What documentation is essential for real estate property in Spain/Baleares?
The documentation necessary for a real estate property is the same at both the Balearic and national levels.
Depending on whether it is a newly constructed residence or “previously-owned,” the necessary documentation may vary.
The property title is a common document for real estate property. The property title determines the ownership of the person exercising the rights as owner.
Normally will be writs of purchase and sale, of acceptance of inheritance, etc.
Recording ownership in the corresponding property registry. This record will allow defending the ownership of the property with regard to third parties.
In case of newly constructed residences is necessary being in disposition of the Certificate of habitability. This document guarantees to the holder that the residence meets the minimum habitability conditions.
Related with the certificate of habitability is a document required prior to its concession, the first occupancy license or municipal construction certificate with which the corresponding City hall certifies the execution of the work according to the project under the license.
On purchasing a newly constructed residence, it is essential for the real estate developer to have filed decennial insurance. For ten years, decennial insurance guarantees against material damages caused by flaws or defects that affect the structural elements of the residence or building.
It is not necessary to obtain decennial insurance if the owner acts as his or her own real estate developer; that is, building the property for his or her own use. If the owner decides to transfer the property within ten years, this decennial insurance must be obtained, or the purchaser must waive this insurance in the public writ.
In the assumption of newly constructed residences, the real estate developer must also deliver to the purchaser, who must give to later purchasers, the building book. This document included the agents involved during the building process, as well as the instructions for use and maintenance of the building and its installations.
In newly constructed residences, Installer Reports are needed to be able to release the supply in the residence.
From a tax perspective, the properties will have a land registry reference used for the payment of the Property taxes levied on the ownership of this property and that are paid annually.
In case of sale of the property, in addition to the documents indicated above, a Certificate of energy efficiency must be obtained. This certificate reports the energy efficiency of the residence, and it is only necessary to obtain it in the case of sale or rental of the property.
Likewise, if you live in a community of owners, it is necessary to obtain certification that payments are up to date.
