The State Government proudly announced that Yucatan last week became the first state in Mexico with an Instituto de Seguridad Jurídica Patrimonial (Institute for Patrimonial Legal Certainty**).
The State Congress unanimously passed the law submitted by the Executive Branch, creating the Instituto de Seguridad Juridica Patrimonial del Estado de Yucatan (abbreviated INSEJUPY in Spanish).
The INSEJUPY will be responsible for developing activities related to cadastral and (public) registry functions/duties as well those of the notarial archives, in order for them to be consolidated into one institute or agency; in order to meet its objectives, said agency shall furthermore establish and standardize policies, standards, rules and/or regulations as well as the criteria to be followed in such matters so as to reach the highest standards of quality and legal certainty relating to the patrimony of the people of Yucatan.
The aim of the INSEJUPY is to provide a guarantee of legal certainty to property, to validate and implement the (public) registry principles, and to provide registry services for users in a timely, effective and efficient manner.
Its creation sets the stage for a regulatory basis in order to progress in achieving the strategic goals set to drive Yucatan towards new stages of competitiveness and at the same time, in addressing the needs of society, contribute to the efficiency and effectiveness of state and municipal governments.
So too, this new INSEJUPY seeks to ensure the rights of citizens as far as patrimony with a greater degree of certainty and also strengthen the peaceful coexistence it entails. It also promotes a favorable climate for the advent of new investments that generate employment and social development offering its citizens, as well as the housing and public trust-boosting sectors, an Agency with the capacity to enhance and optimize the patrimonial legal certainty in support of the development of the state of Yucatan.
** In essence, the assurance given to the individual by the state so that the person, their property (assets, net worth, equity, inheritance) and their rights are not violated.
Need anything? Contact us! We will be happy to assist you.