The document that concludes the sale and transfers ownership from the seller to the buyer is the title deed.
The title deed is a public act, which is stipulated before a notary, and serves to fine-tune the agreements already reached in the preliminary contract.
For it to be valid, it must contain precise information and details on the dates, agreements and the parties in question.
The importance of the notary in the title deed
The notary, acting as a public official, makes the deed of sale legal and clarifies what exactly it entails.
When the title deed is reached it is good practice to let the buyer choose the notary. However, if a house is yet to be built, it is advisable to trust the seller's notary, who, already being in possession of all documents, may act in a fraction of the time.
The notary verifies first of all that the property has everything in order to be sold, whether there is, for example, collateral, whether there are obligations, and whether it is present in the house and urban registries as it should be.
The notary still clarifies the identity of the parties, the legality of the deed and the truthfulness of how much is declared.
Moreover, it is up to them to collect taxes owed by the buyer on behalf of the Treasury.
What happens during the stipulation of the title deed
The notary must read the title deed in its entirety to the parties involved.
Usually one requests only the presence of the buyer or seller, but it is not rare for them to be accompanied by witnesses.
It is important for the notary to explain the contract to the defendants, because the content and its judicial effects ought to be clear for everyone.
The missing documentation would make them legally responsible for the crime of forgery of a public document.
If after reading, the parties agree on the content, they can sign the title deed.
Duration of the title deed
The notary must register the title deed at the regional agency within twenty days, and arrange for payment to the treasury of the taxes received from the seller during the stipulation of the title deed.
Once registered, the contract is made public. Anyone can oppose it if irregularities can be found.
The successive transcription of the change of ownership, or transfer, at the revenue agencies, happens one month after the registration. This is again carried out by the notary.
The title deed as confirmation of the preliminary contract
The title deed, in order for it to be valid, must contain...