WHAT COMES NEXT?
Once you have signed the escritura for your new property, the notary holds what may be regarded as the true original at the notary office (as is the case with all deeds signed in his/her presence) However, a further “original” is forwarded to the Registro (Registry Office) for registration and stamping, which takes about four months. Whilst the stamped escritura is an important document, and should be kept in a safe place once received, it is not as vital to produce as UK title deeds, as each subsequent purchaser receives a new escritura on buying a property.
If the premises are purchased with a mortgage, the bank issuing the mortgage will hold the stamped and registered escritura. You should receive a Copia Simple (simple copy, as the name suggests) at the time of signing the escritura which is for you to keep. It is not actually necessary to produce the registered escritura when you sell the property, but you must provide a copia simple for the searches to be carried out by the prospective purchaser or their agent.
The notary fees and property registry fees for a conveyance transaction are set on a scale fixed by the Government, and usually amount to approximately 1% of the declared value as shown in the escritura. The notary should be paid the day of signing the escritura, and the registry fee on collection of the registered document. Copies of these bills should be kept safely as they may be able to be offset from taxes at a later date should you become resident or subsequently sell the property.
