Obtaining a home is one of the most important investments that people make throughout their lives. Therefore, if you are thinking of buying a property, you should inform yourself if it has charges or not. And, in turn, know their scope to make the most appropriate decision. In many cases, some charges make it not advisable to adjudicate the property and others that do not deserve to be taken into account due to their minor importance. As we know the importance of a step like this, we want to leave you an updated guide on the loads of a home and the ways in which you can know them.
It is possible when making the sale of your home, to access all the property registration information by means of a simple note or a certification requested in the Property Registry. On several occasions, it is possible to find that the property is encumbered or subject to various limitations that may affect the domain that a real right exists over them.
The objective of the following article is to provide you with a detailed guide that allows you to understand the meaning of each of the registered charges. So, you will find the most frequent that can appear in the Registry. Sky Marketing is can help you, so keep on reading.
What are the charges of a home?
It is about all the economic obligations that a home has and that is transmitted to the buyer. That is, all those pending payments that you must make in the case of buying a property.
The nature of the charges of a home is diverse, and includes both tax and the community bill. Therefore, it is extremely important, prior to acquiring a property, to verify the existence or not of debts. In this way, if so, you must agree with the seller who should take charge of them. It is a way to avoid surprises once the home is yours.
Ways to know the loads of a house
If you are interested in buying a home, in addition to its cost, taxes or requirements, it is very important that you know if it has charges or/and encumbrances. Many times, the owner does not notify the future buyer of the debts. The main reason? The pending payments, surely, could hinder the sale of the property.
If you decide to carry out the buying and selling process, you decide with the advice of a real estate agency, these data will be provided and investigated by the same. Information will be provided to you in advance. The buyer must ensure the free charge or debt of the home in order to carry out the operation.
The ways of knowing the loads of a house are the following:
- Simple note
- Debt free in the Community of Owners
- Receipts and payment of Taxes
What are the most frequent charges?
After having carried out the previous steps, we may find different types of loads in the house. So that this does not come as a surprise and ignorance, we detail the most important or significant one by one. We will divide them into three groups:
- Registry
- Own
- Municipal
- Of supplies
Registry charges of a home
On the one hand, we have those charges of a home that can be known by requesting a simple note in the Property Registry. These types of uploads are public in nature, therefore, they can be consulted by any person of legal age.
Mortgages
This is the most common burden since, in a vast majority of cases, people purchase their home by awarding a mortgage. It is defined as the guarantee that falls on an asset directly and immediately, as a consequence of the request and granting of a loan or credit by a financial institution.
This burden is extremely important because, since the mortgage itself is the guarantee that accredits the payment of the loan, in the absence of said commitment it is possible to act legally according to procedures regulated by the Civil Procedure Law or the extrajudicial sale procedure before Notary.
For the mortgage to be considered valid, it must be registered in the Property Registry, that is, the mortgage loan must appear in the public deed. In the event that a home is mortgaged, the future owner can acquire, through a subrogation, the commitment to pay it.
When buying a home with a mortgage, you can choose between different situations to continue or not the process of buying and selling it:
- Require the owner to cancel the mortgage before carrying out the purchase of the property. That is, pay the amount of money that is missing to complete the amount of the mortgage.
- Withhold from the total price of the house what is owed and cancel the debt at the moment of purchase. It is one of the most frequently used options. On the day the contract is signed before a notary public, an advisor from the corresponding bank attends and receives a check for the remaining amount of the mortgage. At that time, the notary attests to the cancellation of the latter, so it only remains to make a check for the remaining part of the purchase.
- With the consent of the financial institution, you can carry out the subrogation of the mortgage. The advantage of this option is not having to pay all the mortgage debt at once.
Marginal foreclosure note
The existence of this burden means that the bank will proceed to keep the mortgage for non-payment.
The marginal note does not have a specific period of duration; therefore, it does not have an expiration period and can be cancelled only by order or request of the entity that has requested its issuance. Likewise, while there is a marginal note and it is impossible to carry out the cancellation of the mortgage by public deed. That is, the non-foreclosure note must be cancelled first.
