What is the difference between deed and property registration?
Anyone looking for a new house or apartment to live in, for sure, has heard of two very common terms in the real estate universe: deed and property registration. Although these two documents are often used in this type of negotiation, it is common that most people end up confusing the purposes of each.
Did you identify with the situation? So do not worry! We want this transaction to be as smooth as possible for you and, because of that, we created this post with important information on the subject. Follow up to find out more!
After all, what is the property deed and what is it for?
The deed is the definitive document of transfer of ownership of the property. Its function is to formalize the interest of those involved and the purchase and sale process.
And it doesn’t end there. In the document, you will be able to identify some valuable information, the main ones being:
- the conditions of sale;
- the value of the property;
- the parties involved;
- The delivery time for the keys.
In other words, it is important to include in the deed all the details that have been agreed between the two parties. The objective is to signal the interest of those involved in the purchase and sale and ensure that they are aware of their obligations in this type of transaction.
To make the deed, both the buyer and the seller will need to go to a Notary Public’s Office and present the mandatory documentation, as listed below.
- CPF and RG;
- Marriage certificate, in case of married individuals;
- Birth certificate, in case of single individuals;
- Spouse’s death certificate, in case of widowhood.
- Social contract;
- RG, CPF, proof of address and profession.
Of the property
- Enrollment duly updated;
- IPTU card;
- Liability certificate;
- Declaration of payment of condominium fees;
- Debt settlement certificate at the city hall;
- Property value in the form of a declaration;
- Tax compliance certificate, which must be requested from the Internal Revenue Service.
Reminder: All documents must be original. There is also the possibility of presenting copies certified by a registered office.
And the property registration?
The famous property registration basically serves to carry out the effective transfer of ownership of the property. From then on, the buyer begins to bear his obligations as a holder. This is the case of the payment of condominiums and IPTU (Territorial and Urban Building Tax).
In other words, registration is an act made in the registration of the property. With the registration of the definitive deed of the property, the property is formally transferred to the acquirer.
Tip: if the payment for the property is made in installments, through financing, it will only be possible to formalize the registration when the debt is paid off with the financing institution. This document is issued by the bank and, later, the buyer must send it to the Real Estate Registry Office to finalize the transition. The deadline for the agency to complete the update must be respected. At the end of this stage, the buyer will be officially considered the new owner of the property.
After reading this, we hope that you have definitely been able to understand the difference between deed and property registration.
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