Real Property Report Example
- Guideline
- Introduction
- Property Title
- Charges
- Licenses
- Securing Amounts
- Insurance Policies
- Corp. Status of Developer
- Personal Status of Owner
- Community of Owners
This is the section containing all the information related to identification and description of the property. Describing a property or real estate, several physical features have to be taken into account: if its urban land or rural land, the location, the surface or area expressed in metric units, its boundaries, the storey or floor if it is part of a building, among other features.
We will describe the owner and all law issues affecting the title. In this section we will examine the property ownership and we will advise about the type of home ownership. The name and exact details of the actual owner has to be duly registered. Also we will inform you about the title deed and if it´s a marketable title.
This part consists of a relation of the mortgages, charges, encumbrances, foreclosure notices, easements, seizures, tax or any rights in rem which may imply limitations to ownership.
This section will advice you about any registered incident affecting the property related to urban planning issues (building licences, infractions…) Be aware that we will only inform you about the urban planning issues registered at the land registry. If you wish to have an specific urban planning survey please contact us at info@glexandco.com
If you are buying off-plan, your payments have to be secured through an insurance policy allowing you to recover the amounts in case of a breach of contract by the developer.
We should be checking, for houses built after May 2000, if the developer has signed a Ten-year liability insurance policy in relation to that property with an Insurance, covering, inter alia, material damages due to errors or defects in the structural elements of the property.
We will examine if the developer is duly incorporated in accordance with the laws of Spain and if he is duly registered in the Mercantile Registry. We will inform you if the developer is not in a situation requiring compulsory dissolution and was not obliged to reduce the share capital.
We will consider if there is no situation declared at the Land Registry which would limit the capacity of the owner.
With large residential developments, under Spanish law, a community of owners must be formed to govern the rights of the individuals who have bought property. The main function of the community of owners is to administer (through employees) the running of the estate including maintenance of garden areas, swimming pools etc. We will know in which percentage you should be participating in the rights and the obligations.
