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Moneda
Compra
Venta
Última Actualización: 2010-09-08 06:53:55
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Real Estate Information
STEPS IN THE PURCHASING PROCESS OF AN URBAN REAL ESTATE
Every business has its legal specialties, but usually the steps to follow would be:
- The buyer chooses a property and agrees to a purchase price.
- The buyer's Notary implements a preliminary contract called Ticket Reserve laying down all the transaction conditions such as:
a) Identification of both the seller and the buyer who commit each other to respectively sell and buy.
b) Identification of the property: roll number, area, plans, boundary, etc.
c) Price and form of payment are determined: cash or payment in installments, with or without guarantees.
d) The buyer gives the Notary an advanced payment which is normally 10% of the agreed price. The seller gives the same Notary the title deeds of the property.
e) A deadline for the corresponding document writing is provided. Within this period the Notary verifies that the general statuses of the ownership, the property and its owners, tax, land, etc., are in perfect legal condition. If not so, the contract is terminated and the pre-payment and the title deed of the property are restored, unless the troubles are fitted.
f) A penalty in case of irregularity of any of the parts is established.
- After signing the Ticket Reserve contract:
The Notary studies the required documentation to certify that the property and its owner are free of obligations, liens, mortgages and encumbrances. After checking these items, the Notary writes the property transfer deed which is signed jointly with the payment agreement. In this act, the property is transferred to its new owner.
The property transfer deed becomes part of the Immovable Property Register which makes the buyer the complete owner of the property with absolute legal effect between the parties and against any third party.
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