The real estate transfer process begins after a written purchase offer is accepted by the seller and when a purchase-sale agreement is completed by both parties. Typically a deposit is required by the broker in order to transmit the offer to the seller. Normally, when signing the escritura or official deed, which needs to be certified by Notario Publico or notary public, the balance is paid and the property is delivered.
The Notario Publico is a government appointed lawyer who processes and certifies all real estate transactions, including the drawing and review of all real estate closing documents, thus insuring their proper transfer. Furthermore, all powers of attorney, the formation of corporations, wills, official witnessing, etc. are handled and duly registered through the office of the Notario Publico, who is also responsible to the government for the collection of all taxes involved. In connection to real estate transactions, the Notario Publico, upon request, receives the following official documents, which, by law, are required for any transfer: A non-lien certificate from the Public Property Registry based on a complete title search. A statement from the Treasury or Municipality regarding property assesments, water bills, and other pertinent taxes that might be due, a survey, and an appraisal of the property for tax purposes is also required.