Purchasing a property in Park View Villas requires planning at all stages of the purchase process. The interested party begins by planning to be able to collect the necessary amount to pay in, research the financing options, visit real estate, etc. However, many people forget to provide the documents to buy a property.
This is because buyers underestimate this step, believing that it can be solved in the nick of time. But the truth is that fulfilling bureaucratic procedures takes time and costs money.
For this reason, a buyer who does not plan to run the risk of not being able to close a good deal, either because he does not have the necessary documents, because he will not have time to provide them, or because he did not count on the extra expenses of this stage of the process.
If you do not want to experience this inconvenience, read this article to the end to understand everything about this documentation. Good reading!
The importance of documents to buy a property
Often, people feel irritated by the number of demands that must be met to buy a house or apartment – especially when it comes to financing. However, many of these conditions serve as a guarantee for the buyer, a way to ensure a clean and transparent deal.
Some documents reveal whether the seller or the property itself is the target of a lawsuit that does not allow the sale. An indebted seller, for example, must prove that he has sufficient resources to pay off his debts; if he fails to do so, he will not be able to sell his property, which is part of his assets.
Have you ever thought if the house you want to buy has overdue IPTU or condominium bills? By buying it, you are taking on those debts. Therefore, the ideal is to know in advance whether the property has financial issues or not.
Another case that can happen is the person buying a property that belongs to heirs. The seller receives the money and disappears, but the other heirs (who are also entitled to the property) appear to claim the property. To avoid this situation, it is checked whether the property is included in any inventory.
Documentation may vary from state to state. In order not to take any risks, always rely on the guidance of a real estate professional, as he is knowledgeable about the current legislation and helps to protect the buyer against scams.
Remember that you need to present updated documents, as they are short-lived. They must have been issued up to 30 days before drawing up the deed.
As we mentioned in the previous topic, documentation is necessary to ensure the soundness of the business. In addition, these procedures transfer ownership of the property to the new buyer. The purchase and sale contract only transfers ownership if the property costs up to 30 minimum wages.
Register of Purchase in Notary
As there are deadlines for issuing these documents, it is important to request them in advance. The first document to be provided is the Notary Purchase Register.
The procedure consists of taking the purchase contract to be registered with a real estate registry. The fee charged varies according to the state of the country and also according to the value of the property.
Public Deed of Purchase and Sale
NOTE: in the case of real estate financing, the contract already plays the role of a public deed. Then, once the buyer has registered, it has automatically done the deed as well.
Then, it is important to make the Public Deed of Purchase and Sale. For this, the applicant must go to a Notary Public of his city.
In this case, the buyer will have to pay two values. The first is related to the notary’s cost. The second is the payment of a municipal tax: the Property Transfer Tax (ITBI).
On average, ITBI can cost up to 5% of the sale price of the property. However, it is important to go to your city hall and check the conditions that offer discounts or exemptions – in some cities, municipal civil servants do not pay the fee, for example.
The final formalization, which will transfer the property and end the process, is carried out through the Property Registry, which must be done in a real estate registry. Its cost also varies according to the state in which the deal is being carried out.
In order for both parties to make sure that the buyer, seller or property does not have legal problems, it is necessary to issue several negative certificates. We call this set a “certificate game”. This is not a legal obligation, but there are rare cases where it is not requested. Buyers turn to dispatchers to provide certificates.
Important: if you are buying your first property, please be aware that you are entitled to 50% discount on all notary fees that we quote – in addition to the ITBI discount. For this purpose, a clause must be included in the purchase or financing contract stating that it is the buyer’s first property.
Note: negative certificates are not requested by CrediPronto or by Itaú bank, but it can be a “security” for the buyer and must be agreed with the Real Estate Agency and/or the seller.
For the person who is going to buy, the following documents are required:
- CPF and RG;
- birth or marriage certificate;
- updated proof of address;
- proof of income (bank statement or the last 3 payslips).
If the buyer is married, he will need to present his spouse’s documents. If you are using FGTS, you must also present:
- FGTS extract;
- authorization for withdrawal;
- work card;
- letter from the employer.
