Write a Transfer Deed
23/10/2006, Joost
This is the document that transfers ownership of the property. The transfer is made with the buyer and seller signing the transfer deed (called an "escritura") in the presence of an attorney. The attorney then drafts the transfer deed and registers the sale at the Registro Publico. Custom dictates that if the buyer pays in cash, he selects the attorney to draft the transfer deed. If the purchase is financed, then the transfer can be made in various other ways. A. If a large percentage of the purchase price is financed by the seller and a mortgage needs to be drafted to guarantee payment, the seller´s attorney may draft the transfer deed upon seller´s request. B. If a property is purchased 50% cash and 50% financed, the buyer´s attorney and seller´s attorneys can draft the transfer deed and mortgage in a single document. This process is called a co-notariado. C. Buyer may have his attorney write the transfer deed and let the seller´s attorney draft a separate mortgage instrument. Since the mortgage agreement is being drafted separately, registration fees are higher.
