What are write rights?

What are write rights?

What is a public deed of a land

If the person who wishes to “sell” the property is an heir of the registered owner, what corresponds is to initiate the succession and then register the heirs as new registered owners, or in its case to initiate the succession and once the Declaration of Heirs and the order of registration are issued, proceed to the sale by abbreviated tract, where the Notary Public will directly grant the title transfer deed and with the same deed registers the Declaration of Heirs, in a single step, that is why it is called “SALE BY ABBREVIATED TRACT”.

In these cases, many times both the real estate agencies and the parties privately, at the moment of transferring the property, sign a private document, which is usually called “PURCHASE AND SALE BULLETIN”, in fact this document in which one party assigns the possessory rights that it has over a real estate property, and the other party pays a price, for that assignment of rights, is called ASSIGNMENT OF POSSESSORY RIGHTS.

So far then we have, that when we buy a property, we can do it in principle by a Bill of Sale or by an Assignment of Possessory Rights, both are private instruments, but their effects and legal consequences are totally different; and knowing which are those differences, will make you take the best decision possible, and here are then the four differences:

What are deeds in rights and shares?

The deed in rights and shares are public documents that are also legal, with the particularity that several people are legitimate owners of a lot of land, these owners are co-owners, each one of a percentage …. In rights and shares all co-owners share the same lot number.

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What is the assignment of property rights?

The assignment of rights in Chile is the decision taken by an owner over his property with the purpose of transferring a right to another person who will be the new owner…. Assignee: the person who receives a property by transfer. – Object: the land or house to be transferred.

What do the deeds of a house contain?

Parts that make up a Deed

Background (previous history of the property or previous owner). General (the details of the parties involved, buyer and seller). Clauses (the rules and regulations under which the property will be used). Personality (the data of the Notary and who has granted the credit).

Public deed pdf

In order to understand it better, it is important to start from the concept of domain or property in our legislation. The right of dominion, according to the Civil Code (Art. 599) is the real right over a tangible thing, to enjoy and dispose of it and is composed of bare ownership, that is, mere ownership, separated from the enjoyment of the thing, in addition to the usufruct.

If we analyze the concept, the relevant components of the definition of the right of ownership are two: the capacity to enjoy the thing and the capacity to dispose of it, i.e. to transfer the ownership to another person.

The simplest solution is that a person acquires the corresponding shares and can consolidate 100% of the rights and shares. In case this is not an alternative, other alternatives can be evaluated depending on the property, for example:

It is important to understand these concepts in order to be able to make a proper estate planning and avoid reaching a point where you can have a right over an asset but without the possibility to fully exercise it.

How to deed a house with assignment of rights?

In order to carry out a transfer of rights, a contract must be executed in a public deed or in a private deed authorized before a notary public.

What does it mean for land to be in rights and shares?

What does it mean to have rights and shares? In this regime, the co-owners own a share of the property, i.e., a part of the whole and not a specific part.

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What are the rights and shares of a real estate property?

A person’s shares and rights in a property, to conceptualize it, is a person’s share in a property that is physically undivided or, specifically, is the ideal share of a property.

What is a public deed

The assignment of rights in Chile is the decision taken by an owner over his property with the purpose of transferring a right to another person who will be the new holder. For this to be possible, it is necessary to comply with a series of requirements requested by law in Chile.

Isabella inherited a piece of land and due to her busy schedule she does not have time to pay attention to all the procedures required to take possession. As if that were not enough, she does not need the property and decides to make an assignment of rights to her brother Mateo.

Mateo then becomes the assignee and has the right to join the other heirs and take possession of his new property. In these cases Isabella loses the ownership of the property and Mateo gains it.

It is important to mention that the assignment of rights of a property is made during life and it is not a purchase and sale contract, much less an inheritance. Neither is it a donation of real estate, since the property remains in the ownership of the property.

When is there an assignment of rights?

There will be an assignment of rights when the creditor transfers to others the rights he has against his debtor. The legal relationship is not modified by virtue of the assignment. The obligation does not undergo any variation; it only happens that a new creditor, who is the assignee, takes the place of the former, i.e. the assignor.

What happens if I buy land with assignment of rights?

The transferor will seek to sell its rights to the land at a higher price than the price acquired, but the price will most likely be significantly lower than that of a normal sale and purchase transaction. This will result in greater financial ease of acquisition and greater capital gain in the medium and long term.

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What do I have to do to assign a property?

In consideration of your inquiry, the transfer of inheritance rights of real estate is made by public deed. The sale price can be perfectly done by an appraisal determined by the parties, and then registered in the Real Estate Registry.

What is a notarial deed

For different circumstances it can happen that we, our parents or grandparents have acquired a land or a house from those who were not owners or owners or only had the possession of the property by means of a purchase and sale deed, preventing the formalization of the corresponding title deed. This could happen for personal or economic reasons, informality, lack of knowledge or unfinished inheritance, among others.

In those cases, what we will have on the property will be the POSSESSION, which is understood as the power in fact exercised on a thing, the possibility to dispose, to use and to enjoy it materially. We are not the owners.

When doing it by this means, the Notary Public will advise us correctly about the act we are carrying out, its scope and consequences and the legal status of the property. It is also necessary to emphasize that the Deed will be the main evidence in court in order to prove the possession in time.

What are write rights?
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