Friends, update the property documents of your property, it is a simple procedure and you should start by knowing the Requirements to register a farm in the Property Registry.
It is not complicated at all and you will have many advantages when updating the property data, do not leave it for later, keep reading the following lines, you will not have any loss.
What is the Property Registry
Corresponds to the registration of those acts and contracts associated with the domain and all real rights over real estate.
Annotations or inscriptions We must do them in the registry located in the same territorial district where the property is located.
In Spain, the offices for the Property Registry are attached to the Ministry of Justice.
The General Directorate of Registries and Notaries is responsible for safeguarding all matters relating to real estate.
The entire geography of Spain is organized into constituencies, known as Mortgage Districts.
Assigning an office for the Property Registry, in each of these districts, which are headed or led by the Registrar.
Here we find the Association of Property, Mercantile and Movable Property Registrars of Spain, a body that centralizes all existing registrars. .
Among the various Registrars responsibilities, as main we find:
Additionally and very importantly, the procedures of the Registry generate legal security to real estate traffic, since they attest to the data entered in their offices.
Registrations in the Registry are public for those who have a legitimate interest in a specific property.
Requirements to register a farm in the Property Registry
The main requirement is the presentation of the Public deed. This document corresponds to the detailed description of the entire farm, either the segregated part and the part that completes it.
We must also count on the plan or graphic base corresponding to the property. This requirement will allow us to verify that the law is complied with in relation to the Minimum Cultivation Units and all licenses or administrative authorizations, which are necessary according to the urban qualification that is applied in the autonomous urban regulations that are applied.
Steps to follow
With only three steps, we will carry out the registration of the Property Registry, namely:
- Those involved, understood as the one who sells and whoever buys, must attend the notary public for the granting of the Public Deed of Sale. By mutual agreement, the Notary will be selected.
- Comply with the payment of the corresponding taxes
- Attend the corresponding Registry office, with all the required documentation. In a period of fifteen days the sale will be registered, then it will be returned to the applicant with its effective registration.
How to register the sale of a home in the Property Registry
The requested documentation, is our first step:
- The notarized copy of the public deed of the sale.
- To certify that the respective payment of the Patrimonial Transfer Tax has been complied with, have the printing of the Self-assessment, which must correspond to the autonomous community.
- The proof of payment of the municipal capital gain
The buyer, Once you have collected the documents, you must attend the corresponding Registry Office according to the site where the property that has been purchased is located.
Upon completion of this process, Enrollment will be implemented in the following fifteen business days.
Later the registrar will verify that the law has been complied with, in relation to the requirements for the conclusion of the contract. Which grant and enable for the Registry of the property right of whoever buys.
In the event of presenting observations that are an obstacle to registration, it will notify the interested party so that it can be corrected. The situation could also arise that the buyer does not accept the observations of the registrar, being able to request the revision of said qualification through the instruments provided by law.
Upon completion of the correct registration in the Registry, the new owner of the home will be informed from there.
Once the registration is formalized, the right to the property is acquired. Being for life, unless the new owner or a court decided otherwise.
Registration does not require renewal nor pay any amount for maintenance of the protection of the cadastre.
This registration generates the following rights or conditions for the buyer:
- Show that he is the only and real owner of the property. Unless a court ruling contradicts it.
- It is protected against the debts that the seller has. Additionally against hidden charges that could impact on the good or
- Enjoy the protection of justice, in cases where there are third parties willing to discuss the possession of the property
- Only with your consent could the house be sold.
- Apply for mortgage loans, in order to finance the purchase and for the bank to issue the mortgage on the property as a guarantee of compliance with the return of the funds or resources associated with the loan.
What happens if I do not register in the Property Registry
In this part, we will indicate that even though the Property Registry is not mandatory, it is recommended, since its application brings more advantages than disadvantages.
And without there being a law that requires this procedure, if there are regulations that affect the property, as can be seen in the Mortgage Law.
Failure to carry out this process would generate:
- The loss or lack of legal security, as it will be very difficult to certify data such as knowing what was purchased, from whom it was purchased and what charges exist on the good or thing that has been purchased.
- It places the transfer of real estate in a difficult and cumbersome situation, making it more complex, since there would be no evidence to demonstrate the effective and true possession of the property that someone intends to sell. It leads us to think that there may be fraud in the sale of the property.
- Registration costs would rise, so much so that they could even be doubled. Notary public services should be covered, in addition to the corresponding taxes on property transfers, which would be for two assets or homes.
- Inability to obtain mortgage loans, because according to the Civil Code, in its art. 1875, the officially constituted mortgage must have the deed in the Property Registry. The most likely, almost certain, is that the loan will not be granted, because there is no guarantee of repayment of the resources to be lent.
- Non-existence of publication of charges of the property, since with the Property Registry the facts, acts and registered rights are public for all who have an interest in knowing them. Being able to verify that there are no charges or encumbrances, such as mortgaged.
- Ignorance of Hidden Costs, due to the uncertainty generated by the lack of registration of the Property Registry
- Presenting the case of homes that have never been registered, due to the loss of legal security, the expenses for the first registration process are increased.
We hope that reading will encourage you to update your real estate in the Land Registry!
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