IRREGULAR LAND
Classifying land into regular and irregular, stems from the fact that you either hold a title or not for the right to own, in favor of whoever who has the property or bears him/her as the owner of the said land.
The first fact you need to observe in a real estate transaction is verifying the existence of the said instrument or title to prove the right to own the subject property. Consequently, the status of liens on this is located at the Public Registry for Property.
Irregular land is the consequence of not having the above mentioned title, and therefore making the real estate transactions legally possible. In other words, irregular land is not duly registered with the Public Registry for Property.
In these cases, the physical as well as the legal possession of the land has to be proven. This means that whoever has the physical possession of the property also has the legal possession thereof, and records need to be checked to see if it is private or public.
Lack of title demands the due proof of occupancy, an assignment of rights agreement, a promise of purchase and/or the application for title, depending on the kind of property you are dealing with (national land or agricultural land
Once the physical and legal possession has been proven, as well as the identity of the offering possessor, the transaction shall be formalized by executing a private agreement whereby the rights thereon shall be submitted for assignment. At this point it is important that your legal advisor warn you on the effects of an assignment of rights and/or promise of purchase agreement or trust agreement, depending on the characteristics of the property, the parties involved, as well as the terms of the said transaction.
It is important to assess the general situation as well as the peculiar characteristics of the property, in order to avoid acquiring hidden problems and/or potential risks.
