Waiver of rights in rem
Waiver of rights in rem
It is possible to waive rights both on immovable property and on movable property, in fact, to waive the right of ownership and other property rights - right of use, right of construction, etc. Renunciation of a real right is an express declaration of will (unilateral transaction) of the bearer of this right and is a form of loss of an owned real right. The loss of such a right occurs through a legal transaction and its acquisition by another, and with this declaration of will the holder of the right unequivocally expresses his desire to end the possession, use and/or disposal of an individually determined object. Refusal is a transaction and constitutes an act of disposition. Refusal is inadmissible for public state and public municipal property.
Relinquishment of rights in rem over movables is an informal act. Relinquishment of real rights to real estate is an express and formal act, in writing with a notarized signature, which is subject to entry in the property register. Upon entry, the waiver becomes irrevocable by the former holder of the real right. The entry has a notification-protective and constitutive effect and is part of the factual composition for relinquishing rights to immovable property.
A waiver of usufruct usually occurs when an apartment is sold on which a usufruct has been established (for example, in favor of the seller's parent) and the buyer does not agree to purchase the property with this encumbrance.
Refusal of the right to build (extension, upgrade) occurs, for example, when the owner of the land has granted a construction company the right to build a certain building for compensation, but subsequently the builder refuses to carry out the project or changes it.
The following prerequisites are necessary for the person (individual or legal entity) who will waive the relevant real right:
- to have this right and to be able to prove his ownership with the relevant documents;
- to be able to act.
Relinquishment of real rights to immovable property is done by preparing a declaration of relinquishment of real rights (of ownership, of use, of construction) and is entered in the Registration Office.
Relinquishment of ownership right to property - conjugal property community (JPO). JPO is non-participatory property, the renunciation of ownership by one of the spouses is invalid. Renunciation of the right of ownership of SIO items should be made by both spouses.
The result of the procedure is a relinquishment of real rights to the property, and after the declaration is entered in the Registration Office, the relinquished person ceases to be the holder of the relevant real right.
Attorney at law Iuila Danova
#3, Dobrotica Str., Varna, Bulgaria
Mob: +359 895 64 59 40
WWW: advokatvarna.com
Email: iulia.danova@abv.bg