{"id":539,"date":"2015-09-17T06:08:03","date_gmt":"2015-09-17T04:08:03","guid":{"rendered":"http:\/\/stiff2015.stiff.es\/en\/?page_id=539"},"modified":"2017-08-10T09:41:35","modified_gmt":"2017-08-10T07:41:35","slug":"legal-definitions-acquisition-procedure","status":"publish","type":"page","link":"https:\/\/www.stiff.es\/en\/legal-definitions-acquisition-procedure\/","title":{"rendered":"Legal definitions: Acquisition procedure"},"content":{"rendered":"
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contrato privado (= Private contract)<\/h3><\/span>
<\/div><\/div><\/div>\nThis concerns the private, non-notarised contract, for the acquisition of property. This is possible in Spain unlike many other countries. It is theoretically even possible to seal a land purchase contract in Spain with a handshake. I strongly advise against, however, unless there are good reasons for it.
\nThis Private contract is often called an options contract or held as such. Also the pre-payment contract recommended by us (Contrato de Arras) is a preliminary agreement. The private or preliminary agreement is used to cover the time between buying decision and notary date (escritura), to bind both parties to the agreement. Market prices are specified here, unlike values mentioned in the escritura. Also, other conditions may be agreed upon here, which a notary would not include in the escritura.
\nDo not confuse this with the hire-purchase agreement , whereby each instalment is guaranteed by the builder\u2019s bank, according to progress in building.<\/p>\n
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registro de la propiedad (= land registry office)<\/h3><\/span>
<\/div><\/div><\/div>\nSecurity concerning the legal title to a property is afforded by the land registry (= registro de la propiedad) in requesting a nota simple<\/strong> (= simple extract from the land registry), which anybody, even without proof of entitled interest, can usually receive within 24 hours. It is only safe to buy directly from the registered owner, otherwise we recommend further investigation. Even in the case of a owner being correctly registered, it is still possible that there may be some liens on the property, so that further inquiries by a lawyer are needed, to avoid legal problems later on.
\nWe can request a nota simple<\/strong> (extract from the land registry) for you:<\/p>\n