The title transfer is the single moment at which a sale legally happens; everything before it is intention and everything after it is consequence. This post covers how the transfer works, which documents are asked for, and what causes delays.
Application and appointment
The transfer takes place at the Land Registry Directorate. The application is usually made electronically and you are given an appointment day. The fee is expected to be paid before the appointment.
Documents required
What must be complete when you arrive:
- Identity documents for buyer and seller
- The title deed or the parcel details
- Compulsory earthquake insurance (DASK) policy
- The declared value letter from the municipality
- Biometric photograph
- For foreign buyers: translated passport, tax number, valuation report and a sworn translator
The valuation report
Mandatory for sales to foreigners, and usually required otherwise when a mortgage is involved. If the valued figure comes out below your declared price, the registry and the banks work from the report.
Fees and payments
A title deed fee and a registry service charge are paid on transfer. The fee is calculated on the sale price and is shared by law between buyer and seller, though in practice this varies by agreement.
Declaring a price below the real one leads to a tax penalty later. It looks like a short-term saving and is the single most expensive choice in the long run.
The figures for this section will be published once we have verified them against official sources and our own portfolio.
Transfer day
At the appointment the parties or their representatives attend, the officer reads the transaction out, signatures are taken and the deed is issued in the buyer’s name the same day. Paying at this point, and documenting it with a bank receipt, is the safe route.
How long does it take?
With complete paperwork the transaction takes a few hours on the day. What stretches the process is almost always a missing document:
- An expired DASK policy
- A valuation report past its validity period
- A power of attorney that does not explicitly grant the power to sell
- Unpaid property tax on the property
After the transfer
What not to skip once it is done:
- File the property tax declaration with the municipality.
- Take over the electricity, water and gas accounts.
- Notify the site management of the transfer.
- Keep a digital copy of the deed.
This post is general information; it does not replace legal or financial advice. Talk to our advisers about the specifics of your own purchase.
