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1. What is the Property Registry in Spain?<\/h2>\n
The Property Registry is a public registry in which the real estate in a particular district is registered. It is a public service that depends on the Ministry of Justice. It provides security in real estate transactions since information can be obtained on the ownership of a real estate, its characteristics, and the charges that weigh on it (mortgages, easements, liens, etc.).<\/p>\n
In Spain, it is not mandatory for a property to be registered in the Property Registry<\/strong>, so a person can be the owner of a home or premises without appearing in the registry. The advantage that registration in the Property Registry provides is publicity; any person with a legitimate interest can consult the ownership, characteristics, and charges of a real estate asset in the registry.<\/p>\n<\/div><\/div>\n
2. How is the property registration carried out in the Property Registry?<\/h2>\n
Let’s imagine that a foreigner buys a property in Spain, the first thing he will do is grant a public deed of sale before a Notary Public, and that deed will be presented in the Property Registry. The Property Registry will make a presentation entry, which is made in the Daily Book, by which the date and time of the presentation of the deed are recorded. The entry for the presentation will expire if the entry is not made within the corresponding period. Therefore, after the presentation entry, the registration entry is made, a final entry by which a specific act or right related to a real estate is registered and published in the Property Registry, for example, a sale of a home.<\/p>\n<\/div>
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3. What can be registered in the Property Registry?<\/h2>\n
The following facts or documents can be registered in the Property Registry:<\/p>\n
\n- Titles by virtue of which ownership of a property is transferred, for example, a deed of sale or an inheritance award deed, among others.<\/li>\n
- Titles by which rights over real estate such as the mortgage, usufruct or easement are recognised or extinguished.<\/li>\n
- Court decisions, for example, a garnishment or a lawsuit.<\/li>\n
- Financial and non-financial leasing contracts on real estate.<\/li>\n
- The titles refer to real estate and real rights that belong to the State, civil or ecclesiastical corporations.<\/li>\n
- The titles related to administrative concessions and real estate in the public domain.<\/li>\n<\/ul>\n<\/div>
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4. Why is it advisable to register a property in the Property Registry?<\/h2>\n
As we said before, registering a property in the Property Registry is not mandatory. Still, it does offer guarantees to the buyer of a property, which are the following:<\/p>\n
\n- The buyer will be considered the sole owner of the property.<\/li>\n
- Registration will also provide the buyer with protection against the seller’s creditors. For example, it may be the case that a person wants to buy a home, request a simple note to the Land Registry and find out that there is a mortgage on the house. The mortgage must be paid before the sale of the property unless the buyer decides to subrogate in it, with the authorization of the bank holding the guarantee.<\/li>\n<\/ul>\n<\/div>