Escritura:
In order to be valid, any property title deeds in Spain need to be signed and
authorised by a Spanish notary. Following this
they can then be recorded in the Property Ownership Register and are formal, legal
proof of the ownership and characteristics of any property.
The
deeds for a property include the following information:
- The
names and identification of both parties (normally the seller and buyer)
- A
detailed description of the property
- Proof that
the seller is officially registered in the Property Ownership Register as the
owner and is named as such on the previous deeds
- The
value of the property
- Any burdens attached to the
property
- Proof that payment of any communal charges
is up to date
- The sale price and method of payment
The
notary is responsible for reading and explaining the deeds in the presence of
both the buyer and seller before the deeds are signed and of making sure that
the information is correct.
Usual practice in Spain
when buying a property is firstly to sign a private
sales contract before the deeds. Once the deeds are signed the notary can
fax the information to the Property Ownership Registry for the details to be officially
recorded on the same day.
The close collaboration between notaries and
the Property Ownership Registry means that there is little room for fraud or errors
and offers peace of mind to the buyer that the sale is legitimate and the property
is free of any hidden burdens. Nevertheless, no system is perfect and anyone considering
buying property in Spain is advised to hire the services of a lawyer who will
check all the details before the deeds are signed.