Property deed: everything you need to know

The day has finally come when the house you dreamed of will finally be yours. After you have gone through the different stages of buying a house, from researching a property, visiting houses, deciding the perfect house, negotiating a price and concluding the purchase and sale agreement, it is time to sign the deed. In this article, idealista explains what you should take into account before deeding a house.

What is a property deed?
Deed of the property: what documents are required?
Where the deed of a property is made (in person and online)
Deed value of the property
How long does the deed to a house take?
Types of property deed
What is a property deed?
The deed is understood as the act in which the purchase and sale of a property is established. It is carried out through a contract and is the last phase of the entire process. It is usually preceded by the contract of promise to buy and sell, where an amount is paid that proves the interest in buying the property. A deadline is stipulated in this document, followed by the execution of the deed, if the buyer so wishes. If you do not want to continue the transaction, you lose the right to the signal value.

On the day of the deed, the presence of both parties (buyer and seller) is mandatory so that it can be signed. The document is signed before a competent person who attests to compliance with the law, thus witnessing the purchase and sale of the property. This body must verify and prove the identity of both parties.

The deed of purchase and sale and housing credit is composed of two moments:

Purchase and sale agreement, which corresponds to the moment when the buyer becomes the legal owner of the property;
If the house is purchased using the home loan a mutual agreement is signed, in which all the steps related to the loan are set out. It is only at this point that the bank releases the amount requested by the customer for the purchase of the house.
Deed of the property: what documents are required?

contrato de promessa dde comprar e venda

Credits: Pexels
When you make the purchase and sale promise contract, you must start organizing the various documents necessary for the deed, if you have not already done so. These are the documents you need to register a property:

Civil and fiscal identification documents of the parties involved;
Promise contract for the purchase and sale of the property;
Urban Building Record or Application for registration of the Building in the matrix (Model I of the IMI) issued by the Tax and Customs Authority;
User license;
Housing Technical Data Sheet;
Energy and Indoor Air Quality Certificate in Buildings;
Content certificate;
Infrastructure certificate;
Mortgage Distraction;
Toponymic Certificate;
Settlement of the IMT (Municipal Tax on Transfers of Property).
Payment of Stamp Duty.
Where the deed of a property is made (in person and online.



comprar casa

Credits: Pexels
Currently, the deed of a property can be done in person or online. These are the places where you can carry out the deed:

Notary Public Offices;
Land Registry Offices;
Service Casa Ready;
Service Simple House Safe House.
Deed value of the property
All costs associated with the deed are normally borne by whoever will buy the house. There is no exact value that we can assign to this process, as it depends on a number of factors, namely:

Price of acquisition of the house;
If it is a first or second home;
Expenses associated with the payment of the stamp tax on the transaction;
Stamp duty on credit;
Registration of the deed;
Expenses with ready-made, registry or notary services;
Costs associated with the payment of the IMT (IMT = Deed Value or Tax Asset Value (the highest) x Applicable rate - Installment to be deducted. The IMT rates can be consulted on the Finance Portal;
Place where the deed will be done.
How long does the deed to a house take?
On average, a deed has a time associated with it. It may take more or less time, depending on how long it takes to complete the different stages of the purchase and sale of a property. It is usually necessary:

Obtaining the certificate of content or matrix certificate - 5 to 20 days;
Housing permit – 7 to 30 days;
Promise of sale and purchase agreement – ​​7 to 30 days;
Sign deed – 14 to 90 days;
Conclusion of the business in  to obtain the certificate of content and the matrix certificate
1 week to 1 month to receive the housing license if the seller does not have it
1 week to 1 month to negotiate the terms of the promissory sale agreement
2 weeks to 3 months to sign the deed and pay the balance to the seller
Registration at the land registry after deed  - 30 days.
Types of property deed

There are several types of deed, which differ depending on the purpose and type of transaction. When we talk about types of scripture we can talk about:

Purchase and sale deed – the most frequent and known;
Purchase and sale deed using a financial institution – the same as the previous one but with bank intervention, due to the need for a home loan;
Inherited property deed – the deed is normally carried out in the aforementioned bodies. The property must be in your name to be able to sell it. It is important to address this point before selling an inherited house;
Property deed under construction – A deed is signed between two parties and can be an advantageous deal as it is usually a cheaper purchase, the property is new and has more time to plan. However, it also has its disadvantages, the work may not be completed or be completed later than expected and the finishes may be different from what I had envisioned;
Donated property deed – the process is the same but there is no associated property value, that is, there is no cost to the buyer when acquiring the property;
Exchanged property deed – the deed consists of the exchange of properties and may or may not have associated values, depending on the values ​​of the properties. If they have different values, the party to whom the property with a lower value corresponds will have to pay the remaining amount.
*The information published by idealista/news does not constitute legal advice *