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Friday, February 11, 2011

150 anniversary of the Property Act

150 anniversary of the Property Act
To celebrate the 150 anniversary of the Property Act (Ley Hipotecaria), a stamp is issued within the “Anniversaries” series depicting the official logo made on occasion of this commemoration.

The Property Act was passed on February 8 1861 under the reign of Elizabeth II and was the origin of the current real estate registry system. The new law was one of the milestones in the changing Spanish legal system, going from a situation of overlapping stratified rules to a scientific approach of regulations and a process of codifying laws.

The original legislation has been amended successively over its 150 year’s life existence during which many public institutions and organisms have been created. In 1861 the Land Registry (Registro de la Propiedad) was also created aiming at “the registration or endorsement of title deeds and other rights over real estate.”

The Registry has an official status and its main duty is to provide reliable information to individuals when drawing up a contract on the property registered. This Land Registry meets basically three purposes: to establish a solid basis for mortgage loans, to provide protection to owners of registered rights and to make real estate legal transactions swift.

The Cuerpo Nacional de Aspirantes a Registradores (national corps of contenders to become a recorder of deeds) was created during the reign of Alfonso XII. This corps is currently known as Registradores de la Propiedad (recorders of deeds) and are the followers of those who worked 150 years ago to serve the nation and the legal certainty of Spanish law. According to the Dean of the association of the recorders of deeds (Colegio de Registradores de la Propiedad), this anniversary is “a chance for educating in the importance of the recording function and to try to expand corporate relationships whilst contributing to the defense of ideas and values such as private property, legal certainty, the market unit, national associations or technological innovation”.

Title: 150 anniversary of the Property Act
Date of Issue: 8 February 2011
Country: Spain
Denominations: 0,65 €