A deed is a legal contract signed at the notary’s office for purchasing a new home. After signing the document and registering at the real estate conservator, you will legally become the owner of the property. This document will be the official proof of your ownership.
Usually, the bank is responsible for preparing the document. The document will thus establish the financing conditions accepted by the buyer (terms, type and amount). In the case of buying with cash, the real estate agent will be responsible for the deed.
The objective of the deed is to register in a physical and legalized document all the important points that influence the purchase of a property. These are the following:
- It certifies that you own the home, in addition that the property is new.
- It indicates the price paid, form of payment and financial institution.
- It notes that the construction is regularized in the municipality and indicate the characteristics and location of the land in the case of a house purchase.
- It certifies that the property is free of mortgages, prohibitions, encumbrances, litigation, liens and any other limitations.
- It testifies that the points in the promissory note are in accordance and fulfilled.
- It indicates the real estate agency as well as the construction company of the property.