Sale and purchase of a property between private individuals

Do you need to sell a property and have doubts? In the process of buying and selling a home, it is normal to have many questions associated with the procedures that must be carried out between private individuals.

Questions such as: Can I sell or buy without the intervention of a lawyer? Is it necessary to hire a real estate agency to sell a property? Is it necessary to go to the notary to formalize the purchase and sale of a property? Continue reading this article to clear up all these unknowns.

First of all, what is the sale and purchase of a property?

The purchase and sale of a property is an agreement between two parties to transfer ownership of a specific property in exchange for a price established under certain conditions.

As soon as an agreement is made between the parties, we are already talking about a sales contract, since the Civil Code does not establish a specific structure. However, the practice of this procedure is more in-depth, so that, in most cases, certain formalities are necessary.

Is it possible to buy a home without going to the notary?

The answer is yes, it is possible to carry out the sale and purchase process without the intervention of advisors, notaries or a real estate lawyer. However, it is important to take certain precautions regarding the steps to be followed.

However, it is not advisable to buy or sell a property without going to a notary, as this is a risky decision. This is because, without the participation of the notary’s office, the property is not registered in the Land Registry. This being the case, there is no homeowner. In short, it can be done, but it is not ideal.

First step: gather the required documents

Taking into account the above information, in the following lines we reveal the documents that must be submitted to the notary for the purchase and sale of a property:

Documents provided by the seller

• Title deed verifying that you are the owner.
• Identification document.
• Certification of current payments. It is usually requested from the community manager or president.
• Cadastral reference of the house.
• Electric power certificate.

 

Documents provided by the buyer

• Identification document.
• Cash, check or transfer voucher.

 

Second step: signing of the purchase and sale agreement

When the seller has collected all the necessary documents and his counterpart has the required money, it remains to define the day of the meeting at the notary’s office. It should be noted that only the interested parties (buyer and seller) should attend the signing meeting.

However, if the buyer requires a mortgage, the bank’s attorney-in-fact must be added to the appointment. The purpose of this is to certify that the banking institution is responsible for the money after the registration of the charge on the property.

Third and final step in the sale and purchase of an apartment

After signing the contract for the purchase and sale of a property, the deeds are taken to the Land Registry for registration. This is how the buyer will appear as the new owner of the property.

Expenses incurred during the purchase and sale process

Surely you have asked yourself who pays the expenses in these processes, the answer is both parties. This is because both the buyer and the seller must be responsible for various expenses, for example:

• The seller must take charge of the capital gain, since, if the property has increased in value, he must pay a tax on that gain..
• While the buyer must pay the ITPO (10% tax on the amount of the property). An estimated period of 30 days is available for this payment. In addition, if the sale is between private individuals, you must pay the notary’s fees.

As you can see, the process of buying and selling a home is easier if you have professional advice. So, if you have any questions, as a buyer or seller, do not hesitate to contact us.