Private property is having our own home, a car in our name, or any asset that we own and that we can enjoy to our liking or lend to whoever we want. It facilitates the protection of the individual against the State and institutions. In the economic and political system, knowing what the right to private property is is part of the basic knowledge of our rights as individuals.
Private property is, at the same time, a legal and economic concept. It implies full legal power over what you own and the right to use it according to your interest, whether this is an objective of financial exploitation or an aim of enjoyment, that is, of pure leisure. In summary, the right of private property delves into the right of people or organizations to possess, dispose of and control an asset. Provided, of course, that its use does not violate the freedom and rights of others.
In Spain, the right to private property is one of the fundamental rights included in the legal norms that regulate coexistence in our country. When explaining the right to private property, it is also essential to be aware that it extends beyond the life of the owner. That is the property owned passes as an inheritance to the person chosen by the original owner, always following the laws that regulate inheritance.
What laws protect the right to private property?
In Western society, private property is something assumed almost intuitively by citizens. It is, in a way, in our collective psyche. Therefore, beyond knowing what the right to private property is, what is really interesting is knowing how and with what laws it is protected against actions that may be confusing or harmful to the owners.
Constitution
Constitution is the supreme norm by which the entire legal system is governed. All citizens and all public institutions are subject to it. The Magna Carta includes the right to private property in its article 33 :
“The right to private property and inheritance is recognized. These rights’ social function will specify their content in compliance with the laws. Nobody’s property or rights may be taken away from them unless there is a legitimate reason for doing so that serves the public good or the interests of society, in compliance with the law’s provisions and with appropriate compensation.
The Constitution is the starting point for understanding the right to private property and how any guarantees this right. As we can read in the text, yes, property can be confiscated only in the event that there is a general interest, and in this case, the owner will have the right to compensation.
EU Charter of Fundamental Rights
This text includes all the civil, economic, political, and social rights of European citizens and people living in their territory. It also clarifies the right to private property and the need to respect it.
Article 17 of the same highlights that “Every person has the right to enjoy ownership of their legally acquired property, to use it, to dispose of it and to bequeath it.” The Spanish Constitution states that citizens ” may only be deprived of their property ” in cases of public interest and must be compensated if this occurs.
Civil Code
It is the fundamental law of civil law and also deals with the right to private property, in this case from its article 348.
Like the legal norms that we have already discussed, the Civil Code insists that no individual can be deprived of private property except in the case of a greater public need. In addition, it guarantees the possibility of reclaiming our property in the event that it is in the hands of a third party who is not the legitimate owner.
On the other hand, the Civil Code also details that when referring to the right of private property, the individual is also the owner of the fruits offered by the property they own. In this case, we can talk about civil fruits (rental income, for example), natural fruits (what the exploitation of an agricultural property can give), or industrial fruits (what the owner of a company or industry manufactures).
The formulas for becoming an owner are also indicated, either through a purchase, an inheritance, or the event that someone owns an asset for some time in good faith, and it eventually becomes theirs.