Legal tip 37. Why should I register my property...?
Tuesday, February 3, 2009 @ 10:37 PM
What is the function of the Land Registry In Spain?
The Land Registry is the public office for the record and publicity of the ownership rights on real Estate and rights imposed on them.
What is in the Registry?
Every document from first registration of the property through successive transmissions of the estate, any charge on it such as mortgages or easements and every judicial or administrative decisions that may affect them as charges.
What documents can access the registry?
Public Documents: Both Judicial and Administrative and Notary documents. In very few occasions some private contract can also access the Land Registry.
Is it compulsory to register?
No. Registration is voluntary.
What advantages are obtained by registration?
Legal safety as once rights are registered they under judicial guardianship and just what is registered is assumed as certain. Registration of properties facilitates the transmission and the obtention of financiation at lower costs.
What risks if not registered?
The real non registered owner will be affected by those acts voluntarily performed by the registered one and by loans and encumbrances on the property as the registered person is assumed as owner for every effect.
What risks can I run if I do not consult with the Registry?
You will not obtain certainty on ownership or charges on the property.
Do the Land records expire?
No. Definitive records do not expire. Once registered they last for ever and you do not need to renew it.
Do foreigners have a special scheme to register their rights?
Legislation gives same treatment to nationals to foreigners.
Is the registry open to general public?
Yes, but only for those who prove legitime interest. This will be appraised by the Registrar.
How do you get publicity?
There are two ways: simple note and certification. Both must contain, in general, the description of the property, the ownership and burdens. The first have just informational value. Certification is the only way to reliably prove the contents of the register and it is signed by the Registrar.
How much does it cost to register?
There is no fixed amount, it depends on the value of the registred element. Fees are based on tariffs approved by the Government and published in the Official Gazette.
By Maria L. de Castro
web@costaluzlawyers.es
www.costaluzlawyers.es