In these cases, the future buyer must request the cancellation of the marginal note before being awarded the home. This accreditation is a way to ensure payment and the suspension of the procedure before signing the contract. Otherwise, if the execution is not cancelled, the registration of the sale may be cancelled.
Usufruct and easement
These types of charges on a home do not have to do with the non-payment of any obligation. Usufruct and easement are charges that establish restrictions on housing. This is the right of third parties, who are not owners, on the property.
What do we mean? In the case of the usufruct, housing is owned by a particular person, however, the right to enjoy your income is another. This is why if you acquire a property and its usufruct belongs to another individual, you will not be able to use it to make it profitable through a rental, for example.
Regarding the concept of an easement, it is a pact between the owner of a property and another person for the use of a property. This can be voluntary or ordered by a judge.
In the case of legal easements, it is not necessary for them to be registered in the Registry, due to their legal status. And, in relation to the volunteers, it is recommended to include it in the Registry, otherwise, they would not affect third parties or acquirers in good faith, and this is how it is usually done in blue world city Waterfront Block.
Preventive annotation
Preventive annotations are intended to notify if a home or property has lawsuits or pending debts. When buying a home it is of great importance to know if you have this type of registration charge since it can be a reason to lose the registration of the sale. It has an expiration period of four years, and can be postponed for four more years.
There are three types of preventive annotations:
- However. It informs that the owner of a property has debts. It is considered a registry guarantee through which
“The assets on which it is practiced are subject to the enforcement procedure requested by the creditor to obtain, where appropriate, with the forced realization of such assets, the amount of the debt guaranteed by the same entry.”
Registrars (2009) Guide of loads that can be found registered in the Property Registry at the time of acquiring a home. Valencia. p.18
- The lawsuit accredits the existence or not of conflicts of the owner with third parties. In this sense, a conflict refers to a confrontation that must be mediated by law and resolved through a trial.
Of a ban on, i.e., the property owner cannot sell or donate it. It is a precautionary measure that prevents access to the Property Registry.
Loads of a home
These types of charges are those that fall on the same property. That is, we refer to the debts that the seller has pending with the community of owners.
Although it does not have the nature of direct charges on the property, they must be paid. Otherwise, if you buy a house that has a pending payment of the community fees, you will have to pay them when the property becomes yours. As we mentioned earlier, you must request a certificate that must be issued within 7 business days of your request. It is issued by the secretary with the approval of the president of the board of owners.
In addition, you must bear in mind that the debts appear in said certificate, but not the possible future charges that have already been agreed by the community.
Municipal charges
Finally, we are faced with municipal charges, which will be transmitted from seller to buyer once the home is transferred.
The most common charge is the Real Estate Tax (IBI), a tax that is calculated on the cadastral value of the home. The IBI is a tax that is paid annually, and must be paid by the owner on January 1. That is to say, it is the person who will have to face the total payment of the current year. On the other hand, we must know the situation in relation to the municipal capital gain and the Tax on Patrimonial Transmissions (ITP).
One way to find out the tax situation of the property is by going to the competent City Council and requesting proof of payment. In addition, the City Council of your locality could provide you with information about the urban loads that the house may have.
When buying a property, you should know that it is owed in tax terms, since the City Council could proceed to an embargo to collect the debt.
To know all the taxes in the real estate sector, we recommend reading the following note:
Loads with supply companies
To complete the information, we want to add, for information purposes, that in addition to the above charges, the property you want to buy may have debts with service companies.
Therefore, at the time of purchase, it is important to consult with these companies (water, gas, electricity, telephone…) to find out whether or not there is any type of pending payment to be able to register them or change ownership.
If so, you must require the seller to settle the payments and to cancel the supply. In this way, you can hire the services you decide.
If you are thinking or have already decided to take the step of owning your own home, we hope this information has been of great use to you. Knowing the loads of a home are of the utmost importance to avoid future problems.
If you have any questions, you can leave your comments or contact the team of dha multan directly, as they can offer you some of the best professional advice and make this process a simple way so that you only dedicate yourself to enjoying it.