What are the legal ways of acquiring a property?

acquiring a property

What are the legal ways of acquiring a property?

Possession

Possession refers to having physical control over something.

There are two types of possession

  • Possession in fact: This is a physical possession. It is a tangible connection to something.
  • Possession in law: This refers to possession in a legal sense. It refers to a possession that is acknowledged and safeguarded by the law.

Prescription

Prescription is the result of the passage of time acting as a vestitive fact, causing the creation and destruction of rights.

There are two types of prescriptions:

  • Favorable Prescription: The right to property acquired over time.
  • Negative Prescription: With the passage of time, destroys the title to property.

Agreement

  • Another way to obtain property is through a legally binding contract.
  • The contracts must be legally binding.

    Valid agreements are ones that meet all four of the following requirements:

    • A contract should have at least two parties.
    • Mutual consent of the parties
    • It should be communicated

    Inheritance

    Inheritance is another way to get a piece of property. A person’s heirs and successors inherit some rights that remain with him after his death. Along with him, other people pass away. His inheritable or heritable rights are those that endure after him.

    Executor Succession

    Scriptural Succession

    The applicable laws of intestate succession are used to distribute a person’s property to his or her lawful heirs when that person passes away intestate, that is, without leaving a will.

    The person who makes a will is known as the testator, and the person for whom the will is made is known as the legatee.

    Gift

    Immovable property transfers must be made through a registered document that is signed by the donor or someone acting on their behalf and is witnessed by a minimum of two people.

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