What do I have to do if I want to buy or sell a property to a private individual?
I want to sell or buy a flat or property from a private individual. What documents do I need? What do I have to do? What if the property has a mortgage? What do I have to do after buying or selling the property?
The purchase and sale of a property is probably one of the most crucial economic transactions of our lives. Buying or selling a property can seem or become complex, especially if the purchase involves the payment of a mortgage or the cancellation of certain charges.
If we leave the matter in the hands of lawyers, we will only have to provide the documents they ask for and be aware of what they tell us, but what if we want to do it ourselves?
In this blog post we are going to break down what documents we need to do this transaction safely and efficiently.
In the next few days we will write about what happens if we have a mortgage, as long as we are dealing with the property of a private individual, and what we should do after buying the property.
In this way, we are going to start with the necessary documents when buying and selling a property from a private individual.
When the property to be bought or sold belongs to a private individual, we must have the following documents:
1. NOTA SIMPLE
Firstly, is required a nota simple registral of the property. This nota simple must be provided by the seller, either voluntarily or at the request of the buyer, although it can also be obtained by the buyer if he has the cadastral reference.
With this nota simple you can find out if the property has any charges (debts, mortgages) and thus cancel it before purchasing, but also know its surface area, find out who the current owners are (the person trying to sell the property may not be the real owner) and much more information.
It is requested at the Land Registry, either in person or online.
This document will be very helpful and will clarify many aspects of the sale and purchase.
2. TITLE DEEDS
Secondly, we need the title deeds of the property. This deed will also show the owner of the property as well as the date on which the property was acquired, its dimensions, any rights to the property and other information. This title deed must be registered in the Land Registry.
This document must be provided by the seller, either because they have the original or a simple copy, they may have it in the bank, or it is still in the notary’s office because they did not pick it up. However, if the title deeds cannot be found, a copy can always be requested at the notary’s office by paying a fee.
3. IBI (PROPERTY TAX)
Thirdly, the Property Tax receipts, the IBI receipts. This tax is mandatory and depends on the Town Hall where the property is located. It is paid annually or quarterly and depends on the cadastral value of the property.
To obtain an IBI receipt, it is enough to keep the last one sent to the property address.
It can be paid in person, electronically or by direct debit (highly recommended). It can also be used to calculate the Plusvalia municipal (another tax – we will talk about it in the following posts)
4. CERTIFICATE OF DEBT OF THE COMMUNITY OF OWNERS
Fourthly, the certificate of debt of the Community of Owners. This document lists the debts that the property has with the Community of Owners where it is located. The seller must request it from the president or secretary of the Community, or from the property administrator, so that the buyer knows whether or not there is any debt with the Community.
In case there are any outstanding amounts to be paid, the seller may be required to pay these amounts, or reach an agreement with the buyer, as the purchaser of the property will be responsible for the debts.
It is also equally important to know the periodic instalments to be paid to the Community, for which a Community fee receipt will be necessary.
Neither the receipt nor the Community certificate is necessary if the property is not under the Horizontal Property regime.
5. CEE (Energy Efficiency Certificate)
Fifthly, the CEE, the Energy Efficiency Certificate. This document contains detailed information on the energy aspects of a property: heating, lighting, ventilation, among others. It must be done by a company or professional.
6. SUPPLIES BILLS
Lastly, electricity, water, telephone and heating bills, that is, for all the supplies that the property has. In this way, the buyer can register for the supplies that the seller has been using.
In general terms, these would be all the documents that are needed, although some more may be necessary depending on the individual situation of the buyer or seller.
In the previous publication we dealt with contracts preparatory to the sale. Click here to read the publication
If you have any doubts or more specific questions, or if you would like us to accompany you during the purchase or sale of your property, you can contact us without any obligation, and we will help you with the purchase or sale of your property.
MARÍA MANCHA MANCILLA
R&MORENO ABOGADOS
C/ Ramón Gomez de la Serna, 22 Ofic 503
29600 MARBELLA – Málaga
Tfno. +34 658 813 200 – 951 469 361
info@rmorenoabogados.com