Investing in real estate abroad requires meticulous attention to detail, especially when verifying the documents of a property owner. Increasing transparency in global real estate markets has facilitated access to electronic property registers, offering valuable insights to foreign buyers. Here's a step-by-step guide on where and how to check property documents in various countries, including Turkey, Spain, UAE, Montenegro, Italy, Cyprus, Greece, and Bulgaria.
Why Check Property Documents?
Fraudulent activities in real estate transactions are not uncommon globally. To avoid falling victim to scams or irregularities, it's crucial to verify the authenticity of property documents. This precaution becomes especially significant when dealing with private sellers. Checking the documents ensures that the seller has the right to dispose of the property and protects you from potential legal complications.
1. Turkey: Verify the "Tapu"
- Document to Check: Tapu (Certificate of Ownership)
- Verification Method: Request a fresh extract from the land register and cadastre (TAKBİS) from the seller. Cross-verify the information in the extract with the details in the Tapu.
- Important Note: Ensure there are no provisions prohibiting the transfer of rights in the certificate of ownership.
2. Spain: Order "Nota Simple"
- Document to Check: Nota Simple Informativa (Extract from the Property Register)
- Verification Method: Order an extract from the official website of the e-government of Spain using details such as owner's name, property address, owner's tax number, and cadastral number.
3. UAE: Scan the "Title Deed"
- Document to Check: Title Deed
- Verification Method: Utilize the Dubai REST app or the official website of the Dubai Land Department to scan the QR code on the title deed and access the digital version.
4. Montenegro: Study the "List Nepokretnosti"
- Document to Check: Extract from the cadastral register (List Nepokretnosti)
- Verification Method: Request a fresh statement from the seller and cross-verify all details. Check the date to ensure the information is up to date.
5. Italy: Request an Extract from the Register
- Document to Check: Extract from the real estate registers (Conservatoria Registri Immobiliari)
- Verification Method: Ask the seller to provide a recent extract or check the data online on the website of the tax service.
6. Cyprus: Check the "Title Deed"
- Document to Check: Title Deed
- Verification Method: Request the seller to provide the title deed for inspection. Note that the land register is not public, and obtaining information might require assistance from specialists.
7. Greece: Study the Sale Contract with a Lawyer
- Document to Check: Contract of sale and extract from the register
- Verification Method: Ask the seller to submit the sale contract and extract from the register. Engage a lawyer to study these documents, considering nuances like inheritance issues.
8. Bulgaria: Verify the Notarial Deed
- Document to Check: Notarial deed with a mark on the registration of ownership
- Verification Method: Request a copy from the municipal register at the property's location or engage a local lawyer or real estate agent to obtain an up-to-date certificate from the register.
- How to Check a Private Seller Who Is Not the Owner
- If the property is sold by a private individual who is not the owner, request:
- Notarized power of attorney to perform relevant actions.
- Title documents for the real estate object, indicating the person who provided the power of attorney.
- Engaging a licensed real estate agency or professional is advisable for a secure transaction.
Conclusion: Seek Professional Assistance
While obtaining current certificates and extracts is crucial, thorough scrutiny and comparison with the seller's data are equally important. To ensure a secure transaction, involve a lawyer familiar with the legal aspects of the specific country. They can guide you through the process, ask the right questions, and request additional documents, providing invaluable support in navigating potential legal complexities.
VelesClub takes this commitment a step further by offering Real-Estate investments in all these diverse locations. Our experienced team is dedicated to assisting investors throughout the entire process, ensuring a smooth and successful journey in acquiring properties across various countries. With VelesClub, you not only gain access to a wide range of global real estate opportunities but also benefit from a trusted partner committed to your investment success.
