When deciding to purchase an apartment in marble arch , you must be aware that there are some bureaucratic steps that must be overcome before the transfer of ownership of the property takes place. Among the various documents that will need to be drawn up in the notary office, there are also some documents to be presented at the property registry office, which raise more questions.
After all, many people still have the false understanding that it is enough to have the deed or the purchase and sale contract signed to become the owner of the property acquired. However, according to Brazilian law, it is the property registration that establishes the property right, that is, it informs who actually owns the apartment.
Because of its importance, in this article, we’ve brought you everything you need to know about this record. Check out!
What is it, what is it for and what is the importance of real estate registration?
As we have already explained, in order to transfer the apartment to your name, it is not enough to sign the purchase and sale contract or draw up the property deed in a notary’s office. This negotiation must be registered in the registration of the property at a Real Estate Registry Office. Only after this act does the transfer of ownership take place.
In addition, each Real Estate Registry Office is responsible for issuing the registration of properties in a particular region. Therefore, it is necessary to go to the competent unit to deal with the documentation of the good to be negotiated.
Because property registration is the only form recognized by law that determines the ownership of a property, if you do not register the purchase and sale deed, you run the risk of losing the property.
How to get this document?
To obtain the registration of a property purchased in cash, the first step is to look for a Notary Public to draw up the deed. In this case, the notary will collect the signature of the parties involved in the negotiation and will draw up the public deed of purchase and sale.
Now, if the acquisition was made through real estate financing, it will be necessary to arrange the Private Purchase and Sale Instrument with the financial institution, which also has the value of a deed, but does not need to be drawn up at the Notary Public.
In both cases, it is necessary to settle some mandatory taxes, such as the IBI – municipal tax referring to the transfer of real estate.
Then, you need to look for the Registry Office in the region to carry out the process of registering the property. For this, you must deliver the ITBI payment receipt and the purchase and sale deed. Once this is done, you will receive the updated registration of the property showing that it is registered in your name.
What are the particularities of each region?
Due to the fact that the process of buying and selling real estate is regulated by federal legislation, there are no major differences in how to obtain the property registration of the property acquired. However, the ITBI (Real Estate Transmission Tax) is a requirement for the registration of documents in any city.
The ITBI tax is calculated on the market value of the property or on the transaction value, whichever is greater, depending on the municipality. The rate also varies depending on the city and can reach up to 3% on the transaction calculation basis. To find out what the market value is, just check the IPTU booklet.
Usually, the tax is paid by the buyer, but the ideal is to research the municipal legislation, because this is not always clear.
Thus, it is recommended that the buyer set aside some money for this expense, since there are city halls that do not accept the payment of this tax and may charge fines in case of delay.
How does the registration of properties for subdivisions and urbanism work?
To register a subdivision, there are no differences in relation to the documents that must be presented, in which case, it is necessary to take the deed of purchase and sale or the Promise of Purchase and Sale of the land, to the Real Estate Registry Office in the region. However, as it is not a housing project, there are no discounts for this type of document. In this case, payment of the ITBI will also be required.
What is the cost of this document?
The cost of registering property is a very important issue. Despite this, it is still common to have some doubts.
To register, it is necessary to check the price, which varies according to each state in the country and, in these states, it is also tabulated according to the value of the property.
These tables are available on the website of the Instituto de Registro Imobiliário do Brasil (IRIB). However, these amounts are charged based on the market value, that is, on the price that is estimated by the city, and not on the value that the property will actually be sold.
Therefore, it is necessary to consult the real estate registry office in your region or access the tables mentioned above, to check the amount to be paid for registration.
What are the differences between land registration and deed?
Before explaining the difference between real estate registration and deed, it is necessary to reaffirm the importance of real estate documentation. It is only through it that you will be able to know the legal status of the apartment you wish to purchase, as it is possible to find out if the property is linked to any legal proceedings.
The Public Deed of Purchase and Sale is drawn up in the Notary Public’s Office through which one of the parties sells the property to another.
Thus, the Public Deed of Purchase and Sale of real estate is the document that expresses the will between one or more people (buyers and sellers) involved and the Notary Public, which is responsible for formalizing the purchase and sale.
Despite this, it does not transfer ownership of the property to the new owner, and this action is carried out at the property registry office.
Only after the registration of the purchase and sale occurs in the property’s registration, the new owner legitimately becomes the owner of the property.
As you could see, property registration is a fundamental procedure in any real estate transaction. After all, it will be through him that you will become the owner of your new apartment.
Did you like this article? So, how about subscribing to our newsletter? This way, you will receive the latest blog news in your email!