Notaries and administrators come together to collect debts

21 May 2015 – El País

A new electronic system service will register defaults among homeowners.

Notaries and real estate managers are coming together to check debts among home buyers from a local community. Today, Spain’s General Council of the Association of Licensed Property Administrators and General Council of Public Notaries have signed a cooperation agreement that will connect their technology platforms and offer greater flexibility and security in the process of buying and selling homes. The agreement has led to the launch of a new electronic system that will allow notaries and administrators to verify, through safe access, if homeowners have  any outstanding debts and, where appropriate, liquidate them before granting a deed. This is a quick alternative for both buyers of real estate property and local communities.

The process may be conducted in two ways. One way would be to consult the notary online directly, upon acceptance of the seller, in order to certify the status of accounts with their host community.

The other way would be for the the seller to go to a licensed property administrator and request this certificate, following a request of the buyer. The certificate will then be forwarded to the notary’s electronic platform and available for download later on.

Original story: El País (by Sandra Lopez Latvian)

Translation: James Leahu