Europe

Property in Spain: What is the ‘nota simple’ and why is it so important?



If you’re home looking in Spain, it in all probability feels as if there’s 100 various things to recollect with a purpose to cross all of the T’s and dot all of the I’s of the Spanish property system.

While there could be a variety of hoops to leap by way of, one factor you could not neglect is the nota easy.

But what’s it? And why is it so necessary?

In fundamental phrases, the nota easy is an in depth report of a property that’s available on the market.

They are essential as a result of they comprise a full description of every property, what situation it’s in, who the authorized proprietor is, after they purchased it, any money owed or authorized expenses in opposition to the property, outlined use of the land, and any group prices for which potential patrons would turn into liable. 

This Land Registry Certificate additionally incorporates the IDUFIR (Identificador Único de Finca Registral – Unique Property Identification Code) and sensible data just like the sq. footage, bodily boundaries,  alterations made to the property, and, most significantly, confirms who the authorized property proprietor is so you may’t be defrauded. 

That’s why, within the occasion that you simply view a property that you simply like, it’s crucial that you simply request the nota easy earlier than you signal a deposit contract on mentioned dwelling to ensure it’s reserved for you. If you uncover one thing in regards to the property which dissuades you from shopping for it, many banks and funding corporations won’t reimburse you the reserva (deposit) quantity from this settlement, which is often between 1 and 5 p.c the worth of the property.

Discrepancies 

It just isn’t exceptional in Spain for property homeowners to not replace the nota easy after they make adjustments to the property. If this occurs to you throughout your own home hunt, remember to increase it with the proprietor instantly, and any third-party property brokers or letters you might be coping with.

Discrepancies between the nota easy and what you see whenever you go to view the property can have authorized and monetary ramifications: if, as is frequent, the nota easy just isn’t updated, mortgage lenders are obliged by regulation to make affords based mostly on the decrease reported worth.

 

How to get la nota easy

You can request the nota easy in individual at your closest land registry workplace, however observe that it’s going to solely be accessible in Spanish and there must be a official curiosity in shopping for the property.

If you’ve seen the property by way of native property brokers, it’s additionally value asking them if they’ll give you a replica. 

Alternatively, the method could be accomplished on-line at https://sede.registradores.org/site/home. 

The value of getting a nota easy varies relying on the place you might be in Spain nevertheless it’s often cheaper to get it in individual (round €3) and costlier if finished on-line (round €9). 

You’ll want the identify of the proprietor – whether or not that be a person or firm – and their ID or passport numbers, or alternatively you may search the property’s finca quantity.





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