07 April 2010

These are some of the most important amendments to the revised Spanish Notaries Public Act, approved last December. The new legislation obligates notaries to state the owner´s Foreigner Identification Numbers when signing the deed of sale, and to state exactly how the purchase payments were made, e.g. payself cheques, bearer cheque, bank draft, bank transfer, payment into an account or debiting an account, transfer of assets and payment rights etc. The Notary should also take note of the cheque, bank drafts or documents which accredit the means of payment and provided by the interested parties during the execution of the registered deed. The law also states that if the interested parties do not provide all the documents accrediting the means of payment of the full sale price, the Notary is obliged to ask for details of the sale, in particular dates and means of payment used. Finally, the new legislation states that if the interested parties refuse to explain the means of payment used when executing the registered deeds, the Notary is obligated to place this circumstance on record in the deeds.

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