real estate, proof of ownership can be found in titles. On the other hand, a possessor is someone merely given physical control over a thing but that control does not imply ownership. For instance, an owner may allow someone to rent his property making the latter merely a possessor of rights. Moreover, the right to possess -- being an inherent right in realty ownership -- may also be exercised by the owner himself over his property. A simple example of this would be a family home.
Right to dispose. This is also called jus disponendi and gives the owner the legal authority to transfer ownership to another at will. The right to dispose allows the owner to sell, donate, or assign his property legally without interference from third parties. Because of this right, the real estate economy is enabled to operate properly by ensuring that the supply for the market is sufficient. In some socialist and communist countries, this is a situation that is not possible since the state is the collective owner and disposition must be with the permission of its people.
Right to use. Also referred to as jus utendi, this right is the essence of ownership itself -- be it real property or chattel. Once ownership is established, it is expected that the property may be used to its full potential. Some quarters even believe that this is more of an obligation placed upon the owner rather than an absolute right, by virtue of the theory of "stewardship." This theory is based on an ethic that embodies the responsible planning and management of resources. That is why properties left to underperform are discouraged, as manifested in penalties when paying taxes and other local dues therefor. Use of a realty assists the macroeconomic foundations of a country and encourages responsibility among participants of the industry.
Right to abuse. Even the right to abuse one's own property is guaranteed. However, it must be ensured that exercise of this right is without detriment to the rights of others and does not violate any other laws. Also known as jus abutendi, this right can be observed in quarries and mines. Dynamites and other high-impact excavations literally damage a real estate but with proper permits and certifications from government offices, these are accepted practices that are assumed to contribute to the national and local economies.
Right to fruits. Jus fruendi is a result of the right to use a property. All benefits resulting from the ownership of a property are considered fruits thereof. An agricultural land may have produce, livestock, and other farm products that are solely reserved for the benefit of the owner. It could also be revenues in other forms like sales from outputs of the land or its improvements. Even a single mango tree within a lot may yield fruits that exclusively belong to the owners of the land where the tree is planted.
Right to recover. This may be legally described as jus vindicandi. Upon deprivation of rights over a property, the owner may exercise his right to recover the same. However, it must be assumed that the manner of recovery is legal. Recovery could be done by simple sales, court orders, or legally binding agreements among parties.
Article 429 of the Civil Code of the Philippines explains the rights of the owner of a thing. The owner may even use reasonable force to uphold his rights to own a property.
Consequently, the above bundle of rights legally grants the owner to enclose his property, "without detriment to servitudes constituted thereon." The law also allows the owner to demand indemnity should his property be damaged or to ask for compensation as a result of expropriation. To construct, plant, or excavate on his own land is another mode of exercising the above rights. Hidden treasures found within a lot accrues to the benefit of the owner and the right to "quiet title" is reserved for him as well.
Knowing this special set of rights is a must for any property owner. It instructs him of his privileges and bounds when asserting himself within his own real estate and teaches him prudence when inside another's property.
#titullo
Right to possess. In legal terms, this may also be called jus possidendi and gives the owner or lawful possessor the right to exclude any person from the enjoyment of a property. However, "possession" must be distinguished from "ownership." An owner is someone granted the right over a thing or an object in such a manner that makes that thing belong to him. In real estate, proof of ownership can be found in titles. On the other hand, a possessor is someone merely given physical control over a thing but that control does not imply ownership. For instance, an owner may allow someone to rent his property making the latter merely a possessor of rights. Moreover, the right to possess -- being an inherent right in realty ownership -- may also be exercised by the owner himself over his property. A simple example of this would be a family home.
Right to dispose. This is also called jus disponendi and gives the owner the legal authority to transfer ownership to another at will. The right to dispose allows the owner to sell, donate, or assign his property legally without interference from third parties. Because of this right, the real estate economy is enabled to operate properly by ensuring that the supply for the market is sufficient. In some socialist and communist countries, this is a situation that is not possible since the state is the collective owner and disposition must be with the permission of its people.
Right to use. Also referred to as jus utendi, this right is the essence of ownership itself -- be it real property or chattel. Once ownership is established, it is expected that the property may be used to its full potential. Some quarters even believe that this is more of an obligation placed upon the owner rather than an absolute right, by virtue of the theory of "stewardship." This theory is based on an ethic that embodies the responsible planning and management of resources. That is why properties left to underperform are discouraged, as manifested in penalties when paying taxes and other local dues therefor. Use of a realty assists the macroeconomic foundations of a country and encourages responsibility among participants of the industry.
Right to abuse. Even the right to abuse one's own property is guaranteed. However, it must be ensured that exercise of this right is without detriment to the rights of others and does not violate any other laws. Also known as jus abutendi, this right can be observed in quarries and mines. Dynamites and other high-impact excavations literally damage a real estate but with proper permits and certifications from government offices, these are accepted practices that are assumed to contribute to the national and local economies.
Right to fruits. Jus fruendi is a result of the right to use a property. All benefits resulting from the ownership of a property are considered fruits thereof. An agricultural land may have produce, livestock, and other farm products that are solely reserved for the benefit of the owner. It could also be revenues in other forms like sales from outputs of the land or its improvements. Even a single mango tree within a lot may yield fruits that exclusively belong to the owners of the land where the tree is planted.
Right to recover. This may be legally described as jus vindicandi. Upon deprivation of rights over a property, the owner may exercise his right to recover the same. However, it must be assumed that the manner of recovery is legal. Recovery could be done by simple sales, court orders, or legally binding agreements among parties.
Article 429 of the Civil Code of the Philippines explains the rights of the owner of a thing. The owner may even use reasonable force to uphold his rights to own a property.
Consequently, the above bundle of rights legally grants the owner to enclose his property, "without detriment to servitudes constituted thereon." The law also allows the owner to demand indemnity should his property be damaged or to ask for compensation as a result of expropriation. To construct, plant, or excavate on his own land is another mode of exercising the above rights. Hidden treasures found within a lot accrues to the benefit of the owner and the right to "quiet title" is reserved for him as well.
Knowing this special set of rights is a must for any property owner. It instructs him of his privileges and bounds when asserting himself within his own real estate and teaches him prudence when inside another's property.
#titullo