Ownership history gives some perspectives on how our right to own
things like cars
and homes came into being.
Well, I think you did not expect to take a detour to history by way of visiting this site…
But don’t you worry; I promise to keep it to a minimum.
However I quite confident that you will learn a thing or two about “intangibles” that come along with your home buying during your visit here, but, if for some reason, I fail to help in that sense, at least you can always say that you “expanded your culture.” (LOL)
Not in a so distant past, emperors or kings and nobility had pretty close to absolute power including possession of property. People were allowed to live on the land as long as they were loyal to those rulers who would never surrender the property.
Feudal system was not inheritable. A person
could work the land all his life, make improvements to it, but, upon his
demise, all of that would return to the land lord. The family would be destitute
with nothing to show for and nothing to hang on to.
Individuals who occupied the land, with rare exception, were merely tenants and their “rights” were not inheritable. Must have been a terrifying feeling to work a track of land all one’s life and his deathbed to think that immediately upon his passing, his family could be evicted.
As you can see by this synopsis of ownership history, rights we take for granted today were only on the dreams of our ancestors a few generations ago. Something to think about and be thankful.
Ownership history evolved gradually through the ages and significant social changes have occurred on how the right of ownership works in modern societies.
In most countries of the world, although not yet universal, great strides in the right direction have occurred. The right to ownership, where it still have not been enacted it is in the forefront of rights people seek.
But overall significant changes to the notion of ownership that modern nations allow us to enjoy today.
It is called allodial
system: Any one with the means to acquire ownership can do so. And it can
be via an inheritable property or bought out right.
Allodial System is a legal system which allocates full property ownership rights to individuals or entities such as a corporation.
Real Estate Rights In Allodial
In the United States, the allodial system protects
full property ownership rights to individuals as well as institutions who
acquire it through legal means.
Here are some of the rights afforded by it:
I) Right Possession – it includes the right to occupy your property and to have ingress and egress which is to have a way to get in and a way to get out of the property.
II) Right Of Use (or Control) – it will include the right to make profit from the property, like renting or farming it; removing objects from or adding to it; mortgaging it; excluding others from it or granting access or other licenses like fishing and hunting.
III) Right Of Enjoyment – it assures a property owner against interference from others including nuisances from neighbors. It also includes rights over adjoining properties that includes the right of lateral support, water, air and light.
IV) Right Of Disposition – is a right that will allow the owner to sell the property, pass it to the heirs or even give it away to whomever he/she pleases.
Just keep in mind that these rights are not unlimited.
First of all - “what goes around, comes around” – which is to say whatever “rights” you have over your neighbors’ properties i.e. air, water, light and lateral support, they have over yours property as well. It is just common sense.
Secondly – the government to some extent retains some powers over your property, including the right to tax and “eminent domain.”
Your rights are also somewhat “limited” by local zoning and ordinances …as well as – if I dare to say, by HOA’s.
Lastly, other people or institutions may have some legal interest on your property such the bank that holds your mortgage. And those rights also must be respected.
A final word of caution:
Real estate ownership rights also can be lost due to foreclosure which ca be in several forms: tax foreclosure, HOA foreclosure and last but not the least, your lender.
So, always keep your payments current to all of those.
JC Fagundes, Associate Broker
EQUAL SERVICE TO ALL.
Residential. Commercial. Investments.
Ph: 404 255 8655