The Land Registration Authority (LRA) of the Philippines is entrusted with a vital function that underpins the entire real estate industry: the maintenance of land records. This responsibility is not just about keeping files; it’s about safeguarding the history of land ownership and ensuring the integrity of transactions involving titled or registered lands.
- Title History Preservation At the core of the LRA’s mandate is the preservation of title history. This involves maintaining a chronological record of all land titles issued, along with any subsequent changes or transactions1. The title history provides a clear lineage of ownership, which is essential for resolving disputes and establishing rightful ownership.
- Transaction Records The LRA also keeps detailed records of all transactions involving registered lands. This includes sales, mortgages, leases, and any other legal agreements that affect land ownership. By doing so, the LRA ensures that any changes in land status are accurately reflected and easily verifiable.
- Transparency and Public Access A key aspect of maintaining land records is ensuring transparency. The LRA’s records are available for public inspection, which allows potential buyers, investors, and other interested parties to conduct due diligence. This openness is crucial for maintaining trust in the real estate market.
- Legal Security The meticulous maintenance of land records by the LRA provides legal security to landowners and stakeholders in the real estate industry. With a reliable record of transactions, property rights are protected, and the potential for fraudulent claims is significantly reduced.
- Support for the Judiciary and Government Agencies The LRA’s land records are an invaluable resource for the judiciary and other government agencies. Courts rely on these records for evidence in legal proceedings, while government agencies use them for policy-making and administrative purposes.
In conclusion, the LRA’s function of maintaining land records is a cornerstone of the Philippine real estate system. It ensures that the history of land ownership and transactions is preserved, accessible, and legally secure, thereby supporting the industry’s stability and growth.
Leave a comment