We have decided to buy a home and we are about to close the process. After the drafting and signing of the pre-contract of sale and the payment of the deposit, it remains only to write the house to conclude the entire real estate transaction. It is about going to a notary to process the public deed of the house.
As explained from Solvia, although the pre-contract may have legal validity, the most common is that to certify the transfer of a property from one owner to another, we resort to public deed before a notary. What we do is register the purchase agreement in the Property Registry, a public body that certifies its validity and endorses the ownership of the property. The person responsible for performing this procedure is the notary.
In most cases, the houses are acquired through financing so the financial institution that has granted the mortgage will have commissioned the writing of a mortgage loan deed containing the conditions of the financial product that the buyer has agreed with his bank. This document will be delivered to the notary so that he can include it in the writing process.
The notary, in addition to giving faith and reading the text of the deed, will verify that the following documentation is not missing :
- That there are no charges on housing (information in the Cadastre) and that you are up to date with payments to the community of owners.
- The notary will read carefully the sections that refer to the distribution of the expenses of the purchase and sale transaction and the clauses of the mortgage credit if the financing had been used.
- In the case of new housing:
First Occupation License: an administrative document that certifies that a home meets the habitability conditions required by the regulations.
Book of the Building: dossier detailing the construction project of the building to the materials and incidences of the work. Only one copy exists and remains in the possession of the president or secretary of the community of owners, although the buyer has the right to verify its existence.
- In second-hand housing:
Current Certificate of Occupancy: it is similar to the First Occupation License but since it is a second-hand dwelling it must be renewed every 15 years (according to the Urban Leasing Law of 2004).
Last receipts of the IBI (Tax on Property and Real Estate) paid to the municipality that the seller will bring.
At the signing of the writing they will come:
- If the house is newly built, a legal representative of the developer that will act as a seller.
- If the dwelling is second hand, the seller, the buyer and if the operation has been carried out through a real estate intermediary, agent or representative of the company.
- If the buying party has resorted to financing at the signing of the deed, the future owners and an agent of the bank that has granted the PaydayNow loan will concur.
- The presence of the former owner may be impossible on the selling side. In this case, the representative party will have to provide a power of attorney as authorized to sign.
Once the signature has been stamped by both parties and the expenses and taxes of the operation have been settled, the notary will send the agreement to register the new ownership of the property in the Property Registry. The handing over of keys will be carried out, but a copy of the deed will not be delivered, since the notary must “elevate” (make official and public) the deed and this management usually take between fifteen days and a month.