House hunting in Spain: What is the ‘nota simple’ and why is it so important?
If you’re house hunting in Spain, it probably feels as though there’s a hundred different things to remember in order to cross all the T’s and dot all the I’s of the Spanish property system.
“One of our clients who completed on his purchase last week sent these kind words following their experience of buying in Spain. Thank you for the comprehensive advice and guidance you have provided us throughout this process, it has been invaluable and made the whole experience far less daunting.”
While there can be a number of hoops to jump through, one thing you must not forget is the nota simple. In basic terms, the nota simple is a detailed report of a property that is on the market.
They are crucial because they contain a full description of each property, what condition it’s in, who the legal owner is, when they bought it, any debts or legal charges against the property, defined use of the land, and any community costs for which prospective buyers would become liable. A lender will always ask for a copy of the Nota Simple at the start of the application process for them to decide if it’s a property they are willing to lend against.
This Land Registry Certificate also contains the IDUFIR (Identificador Único de Finca Registral – Unique Property Identification Code) and practical information like the square footage, physical boundaries, alterations made to the property, and, most importantly, confirms who the legal property owner is so you can’t be defrauded.
That’s why, in the event that you view a property that you like, it’s very important that you request the nota simple before you sign a deposit contract on said home to guarantee it’s reserved for you. If you discover something about the property which dissuades you from buying it, many banks and investment firms will not reimburse you the reserva (deposit) amount from this agreement, which is usually between 1 and 5 percent the value of the property.
It is not unheard of in Spain for property owners to not update the nota simple when they make changes to the property. If this happens to you during your house hunt, be sure to raise it with the owner immediately, and any third-party estate agents or letters you are dealing with.
Discrepancies between the nota simple and what you see when you go to view the property can have legal and financial ramifications: if, as is common, the nota simple is not up to date, mortgage lenders are obliged by law to make offers based on the lower reported value.
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