Villas Fox are members of Apivirtual - a service which gives us access to legal consultations, valuation tools, tax calculators etc to allow us to provide a more complete service to all our clients.
Today we are highlighting one of their own blog posts, since it touches on an issue that we have experience with ourselves, ie what to do if you own a property with land which is greater in size than the description on the title deeds says it is. If the discrepancy is over 10%, then this has to be rectified. We know lawyers who have recent experience of helping our clients to do this in our local area, and like many things, it is something that is best to be addressed at an early stage, to save time further down the line.
You can see the original article at https://www.apivirtual.com/exceso-de-cabida-en-fincas-procedimiento-para-rectificar-la-superficie-registral/?utm_source=clientify&utm_medium=email-marketing
"When a property, whether rural or urban, has a larger actual surface area than the area registered in the Property Registry, we are faced with excess land area.
When we find a property with excess land area and the difference in square meters between the actual surface area and the area listed in the Property Registry is greater than 10%, the registered owner will have to initiate a domain file, since, if the buyer needs financing for the purchase, they will not obtain it, as the bank will deny it due to the difference.
The ownership file, regulated by Article 203 of the Mortgage Law, but with the specifications contained in Article 201 of the Law, is initiated by the property owner, stating the data available regarding the property's real estate rights over the property itself and over the adjacent properties, both registered and cadastral, providing a descriptive and graphic certification of the property subject to the file. Furthermore, if the developer states that the cadastral graphic representation does not match the correction requested, they must provide a georeferenced graphic representation of it.
A necessary requirement for the registration of said file is notification to the registered adjacent properties of the property, to the adjacent properties listed in the cadastral certification, and to the City Council where the property subject to the file is located. In this case, the interested parties may appear and argue in defense of their interests before a Notary Public, and finally, publication in the Official State Gazette.
This procedure is not applicable to the descriptive rectification of buildings, properties, or elements comprising buildings under a horizontal division regime or properties resulting from an administrative procedure for property reorganization, expropriation, or demarcation."
Irene Delgado
Attorney specializing in Real Estate Law. Head of the Legal Department at Apivirtual.com. Trainer and creator of all legal content included in Apivirtual Training.
Villas Fox are members of Apivirtual - a service which gives us access to legal consultations, valuation tools, tax calculators etc to allow us to provide a more complete service to all our clients.
You can see the original article at https://www.apivirtual.com/exceso-de-cabida-en-fincas-procedimiento-para-rectificar-la-superficie-registral/?utm_source=clientify&utm_medium=email-marketing
