- Proprietorship or class of title
Main right / Primary real right: OWNERSHIP
Local nomen iuris: Īpašumtiesības
Definition: Ownership is the full right of control over property, i.e., the right to possess and use it, obtain all possible benefit from it, dispose of it and, in accordance with prescribed procedures, claim its return from any third person by way of an ownership action.
Although ownership may, pursuant to private volition, as well as pursuant to law, be restricted in various ways, nevertheless, all such restrictions shall be construed in their narrowest meaning and, in case of uncertainty, it shall always be presumed that ownership is not restricted.
The subject-matter of ownership may be anything that is not specifically withdrawn from general circulation by law.
(Articles 927-929 Latvian Civil Law)
Main right / Primary real right: CO-OWNERSHIP
Local nomen iuris: Kopīpašums (kopīpašuma tiesība)
Definition: Ownership rights which belong to several persons in respect of the same undivided property, not as shares divided in actuality but as undivided shares – so that only the substance of the rights is divided – are joint owner ship rights.
Where property belongs to several persons in such a way that each of them has their own determined actual share, such ownership is not joint ownership within the meaning of this Section; in this case, each share shall be recognised as an independent whole and as the subject of independent ownership rights for each separate shareholder.
Ownership rights of several persons to the same property, such that pursuant to these ownership rights the property would belong in its entirety to each of such persons, are not valid in law.
(Article 1067 Latvian Civil Law)
- Information on owners
2.1 If owners are natural persons, information of the owner or proprietor or holder of the main right registered will usually comprise the following:
– Name of the owner (first name, surname) in the way governed by national legislation.
– ID of the owner.
– Person to whom the owner is married when acquisition is for the marriage or for matrimonial community of goods.
– Date of birth.
However, normally there should not to be expected that information includes neither other identification number -passport, driving license, public health system number-, nor the person to whom the owner is married in any case, nor civil status, nor address.
2.2 In the event that the owner or proprietor is a company or legal person, information will usually include:
1. Name of the company.
2. ID of the company.
3. Registration number.
And it will not include other data such as registered office, date and place of registration or business address.
Information of the Latvian land register system usually includes references to the:
1. Entitlement or substantial entitlement, act or contract which is basis of the acquisition for the proprietor.
Information of the Latvian land register system usually includes the existence of restrictions on the person of the owner stemming from insolvency or affecting the authority of disposal when they have been registered, the proclaiming of an owner as an insolvent debtor, the bringing of attachment proceedings against an immovable property, the establishment of trusteeship over an owner due to mental illness and a dissolute or spendthrift lifestyle, court decisions regarding security for a claim, until the substitution of notations with entries, and claims from administrative institutions and officials, to which the law has assigned an irrefutable nature, the submission of complaints regarding decisions of a judge of a Land Registry Office until the settlement of such complaints in accordance with prescribed procedure, with the consent of an owner -everything which may be corroborated in the form of entries until the elimination of such obstacles due to which such corroboration is not possible- such notations shall be entered in the part and section in which the corroboration would be written in the form of an entry, the restrictions of rights and the security of rights for which the form of notations has been specified in other laws.
With respect to the information on restrictions on the person of the owner, existence conditions antecedent or subsequent are not included.
In Latvia, there’re no trusts.
- Price LR information always includes the price of acquisition.