Mortgages:
When buying a home, most people need to apply for a mortgage loan from a financial institution to cover the cost. Therefore, the first step is to research the available offers and the obligations that will be undertaken. A mortgage is a way for individuals to obtain financing for their needs, where they guarantee the payment of a debt or obligation with a property, generally real estate, which can be auctioned if the debt is not paid. The person who takes out the mortgage has the right to choose the notary who will advise them.
Required Documentation:
DNI, passport, NIE, or residence card of the individuals who will take out the mortgage, or documents that prove the identity and representation of legal entities.
Simple note of the ownership of the property being mortgaged or a note from the Property Registry.
If applicable, for example, when a consumer takes out a mortgage, the prior material transparency deed must have been processed.
Mortgage Cancellations:
These consist of making a record in the Property Registry that a mortgage debt has been settled, so that it no longer appears as a encumbrance.
Requirements:
Request a certificate from the financial institution that granted the mortgage stating that the mortgage debt has been satisfied.
Only the representative of the financial institution will appear at the notary's office, who must prove their powers in accordance with the general rules of representation of legal entities.
Mortgage Modifications:
These are changes to a mortgage that can have various content. Among other cases, they can be changes in mortgage debtors (adding or increasing their number), change of creditor entity, extensions or reductions of term or capital, or alterations in interest rates.
Requirements:
As a general rule, both the financial institution and the individuals who will remain on the mortgage loan must sign. This implies that individuals must provide their DNI, passport, NIE, or residence card, and legal entities must provide documents proving their identity and representation.
In some cases, it is necessary to process a prior material transparency deed (which is free of charge).
Prior Material Transparency Deeds:
These are notarial procedures relating to a consumer mortgage, which allow the client to speak with the notary about the future mortgage, so that they understand the content calmly and without pressure, as only the clients and the notary are present. The person taking out the mortgage always has the right to choose the notary. It is a free notarial act.
Requirements:
The client or clients must inform the bank of the chosen notary.
The bank will send a series of documents electronically to the notary, and the mortgage cannot be signed in Catalonia until 14 calendar days have passed since the sending, or ten if the client waives the additional period established by Catalan legislation.
The client goes to the notary's office, and the notary explains all the documents personally. After this, the mortgage signing date can be set.
Dation in Payment:
These are contracts in which a good is delivered in exchange for the cancellation of a previous debt, thereby releasing the former debtor.
Required Documentation:
For mortgage loans and debt acknowledgment:
Economic data of the transaction.
Property titles of the properties to be mortgaged.
DNI of lenders and borrowers.
Marital economic regime of both.
If a company is involved, current powers or appointment of administrators. Registration details in the Commercial Registry.
For urban properties, a certificate from the community of owners stating that community fees are up to date.
Cadastral reference (latest IBI receipt).
If it is rented or not.
For mortgage cancellation or conditional sales:
Economic data of the transaction.
Deed of constitution of mortgage or conditional sale.
Identification document (DNI) of lenders and borrowers.
If any company is involved, current powers or appointment of administrators.
Registration details in the Commercial Registry.
Cadastral reference (latest property tax receipt)
If it is rented or not.