The seller’s documents
The seller, in turn, must present:
- CPF and RG;
- marriage certificate (or stable union) with property regime ;
- negative certificates ;
- civil and criminal actions (Federal Justice website);
- state and municipal tax executions (Secretariat of Finance websites);
- settlement of federal taxes (IRS website);
- labor claims (website of the Superior Labor Court);
- interdiction, guardianship and guardianship (specific registries, that is, civil registration, interdictions and guardianships);
- protests (notary publics)
It is also advisable to consult if the seller is enrolled in any credit protection agency, such as SPC or Serasa.
As for the property, we will consider some cases. The basic documents are:
- certified copy of the final deed (registered with the real estate registry and on behalf of the sellers);
- twenty-year negative certificate of real encumbrances (possible property debts);
- registration of reipersecutory actions and disposals (possibility of the property having been sold informally);
- negative tax certificate or copy of the property tax booklet of the last 5 years;
- certified copy of the IPTU ;
- construction registration with the real estate registry office;
- plan of the property (approved by the city hall) or dimensioned sketch and signed by the engineer or architect;
- negative certificate of condominium debts (in case of apartment);
- Get ready (Work Completion Certificate issued by the city hall, proving the legality of the property).
Property documents in the inventory
If the property belongs to heirs, the following must be provided:
- certified copy of the death certificate;
- certified copy of the sharing formal;
- authorization for sale by the Public Prosecutor’s Office (if one of the heirs is a minor).
Important: In the case of real estate financing, the properties in inventory will only be allowed when they are duly registered and with the documentation up to date (permit).
The documents for property in the plant
If the property is on the floor plan, check out:
- documents that indicate details (such as use of the garage and footage);
- deadline for the beginning of the work and delivery of the construction;
- fines for late delivery.
The Descriptive Memorial of the work must be registered with the real estate registry.
Note: CrediPronto does not operate with properties on the Plant.
The ground documents
In the case of land purchase, a document containing detailed information about it is necessary. It is important to confirm that the land is actually legalized for construction – there are areas, for example, that are preserved or reserved for certain entities, such as the Navy or the Army).
In the case of foreign land (or even constructions) – that is, that belong to the Union, the municipality or private institutions, such as the Catholic Church – it is necessary to issue the lease certificate, proving that the property is in good standing with its obligations.
If you buy foreign land, you will only have the right to use (possession), but not the property of the property. You will also have to pay the laudemium to the seller during the negotiation and make the payment of the tenure to the owner (as a rule, annually).
The issuance of the lease certificate will depend on who owns the land. In the case of the Union, it can be issued on the SPU website (Secretaria da Patrimônio da União); if it is the municipality, the issuance is carried out by the city hall.
Note: CrediPronto does not operate with land.
Care with documentation
Some documents are very expensive, especially those that are issued by notaries. Therefore, it may be better to request some of them only after the negotiation is completed. Thus, the risk of having to invest more than once in the request for the same document is avoided due to the expiration of its validity.
Experts recommend that the investor have a reserve corresponding to about 5% of the value of the property to be used only for the payment of taxes and documents.
Remember that you will only be the owner if you register the property in your name. If your purchase was made only with a purchase and sale contract, in order to save money, the solution is to draw up the deed. To do this, you will have to look for the former owner or heirs. In this case, buyer (with proof of negotiation) and seller must attend the real estate registry.
If the former owner or his heirs are not found, to obtain the deed it will be necessary to appeal to the courts, filing a usucapion lawsuit. These actions vary according to the property (size, location, among other factors).
For urban properties over 250 square meters, the buyer must prove (by means of accounts, photos, witnesses) that he has lived in the property for at least 5 years. That way, you will get the registered deed. The adverse possession process can take at least 1 year, and its costs are equivalent to approximately 1% of the value of the property.
Prevent and collect documents in advance, regardless of whether it is a cash purchase or through financing. In addition, it is always good to have specialized professionals to guide the process (lawyers and brokers, for example).
Trying to fulfill all this bureaucracy without help can make the buyer make mistakes when it comes to obtaining the documents to buy a property. In addition to generating stress, these errors can lead you to have to wait even longer to finalize the purchase or direct more resources to pay for the documentation.