Mortgages:
In mortgages, a person guarantees the payment of a debt or obligation with an asset, usually real estate, so that if the debt is not paid, the asset can be auctioned. They allow people to obtain financing for their needs. The person establishing the mortgage always has the right to choose the notary who will advise them.
Documentation required:
DNI, passport, NIE, or residence card of the individuals who will establish the mortgage, or documents accrediting the legal personality and representation of legal entities.
Title deed proving ownership of the asset subject to the mortgage or a note from the Property Registry.
If necessary, for example, when a consumer takes out a mortgage, having processed the prior act of material transparency.
Mortgage cancellation:
This consists of recording in the Property Registry that a mortgage debt has been satisfied, so that it no longer appears encumbered by said charge.
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 attend the signing at the notary's office, and they must present credentials of their authority in accordance with the general rules of corporate representation.
Novations and subrogations:
These are modifications of a mortgage that can have various contents. Thus, among other scenarios, there can be changes of mortgage debtors (adding or increasing their number), change of creditor entity, extensions or reductions of term or principal, or alterations regarding interest rates.
Requirements:
As a general rule, both the financial institution and the individuals who will remain on the mortgage loan must sign. This requires individuals to present their DNI, passport, NIE, or residence card, and legal entities to present documents accrediting their legal personality and representation.
In some cases, it is necessary to process a prior act of material transparency (it is free of charge).
Prior acts of material transparency:
These are notary files related to consumer mortgages, which allow the client to discuss the future mortgage with the notary, so they can understand the content calmly and without pressure, as only the clients and the notary are present. Those establishing the mortgage always have the right to choose the notary. This is a free notarial service.
Requirements:
The client or clients must inform the bank of the notary they choose.
The bank electronically sends a series of documents to the notary's office, and the mortgage cannot be signed in Catalonia until 14 calendar days have passed since the submission, or ten if the client waives the additional period provided by Catalan legislation.
The client attends the notary's office, and the notary will explain all the documents personally. After this, the mortgage signing date can be scheduled.
Dation in payment:
These are contracts in which an asset is transferred in exchange for the extinction of a prior debt, thereby releasing the previous debtor.
Documentation required:
For mortgage loans and debt recognition:
Economic data of the transaction.
Title deeds of the properties being mortgaged.
DNI of lenders and borrowers.
Marital property regime of both.
If any company is involved, current powers of attorney or administrator appointments. 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 (last IBI receipt).
Whether or not it is leased.
For mortgage cancellation or conditional sales:
Economic data of the transaction.
Deed of constitution of the mortgage or conditional sale.
DNI of lenders and borrowers.
If any company is involved, current powers of attorney or administrator appointments.
Registration details in the Commercial Registry.
Cadastral reference (last IBI receipt).
Whether or not it is leased.