What is Included in the Deed?
The public deed signed by an accredited individual with Fovissste contains three fundamental elements:
- The contract of purchase and sale, formalizing the transfer of the immovable property.
- The credit opening contract, establishing the financing granted and the mortgage guarantee.
- The recognition of property rights, in favor of the accredited individual.
This document provides legal certainty regarding the immovable property, allowing its use, enjoyment, and eventual transfer to another owner or for a different purpose.
What Should the Buyer Pay?
Associated costs include:
- Property acquisition tax.
- Registration costs in the Public Registry of Property.
- Notary and expert valuation fees.
Fovissste covers 50% of registration and notary costs, providing economic relief for the accredited individuals.
The Role of the Notary
The notary’s responsibilities include:
- Presenting a detailed and transparent budget.
- Clearly explaining the contract terms.
- Ensuring the accuracy of the accredited individual’s and property details.
Recommendations Before Signing
Fovissste advises accredited individuals to carefully review the deed before signing it. This includes:
- Validating the accuracy of their details and those of the property.
- Confirming the operation process and payment method.
- Formally requesting mortgage cancellation and property liberation upon credit settlement.
By taking these steps, the property’s legality and freedom from encumbrances are guaranteed once the debt is settled.
Key Questions and Answers
- What is the significance of the deed in acquiring a home with Fovissste? The public deed signed by an accredited individual with Fovissste provides legal certainty regarding the immovable property, allowing its use, enjoyment, and eventual transfer.
- What costs are associated with buying a home through Fovissste? Costs include property acquisition tax, registration costs in the Public Registry of Property, and notary and expert valuation fees. Fovissste covers 50% of registration and notary costs.
- What role does the notary play in this process? The notary presents a detailed budget, explains contract terms clearly, and ensures the accuracy of personal details and property information.
- What should I do before signing the deed? Carefully review your details and those of the property, confirm the operation process and payment method, and formally request mortgage cancellation and property liberation upon credit settlement.
