DOCUMENTATION AND REGISTRATION
2.1 If I wish to bid on a property, what information will I be provided with?
In many cases, the information that is available in the file is very limited. Those interested may only have access to the documents or data that according to the Law must be made available to them to participate in the auction. This documentation is :
It is the document through which the auction is publicized, and where the specific conditions of the auction are stated.
LAND REGISTRY CERTIFICATE
It is a document by which the Property Registrar certifies who owns the property and what charges it has. It serves to know if the one that acquires a property in the auction has to assume or not the payment of previous depths, charges, mortgages. In the case that there are several charges, we can know which is the one that gives rise to the auction because the registrar states with respect to it that "it is currently valid and has not been canceled".
EXTERNAL APPRAISAL OR OFFICIAL VALUATION
In the event that it exists. The external appraisal or official valuation, this information will be made available and would contain all the necessary data and characteristics of the auctioned property.
2.2 What happens in the event of previous depths and charges?
The purchaser is liable, in the case of previous subsisting depths. ( There for the importance of an extensive due diligence done by us)
In the case of mortgage debts, the outstanding amount of the debt must be paid.
In the case of foreclosures, the purchaser of the auctioned property is only obliged to pay the amounts that guarantee the preferential depth, this is based from the date when the decree of adjudication / or decree of owner ship is presented at the land Registry. The purchaser would only assume them if they had been updated by the previous lienholder by requesting a new depth registration or annotation of the increase in the amounts owed by the depthor.
This property depth analysis is managed by JAVEA HOMES / PROPERTY AUCTIONS SPAIN in case of hiring our services.