The acquisition or sale of a farm is a process that requires a lot of attention and planning. There are many factors that influence this decision and if they are overlooked, they can cause obstacles. A very important part is the legal considerations to decide the destination of a farm.
Check the status of the title
In the event that you want to sell or buy a property, the first thing you should do is verify with the National Registry the status of the property title. This with the aim of making sure that it is free of annotations or demands that may affect its eventual sale.
In the event that it is not free of liens; such as a mortgage, the owner must cancel the debt to the creditor before they can sell it.
Succession tract
Once you have consulted the status of the title, you must get to the origin of it. It is important to ensure through the background that it was born from a valid circumstance. The succession tract refers to the legal history of a property and this is done in the Real Estate Registry.
Municipal legislation
Another of the most important legal considerations is regional legislation. This goes hand in hand with the geographic location of the property. Buying a farm depends on the purpose you want to give it; however, this must be aligned with the characteristics of the farm and the legislation of the local government to which it belongs.
The use of land is subject to the existence of a regulatory plan, this refers to the urban order that each municipality has stipulated. The development of a farm must be aligned with the jurisdiction of the canton where it is located. If this is not the case, the national legal order and the provisions of the construction law must be accepted.
Due diligence
It is not only important to ensure that the property is properly registered, it is also necessary to make a direct inspection of it. The property plan must be updated and in accordance with the current segregations of the property. On some occasions, the same property has had different segregations; however, the proper order of registration has not been made.
It is of utmost importance that the main buyer knows the current and real state of the property, since they can offer land whose plan describes a larger area or outdated boundaries.
As a seller, keep in mind that when you make a new plan of a property, it has an expiration period of one year to register it with the cadastre. During this period, the engineer or surveyor in charge must correct the changes or observations requested.
Once the plan is registered, the owner has an expiration period of one year to generate the registration of said plan. It is wrong to think that when creating a new plane, it is automatically inscribed.
The property market is one of those that requires more attention, since there are many elements that can directly affect the purchase and sale of the same. It is important that as a seller, you make sure to fulfill your obligations to facilitate the process and as a buyer, inform yourself and be aware of all the legal considerations that pertain to the property you want to acquire.
