What is an escritura and what you should pay attention to while signing one?

Disclaimer: This article is translated from ¿Qué es y en qué debe fijarse al firmar la escritura? by Capitalizarme. 

Escritura means deed in Spanish. It refers to signing the legal purchase contract of a property in a notary. After signing the document and registering your title in the real estate conservator (“el conservador de bienes raíces”), you become the legal owner of the property. This document will be the official proof of your ownership.

It should be noted that the bank who grants the loan has the responsibility to provide the document. The financing conditions that the buyer has accepted (type, amount and terms) will be established from this document. In the case of a cash purchase, the real estate agency will be responsible for preparing the deed.

A few days before signing your deed, you can request a draft from your financial institution,in order to review it beforehand. It is recommended that:

• Review your personal information to ensure it is correct (Rut, full name, nationality, current address, marital status and profession / occupation).
• Confirm that the information related to financing is in accordance with the agreement with your financial institution (price, terms, payment method, name of the financial institution, etc.).
• Check that the content is in accordance with the sales conditions agreed between the buyer and the seller.