How to ensure a clear, valid, and proper property transfer

The purchase and sale of real estate requires the accomplishment of certain requirements and steps to ensure that the transfer of ownership is legally valid. The first stage is to confirm that all documentation is updated and corresponds to the actual status of the property. Among relevant documents is the minute drafted by an attorney, the updated certificate of encumbrances, the title of ownership, and the cadastral certificate or IRM, among others depending on the case. Proper verification of this information helps prevent errors and allows the process stars orderly.

Once the property’s documentation has been confirmed as accurate, the procedure continues with the legal formalities of the transfer. It is reviewed the information of Property Registry to verify ownership and dismiss mortgages, prohibitions or pending lawsuits. Then the minute is drafted, setting out the price and obligations of the parties, followed by the payment of the applicable municipal and provincial taxes. The process is formalized with the signature of the public deed before a notary and finalized with its registration at the Property Registry, which grants legal validity to the transfer.

Legal advice of a specialized attorney expert in the matter ensures that the purchase and sale is carried out correctly. The attorney is responsible of reviewing the property’s documentation is in force, and draft the minute in accordance with the parties’ agreement, and managing the notarial requirements. The attorney also manages the registration of the deed at the Property Registry to ensure that the transfer of ownership is completed properly.

At Quevedo & Ponce, we have extensive experience in corporate law and regulatory compliance. We assist to our clients in the incorporation, transformation and legal assessment of corporate structures, ensuring full compliance with the current legal framework.