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Keys on Managing the Purchase of a Home

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Agencies are essential when signing the deeds and other taxes that occur when we buy a home. It must be approved by the bank and also have civil liability insurance.

When we acquire a home we must be aware that not everything ends with the signature that is made before the notary. Once this is over, we must go through some procedures that the agency in question usually takes care of.

What the client does is a provision of funds that are the ones that will pay the certain expenses of the registration of the home in the registry and to settle the rest of the corresponding taxes.  Cristina Torres’ agency, with years of experience in the matter, wants to influence that the agency is dedicated to carrying out this type of procedure, charging an amount for this reason, but where there is an obvious lack of knowledge of how the process develops.

We want to give some notes that serve as keys to know how an agency works in the purchase of a home:

Tax settlement and registration of deeds

When the deeds are processed, what the agency does is pay taxes and register them. Likewise, they are also used to participating in the purchase processes that take place between individuals.

Participation when signing the mortgage

At the time of signing the mortgage, the bank usually requires that certain procedures can be done through an agency. They are usually the ones who work with the bank. Although it usually generates some suspicion, it is not mandatory either, but it is no less true that it is not easy for banks to let the customer do it directly.

Processing of the sale of the home

This is another procedure in which they usually participate, knowing if there are charges or financing is necessary to buy it.

They cancel the mortgage

Once “x” years of mortgage payment have passed and when you want to pay off the loan, it is necessary to proceed to cancel the mortgage in the Property Registry. This is how the house becomes free of charges. This makes it a procedure that takes a long time in terms of time, both due to lack of knowledge and due to laziness and expenses with which they are related.

When it must be canceled, the normal thing is that individuals do it directly in order to save costs. This is a management that we can entrust to an agency for its great convenience.

Choice with conditions

When it comes to processing the deeds, the client has ample freedom when choosing the notary. In the event that when we talk about management, freedom of choice seems to have more limits. In general, banks work with a series of them and they are in charge of doing all the procedures.

In the processing of the deeds of the purchase of the house and the mortgage, the client is free to choose the notary. However, when it comes to management, this freedom is more limited. Banks generally work with agencies that are the ones that carry out all the procedures and do not accept that the client looks for an external manager.

The fees are free

If we go to the remuneration system that these managers have, there are a series of differences with respect to those that the notaries themselves have.

In the case of notaries, their fees are set by law and everything will depend on the amount of the property in question and the services provided, but not all notaries charge the same.

In the agencies there is no fixed price, but the budget is over 300 or 350 euros. In general, these are procedures that derive from banking entities, being the banks the ones that approve the managers. In order to achieve this, they run a contest and once they are approved, a series of fixed fees are established.

We are sure that after all these keys it will be much clearer for you what the role of the management keys consists of when acquiring a property.

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