In this article we will highlight the essential aspects that are included in a Purchase Sale Deed granted before a Spanish public notary.
The purchase sale Title Deed in Spain includes the following content:
1st.- The protocol number assigned to the same, place and date of granting and identification of the notary before whom it is signed
2nd.- The appearance, where the selling and buying parties are identified, including the data of their nationality, address, profession, D.N.I., passport number and NIE number.
3rd.- The intervention, where it is stated on behalf of who the parties appear, and the ability they have to intervene in the deed, as well as their legitimacy, in case they act on behalf of other parties.
4th.- The exposure or manifestations of the parties, where the following is included:
- The complete description of the property object of the sale, including its surface and boundaries.
- The registration data of the properties and their cadastral reference.
- The title of the seller, by virtue of which he owns the property he is selling.
- The verification of charges and encumbrances of the real estate object of sale and the statements concerning existence, or not, of tenants or occupants.
- The situation regarding the payment of the IBI and the community fees to the Community of Owners. For these purposes, the buyer will ask the seller to present a certificate issued by the secretary of the community to prove that they are up to date in the payment of community fees. Alternatively, the buyer may exempt the seller from presenting such certificate.
- Incorporation of energy efficiency certificate, provided by the vendor.
5th.- The clauses or stipulations agreed between the parties, which among others, would be the following:
- First: The effective sale and purchase of the real estate described in the deed.
- Second: The purchase price and its way of payment. The notary will examine how and when the price has been paid, leaving a record in the deed, incorporating a copy of checks, transfers, and identifying the account numbers from which the checks or transfers have been issued.
- Third: The agreement of the parties concerning the payment of expenses and taxes arising from the signing of the deed. The Plusvalia Tax is to be settled by the selling party.
6th.- Tax warnings. The notary will inform the parties of their tax payment obligations, being among others, the following:
- Transfer Tax or Stamp Duty in the event that VAT is paid.
- Plusvalia Tax.
- When the seller is non-resident in Spain, retention on the sale price, withholding and deposit on account of said withholding in the Treasury (currently, 3% on the purchase price).
7th.- Finally, the Notary will proceed to the reading and signing of the deed by the parties.
If you need advice on buying your home in Spain, do not hesitate to contact us. We will provide you with legal and fiscal advice, we will assist you in the signing of your deed and the payment of taxes, as well as in the procedure for registering the house in your name.
Welex, your conveyance expert lawyer in Marbella!.