Buy a house: real estate documents


Buy a house and the documents you have to see

Buying a house is an exciting process. It is usually the dream of many people. In fact, almost 60% of Spanish people think it is the best way to save for the future according to the results of the Center for Sociological Research (CIS) last barometer. When it is possible, the best would be avoid possible problems caused by bad management. Among the responsibilities derived from work, family, day to day, there is no time for some extra things. Everything becomes much easier if there are professionals guiding future buyers to the best decisions they could make.. How do they could help? Support the future buyers step by step, represent them in their negotiations, filter the properties that best suit them according to their needs ... Today we want to talk about one of the tasks that we usually carry out as professional real estate agencies when managing the sale of a property. And, in order to make the process easier, we see that the documents are up to date. That favors the speed of the transaction. In this article we will talk about what you can look at in the "simple note" (land registry certificate) if you are going to buy or sell your home and how to know if everything is in order. Keep reading!

Let's talk about what the simple note is

As our Broker, Marcello Dodi, comments at this video, the simple note is the x-ray that is done to the property to check its status and characteristics at the time it is requested to the Property Registry. Before even being on sale, all property data in this document has to be verified. This document reflects the legal status of the property. In the simple note you can see if there is any lien (mortgages), charge (seizure, easements) or entries that limit the takeover of the property (usufruct or leases), as mentioned in the Idealist article. This to be able to promote it in an appropriate way and see if it can be sold soon or if other procedures are required.

About the note

If you are going to sell your property or buy a house, there will be many specific cases. In our experience, review the following aspects in this informative document:
  • Ownership: whose name is the house? It may happen that, due to bad advice at the time the property in question was acquired, the person who had bought it did not change it to his name at the Property Registry. In that case you would have to change it before selling it.
  • Description of the promotion: Another thing to look at in the simple note is the state of the property or its characteristics. For example, if a home has not manifested the closure of its construction work. Even if it has been built for years, it is still marked as “under construction” and banks could refuse at the time of applying for a mortgage for it. Another example is the square meters the home has, or the real bedrooms it has (not rooms). These factors have to be advertised as they are in the simple note, otherwise it could be considered misleading advertising. For the appraisal, likewise, the data of the simple note will be taken into account and at the time of the private contract, it would be verified that the square meters expressed in the contract are the same as the document ones.
  • Conditions: As mentioned in the Temple Consulting blog, they are seen when thesale of the property is subject to payment of different taxes. These are charges that must be paid and that many times have already been released. That is, that they was "released" or that they have prescribed its date. On the other hand, see the pending seats: they represent legal open or pending) processes.
Charges or mortgages: the simple note also reflects the charges and mortgages that have been registered. As well as the bank which they have been made, the date, the amount and the moment they will have to be paid. All them at their sign up order. If you want to buy the house, you could find out if it has a mortgage on it at the moment.

Other inquiries

In addition to the legal situation of the property, when buying housing, other data can be corroborated, according to Carmen Giménez, lawyer lawyer of g & g lawyersfor Idealista:
  • Debts for local taxes or fees: at the City Council where the house is located, and specifying both where the house is located and the name and surname of the last owner. Also, by consulting the real estate area at cadastral website (it influences the amount of the IBI receipt).
  • Research on housing services and supplies: see if there are pending spills in the community, or confirm if the services are up to date with payment, beware of a possible debt of the previous owner! Or avoid the economic extra cost of having to re-hire them due to a drop in supply.
If you are going to buy your home, see the steps mentioned here. Or if you want to know how the application of the new real estate credit law is going, read here. As we said previously, each case could rely on many factors Professional advice is recommended, both to save time and bad experiences. In any case, contact us! And you, would you add something? Leave your comments bellow!