The buying process what do you need to know?
The buying process what do you need to know? Once you have found a property then it is important first to do some research before signing a contract. At the property registration office – registro de la propiedad – and the cadastral office – catastro – and in the municipality you can (in preferred by a lawyer) order a report of the property. Moreover, an additional building technology research and investigation might be necessary. Only if it turns out that the house meets all the requirements, you can proceed with the signing of a contract.
After the transfer of the ownership you become basically the owner of Spanish property. Because the transfer of ownership has a free form, it can be included into the contract when the transfer of the ownership will take place during the buying process. If no agreement is reached on the time of signing the contract than ownership is taken place at the signing of the notarial deed. The signing of a contract is not the last step. The final step in buying a property and becoming an owner is obtained only through registration in the property registration office – registro de la propiedad – and the latter requires a notarial deed.
An important role during the buying of Spanish property plays the question – who is the owner of the land and this answer you should know. In most cases the owner of the land is the owner of the buildings, which are on his land. When you register the land the property office – registro de la propiedad on your name than you can avoid a lot of future problem. Moreover, the land is generally used a security meaning for mortgages and loans.
While registering the land you should also be sure that the ground is delivered free of mortgages or debts, because once you own the land, you are the first responsible for old mortgages and loans from the previous owner.