Page 13 - A guide to buying a new property in the Balearic Islands

A Guide to buying
Balearicislands
new property in the

Completion

5.

The transferring of legal ownership on completion of the purchase takes

place in a Notario’s of ce. The Notario (Notary Public) is a public of cial

who has been appointed to perform certain legal duties in the district. He will

prepare the conveyance document (“Escritura de Compraventa”). Although

the Notario will generally request a Land Registry search immediately prior

to the signing of the Escritura de Compraventa, he does not carry other

searches and investigations. He has no responsibility in the event of a

misrepresentation by the seller or the buyer. It is also important to note that

it is possible to waive the requirement of research being carried out prior to

completion if the parties consent. Often the buyer agrees to such a waiver

without understanding the implication of this.

Once the Escritura de Compraventa has been signed before the Notario all

taxes must be paid and the Escritura de Compraventa should be presented

to the Land Registry for registration.

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