Property Listings – Property listing is an activity in which, under contract, an individual agrees to undertake any necessary actions and provision of services for the preparation and settling of real estate contracts entered into by the real estate companies.

Gross Area – Corresponds to the total property surface, measured by the outer perimeter of the external walls, including private balconies, outbuildings and the corresponding share in the common shared areas of the building (REGEU).

Gross Private Area – Corresponds to the total area, measured from the exterior perimeter and the struts of the walls or other material used to partition the building or section, including private balconies, basements and private attics destined for the same use as the building (CIMI).

Area of Construction – Corresponds to the sum of the areas of ceilings, or covered floors, on every level of the building.

Usable Area – Sum of the areas of all the parts of the habitable areas, including lobbies, interior corridors, sanitary facilities, storage rooms, other similar parts and wall cabinets, measured from the inner perimeter of walls that define the limits of the property (REGEU).

Title document – Document issued by the finance office to prove the building registration as per the current law regarding buildings or units.

Title search – Document issued by the Land Registry Office, which allows the property’s situation to be checked, namely the owner’s details, any mortgages or any other charges against the property.

 

Rescission – Dissolution or termination of a contract. When relating to a property loan, it means the termination of the mortgage caused by the extinction of the debt.

 

Public Deed – A legal act executed by a notary, lawyer or registrar, in the presence of the parties, seeking to confer legal validity and legal effectiveness to a particular document.

FIN – Normalized Information Bank Card. A document identical for all banks, available to the client and which should include their identification and the conditions of the bank loan.

Guarantor – A person who guarantees the payment of a third-party debt, in the form of a guarantee. In the case of non-payment of the third-party debt, it is the guarantor who must pay the loan and its interest.

Mortgage – Effective right of guarantee that gives the creditor the right to receive payment for the value of certain immovable or similar elements belonging to the debtor or to a third party with preference of payment of the credit before other creditors who do not enjoy special privilege or priority of registration.

IMI (City Property Tax) – (Formerly Municipal Contribution) Municipal Tax on properties that fall within the taxable value of rural and urban properties located within national territory.

Stamp Duty – State imposed charge which covers all acts, contracts, documents, titles, books, papers and other elements as per the general stamp duty table.

IMT (Municipal Tax on Real Estate Transfer) – (Formerly Sisa) Municipal tax on onerous transmissions of real estate that affect the transmissions provided for by the respective code.

Usage License – document that is intended to verify the conformity of the completed building works with the project that has been approved and with the conditions of the licence or previous communications.

LTV – “Loan to value” – The correlation between the amount of the bank loan and the assessed value of the property.

Land registry document – Registration to include the characterisation of the property, the location and its taxable patrimonial value, the identity of the owners and, if applicable, of the usufructuary´s and the landowners. There are both rural and urban land registry documents available.

Horizontal Property – This is a regime applicable to constructed urban properties, where each owner owns their independent section plus has joint ownership of the common areas of the building where the section is owned in the exact proportion to the latter.

Spread – The interest rate set by the bank when granting a loan. It can vary according to the bank’s financing costs in the interbanking market, the credit risk, the customer and the loan to value rate of the loan.

Effort Rate – Proportion of household income affected by the repayment of loans. It allows the client to know what percentage of their monthly income will be used to meet their financial commitments.

Description document – Joint Land Registry document containing the elements that identify the physical, financial and fiscal situation of the property. The description statement contains the individual order number within each parish, the nature of the property, its denomination, its position – by reference to place, street, property ID number or boundaries, composition and area, value and cadastral situation (indicated by the land registry number or indication of its omission).