Properties in Spain must be registered with the Land Registry or “Registro de la Propiedad”. This is an official document that states the identity of the owner and contains other important information.
But what is the benefit of this registration and how is it applied in practice?
Registro de la Propiedad or Land Registry is an official document that includes information about the owner of the property. It also includes whether there are fees, perks, or any kind of charges.
The information contained therein can also assist determine the boundaries of the property and the type of land it is built on and is an important check for anyone considering buying a property in Spain.
This official registry is managed by the Spanish government, under the supervision of the Ministry of Justice.
The Land Registry protects property rights and can provide important information through ‘not so simple’ information, including legal defences, tenancy or building breaches.
Legally, assets do not need to be registered with the Land Registry, however, this has some advantagesfor buyers in particular, this protects them from debt, taxes and unexpected costs.
For example, you may be held liable if the current owner doesn’t pay their utility bill or if has not paid or serviced a mortgage-
If you have rights to a property in Spain – for example, if you are renting to buy the property – this must also be registered at the Land Registry to ensure that the agreement is valid, has received official recognition and cannot be revoked.
It may also be useful to visit the Land Registry’s website for information about the property you intend to sell. This is important information that potential buyers will be looking for. Avoid losing revenue due to undisclosed recorded issues.
If you use the services of a professional, you will be assured that the content and information provided by Not Simple will be interpreted correctly.
The Land Registry website helps identify potential properties.
To proceed with serious consideration and next steps, you should retain a professional attorney.
Even in the translated version, it will be difficult to interpret some of the details contained in the Land Registry extract if you are not familiar with transferring ownership in Spain. It is difficult to know all the warning signs.
After all, whether you’re buying or selling your property, it’s one of the most important financial decisions you can make, so make sure you don’t leave anything to chance.
Oscar Paoli Abaco Advisors
