At Rea Inmobiliaria, we understand the importance of this official document issued by the Land Registry and we would like to share with you why it is so important.
What is the simple note? The simple note is a document issued by the Property Registrars.
It provides information on the ownership and legal status of the property. It is used in the process of selling a property, to check whether a flat has encumbrances and to apply for a mortgage.
Although some properties acquired a long time ago may not be registered, this can cause problems when inheriting or making a sale or purchase. The solution is simple: request a simple note. If it does not appear in the report, it is a sign that the property is not registered, and at this point, it is advisable to consult our legal department to explore registration options.
In the simple note you will find the following information about the property you are buying:
- Precise identification of the property: This section covers essential details such as the exact address, registration number and geographical location of the property. It includes the CRU (Unique Registration Code), which works analogously to the National Identity Card (DNI) of the property.
- Owners of the property: In this context, information is presented on the registered owner, the date of the deed of the property and the notary who carried out the deed.
- Detailed physical description: The nota simple has the capacity to provide a detailed description of the property, addressing aspects such as the address, location coordinates, as well as the dimensions in terms of built and usable area.
- Legal Restrictions: Addresses any legal restrictions or limitations that may impact the use of the property, such as zoning, easements or development restrictions.
- Encumbrances and encumbrances: Crucial information is provided on any mortgages or financial encumbrances affecting the property. This detail is essential for potential buyers, allowing them to assess whether the property is debt-free or if there are any outstanding financial charges to consider.
- Date of issue of the simple note: This element is included to verify the currency and usefulness of the document, ensuring that the information provided is up to date and relevant.
How can the simple note benefit you?
When buying and selling a property, it is essential to review the Nota Simple to understand its financial and legal situation. This avoids unpleasant surprises, such as hidden debts or unwanted restrictions.
In addition, the simple note is key to obtaining financing, as banks ask for it to assess the mortgage application and the solidity of the collateral. It is also essential for investors and real estate agents, as it helps them to assess the potential of the property in terms of development and profitability.
Key Functions of the simple note in Real Estate:
- Buying and Selling Property: Before purchasing a property, the simple note is essential to verify its legal status. It provides detailed information about the current owner, possible encumbrances, liens and physical descriptions.
- Obtaining Mortgages: Banks request the simple note to assess the suitability of the property as collateral for a loan and to verify the existence of outstanding mortgages.
- Inheritance and Donation Processes: In these processes, the simple note determines the ownership and legal status of the real estate to be transferred.
- Urban Planning: Lawyers, architects and other professionals use the simple note to investigate the legal situation of a property and ensure compliance with urban planning and legal regulations.
How to obtain a simple note:
At Rea Inmobiliaria, we make this process even easier and take care of all the paperwork, thus simplifying the whole process during the sale and purchase of your property in the Northern Zone of Madrid.