14 Feb 2008 8:52 AM:
Dear nfm 262:
The original deeds which are signed at the Notary are kept at the Notary office, so you will always be able to ask for a copy of the same ( called " copia simple")
Once the purchase deed is signed, the Notary keeps the original Deed and he issues a first copy which is the one which is taken to the Land Registry so your ownership can be registered. The Land Registry takes around one month to register the ownership and then the first copy of the Purchase Deed can be returned to the buyer.
Normally, the First Copy is taken to the Land Registry by the lawyer, but if you sign a mortgage to finance the purchase, the Bank will arrange all the aspects regarding: paying of purchase deed, mortgage deed, purchase taxes ( VAT, Stamp Duty...), registration of mortgage and ownership at the Land Registry.... This is due to the fact that the Bank wants to control that the mortgage is duly registered under your name and as a charge of the property. Afterwards, the Bank must give you back the Purchase Deed.
As Maria de Castro said you can alway ask for a Nota Simple at the Land Registry to check that the property was duly registered under your name.
Paula Salamanca - Lawyer
Thread:
Where are the deeds?
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