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· The
Property Registry · |
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What is the
purpose of the Registry?
The purpose of the Registry is the entry and public recording of
the ownership of real-estate assets and the rights associated
with them.
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What is entered
on the Property Registry? Documents relating to the
acquisition of real-estate assets, real rights on those assets,
such as mortgages or easements, and any judicial or
administrative rulings that may affect them, such as attachments.
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What documents
can be entered on the Registry?
Public documents in general, such as notarial, judicial and
administrative documents and, in certain permitted cases only,
private documents such as the distribution of mortgage liabilities
among more than one property, awards by inheritance with a single
heir.
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Is entry
obligatory?
No. In Spanish law entry is voluntary.
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What are the
advantages of an entry on the Property Registry?
It gives legal security since, once entered, rights are protected
by the Courts and only what is entered on the Registry is deemed
to be true. Registering real estate properties makes it easier to
transfer them and obtain finance at a lower cost than if they were
not registered.
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What are the
risks of not entering property?
The negative effects of voluntary acts by the registered owner or
due to any liens or encumbrances that could affect the real estate,
since the registered owner would be considered as the owner for
all purposes.
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Does the Right
expire when it has been entered?
No. Final entries do not have a fixed duration. Once entered, the
right lasts for ever without any need for renewal.
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Is there any
special system for foreigners to enter their rights?
The legislation affords the same treatment to Spanish citizens and
foreigners.
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Is the Registry
public?
Yes, but only for those who have a legitimate interest in
consulting it with regard to a specific property and the Registrar
must consider that the person concerned has a legitimate interest.
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How is a public
record obtained?
There are two methods: an uncertified note and a certificate. In
general they must both contain a description of the property, the
ownership and any encumbrances. An uncertified note is merely for
the purposes of information, whereas a certificate is the only way
to prove the content of the Registry in due form and is signed by
the Registrar.
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How much does an
entry on the Registry cost?
There is no fixed amount since it depends on the value ascribed in
the document in question to the asset being registered. Charges
are based on certain tariffs approved by the Government and
published in the Official State Gazette.
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Source:
Association of Spanish Property and Commercial Registrars
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