Once the search for a commercial office for our business is finished, it is time to prepare the necessary documentation for the sale and purchase operation. Those are series of procedures that we must do and that culminate in the deed that reflects the acquisition of the commercial office. A lot of rigor is required when checking that everything is correct because some of these documents could reveal details that until then were unknown and that could even stop the operation.
As steps prior to the final deed, we must take into account having requested from the selling party a copy of the notarial deed that shows that they have ownership of the premises and where the data related to the Property Registry appear. In the same Registry they must have provided us with what is known as a simple informational note of the premises, where we will verify that the property is free of debts, liens or any other type of burden. We must also check that all payments are up to date and we will need a copy of the last receipt of the Real Estate Tax (IBI). When we have all these procedures completed, it will be time to approach a notary’s office – by law this procedure can only be done there – to obtain the public deed of the sale of the premises.
At the notary’s office, we can draw up the public deed based on certain information and absolutely essential documents. Once the identity, capacity and legitimacy of the two parties involved have been verified, the notary will need two documents: the cadastral data of the premises and the energy efficiency certificate – it contains information on the characteristics of the premises in reference to energy saving. Regarding taxes and other charges, it is essential to certify that the IBI payment is up to date and that the property is free of community debts or mortgages. If the premises are for rent, we must also certify that the tenant does not have a preference for the acquisition. In addition to the price of the sale and the means of payment, the deed will also include a warning about the tax obligations generated by the premises, such as taxes or municipal capital gains.
Once the public deed of the premises has been made and the inscription made in the Property Registry, the new owner must pay the VAT -if the premises are new- or the Tax on Patrimonial Transmissions and Documented Legal Acts.