“OWNERSHIP” is defined as the right of persons or entities to possess and use a thing to the exclusion of others. Real estate could either be of public dominion or of private ownership.
Property of public dominion could be: 1) those intended for public use such as roads, canals, rivers, torrents, ports and bridges constructed by the State, banks, shores, roadsteads and others of similar character and 2) those which belong to the State which are intended for some public service or for the development of the national wealth.
All other property of the State, which is not of the character stated and described above, is considered “Patrimonial Property.” Thus, the real properties of local government units (LGU’s) such as provinces, cities and municipalities are divided into property for public use and patrimonial property.
Property for public use, in the provinces, cities and municipalities consists of the provincial roads, city streets, municipal streets, the squares, fountains, public waters, promenades and public works for public service paid for by said provinces, cities or municipalities. All other real properties possessed by any of them are “patrimonial.”
All other real properties not included as public dominion are of private ownership which consists of all property belonging to private persons, either individually or collectively. There are however, certain features and limitations of real estate ownership of which we can mention the following:
1. Extent of property ownership. The owner of a parcel of land is the owner of its surface and of everything under it, and he can construct thereon any works or make any plantations or excavations which he may deem proper and appropriate, without detriment to servitudes and subject to special laws and ordinances. He cannot complain of the reasonable requirements of aerial navigation, as this is a limitation or restriction to ownership, since ownership is not absolute.
2. When the Owner is not entitled to Just Compensation. When any property is condemned or seized by competent authority in the interest of health, safety or security, the owner thereof shall not be entitled to compensation, unless he can show that such condemnation or seizure is unjustified and unwarranted.
3. Rule on Hidden Treasure. By “treasure” is understood for legal purposes, any hidden and unknown deposit of money, jewelry or other precious objects, the lawful ownership of which does not appear. It is subject to the following rules:
a. Hidden treasures belongs to the owner of the land, building or other property on which it is found.
b. When the discovery is made on the property of another, or of the State or any of its political subdivisions, and by chance, one-half (1/2) thereof shall be allowed to the finder. If the finder is a trespasser, he shall not be entitled to any share of the treasure.
c. If the things are found to be of interest to science and the arts, the State may acquire them at their just price, which shall be divided in conformity with the rule already stated.
Real Estate Ownership is the right and attending interest which a person (natural or juridical) possesses in Land to the exclusion of others. It is an independent and exclusive right of enjoyment and control over a piece of property for the objective of getting therefrom all the benefits required by the justifiable needs and desires of the holder of the right and ultimately by law and the inherent right of others.
Such ownership rights and interests could take these forms:1)Full (Absolute) Ownership – this refers to all the rights and interest of an owner; 2) Naked (Transferred) Ownership – it is an ownership where the right to use and the fruits has been taken or assumed by another such as in the case of a “Usufruct;” 3) Sole (Single) Ownership – where the ownership is vested in only one person and 4) Co-Ownership (Joint Ownership) – this is the kind of ownership where such rights and interests in vested in two or more persons. Sometimes referred to as concurrent ownership, this type of ownership is usually in the form of “Tenancy in Common or Joint Tenancy.”
There are many ticklish questions when it comes to real estate ownership, and an article we have carried on this specific subject will not be sufficient to fully explain the complexities involved with it. Suffice to say at this point, when in doubt, consult the experts.
FLASH NEWS! The scheduled Real Estate Brokers Exams in March 2013 could be the last licensure exams to be conducted before the Real Estate Course requirement could be in effect! SCORE EXPONENT TRAINING CENTER in partnership with PHILRES –Baguio City Chapter will conduct a JOINT COMPREHENSIVE REAL ESTATE BROKERS SEMINAR AND TRAINING (CREBSAT) starting on December 8, 2012 and weekends of January and February 2013. Registration is still going on and a special “Catch-Up Program” is offered for late enrollees. For more details get in touch with us at: Unit 306 3/F Antipolo Bldg, Session Road, B.C. (atop Tea House)/ Tel No. (074) 427-1971/ Mobile Phone Nos. 09109302753 / 09384474133 / 09188198168 / 09175072275 / 09178088049.
For the original post visit: http://www.sunstar.com.ph/baguio/opinion/2012/12/09/capili-new-look-ownership-real-estate-257492
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