The Final Stage - Notary
STEP 7.- TAKING TITLE:
The long awaited moment approaches and there is a lot of work involved to make it happen. Up to this moment, you will have made all the stage payments outlined in your private sale and purchase contract and if you have bought off-plan, the developer will have received all the necessary certificates from the local Town Hall such as the End of Build License (Licencia Fin de Obra) and the Occupancy Certificate (Cédula de Habitabilidad) in order to hand over the property. It is also important to ensure when dealing with a resale property that the water, electrics and community of owner fees are all up to date.
Once these steps have been completed you can arrange a date in which to take title on the property. This takes place before a Notary Public and you will find that the majority of the people you have been in contact with along the way will be present at this moment. For example, if you have taken out a mortgage, your Branch Manager or a bank representative will be there on the day to sign over the mortgage in your name. If you are being assisted by a solicitor, he will also be there to ensure that the information in the deed is as you originally agreed. The vendor will also be present as well as their Branch Manager if they had a mortgage on the property (in order to cancel it or sign it over to you) and of course somebody from your Estate Agent will be on hand to ensure that everything runs as smoothly as possible for you.
If you have taken out a mortgage, you will be required to sign two deeds. The first is the actual purchase deed and the second details the conditions of your mortgage.
If you are not a fluent Spanish speaker, a translator will be arranged for you on the day as the Notary will read the deed to you out loud in Spanish only so you will receive a translation beforehand. The deed will describe the location, characteristics, surrounding area, sizes, price, form of payment and any other conditions pacted if applicable. The balance of monies will be exchanged at this point normally in form of banker's drafts. When the Notary has finished reading the deed and all present confirm that the details within are correct you will be required to sign the document and the vendor will handover the keys to what is now YOUR property but it doesn't end here. Please refer to the next section to ensure that the property is duly registered in your name and all taxes paid on your behalf. Note that any expenses that arise from the purchase and including notary and registry fees are the buyer's responsability.
As mentioned under the Finance section of this guide, house insurance forms part of your mortgage and the agreement will be signed upon you taking title on the property. Just as you would insure your home and contents in the UK, the same applies to property in Fuerteventura. If you are unlucky enough to have to make a claim, contact your insurance company directly and they will guide you as to the steps to take in order to make your claim. If your claim is due to theft, you must also file a report at the local police station informing them of the value of the items taken and they will in turn issue a Certificate that the insurance company will need before they settle a claim.
