Understand the main differences between the deed and the regist

  • When buying an apartment you need to be very careful with the documentation . Many people confuse, for example, property registration with deed - which can lead to unpleasant confusion in the future. So, before closing any deal, it is always good to have the exact notion of what each document is and what exactly they are for. After all, the correct information can avoid inconvenience later on.

    What is the deed of the property and what is its purpose

    When buying a property in the plant or ready, directly from the construction company, the deed must be made after the contractual term for the mortgage write-off.

    The deed is a document, drawn up by the notary at the Notary's Office, which formalizes the obligations of both parties to the deal. Thus, the notary must specify everything that has been decided between the parties: value of the property, form of payment and date of conclusion of the contract, for example.

    When the apartment is bought in cash and is already mortgage-free from the bank, the deed must be done immediately, transferring the responsibilities of the former owner to the buyer, such as payment of condominium and IPTU. However, if the purchase is financed, the contract with the bank itself already fulfills this function.

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    How to do the deed of the property

    Before making the deed of the property, it is necessary to pay the ITBI , the Tax on Transmission of Real Estate. It is calculated through a percentage of the total value of the asset, defined by the prefectures of each municipality. The value of preparing the document, in turn, also varies from state to state and is provided by the registry office itself.

    The deed can be drawn up at any registry office, not necessarily close to the location of the property. For this, seller and buyer must present some personal documents, including the spouse and the property.

    • Birth certificate (single) or marriage;
    • Property purchase and sale agreement;
    • Declaration by the construction company regarding the discharge of the property
    • Identity document;
    • Profession;
    • Address;
    • CPF.

    The registry office usually already has updated certificates on the property, not requiring the parties to take the documents. If there is a specific need, the notary will request it.

    What is property registration and what is its purpose

    Although the deed is mandatory and extremely important, it is the registration of the property that effectively consolidates the purchase and sale transaction. Only from this moment on does the transfer of ownership really pass to the new holder.

    In other words, it is the registration of the property that certifies who is the current owner of the property, and, therefore, the legal responsible for it and for the fees and taxes. Each registration, made in a proper registry office, has a registration number. It details the entire history of the property, including previous owners. Therefore, whoever buys an apartment, for example, and does not register the property is not considered the legal owner of the property.

    On the other hand, the lack of the document also increases the vulnerability to fraud, as in the case of the property that is sold simultaneously to several buyers through the seller's bad faith.

    Precisely to avoid problems of this kind, the recommendation is that the updated registration of the property be requested before making the purchase, when the property is from third parties and not from the construction company. Thus, it is possible to identify any situation that may prevent the registration of the property .

    How to register the property

    The registration of the property can only be done at the Real Estate Registry Office, where all property records for a given region are stored.

    The deadline for making the property registration is 30 days from the regularization of the deed. When the property is financed, however, instead of the deed, it is done directly with the bank and the contract with the bank must be presented at the registry office. The deed, properly said, can only be issued after the financing is paid off.

    The cost of preparing the property registry varies according to the state, with a percentage defined on the value of the property.

    How important are these two documents

    Both documents are very important for the legalization of the property and one does not replace the other, since they have different objectives. Roughly speaking, therefore, the deed only grants the right of use, but the possession is only definitively recognized through the registration of the property .

    Keeping both documents up to date is essential and avoids huge inconvenience, especially for the buyer. The lack of deed can result in multiple sales without anyone having knowledge. In addition, in the event of the owner's death, the property may go into the inventory or be pledged in court.

    The lack of registration of the property means that you do not have any legal right over the property, since you are not recognized as the owner.

    Therefore, far from being an unnecessary bureaucracy, these documents are your guarantee of good business and tranquility in the future. 

     

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