Five things you should knowbefore buying Property
- Title search
- Owner verification/Authorization to sell
- Property plan
- Easements, annotations and liens
- Municipality
Property Title search
The analysis of the registration history of a property is of utmost importance. It reveals the origin of all the events in the history of a piece of property. Magnalex Abogados will verify that they have been produced according to law and that they do not represent a liability for the buyer.
Owner Verification/Authorization to Sell
In the event that the owner is a natural person, it is necessary to corroborate that the identity of the seller matches with the data of the owner that recorded in the National Registry. In the event that the owner is a legal entity, it is necessary to have the shareholders authorization of the sale in accordance with the conditions agreed by the parties and that the legal representative of the company bears the capacity to carry out the business.
Property plot plan
It is important to verify that the information of the plot plan, such as number, location, measure and boundaries, matches with the data of the property that appears in the National Registry. Likewise, any annotation on the plot plan must be considered to ensure that it does not affect the integrity of the document.
Easements, annotations and liens
Through a court order, situations such as pending judgments and foreclosures can affect a property. Easements are limitations imposed on a property to serve another, such as passage, water, light and view. A mortgage is the most common lien. The seller of the property must ensure that the transfer is made free of annotations, and liens.
Municipality
Properties carry a series of obligations with local governments such as property tax and public services tax, which must be verified to ensure that the property is up to date.