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Hi, I have just been in conversation with a friend who owns an apartment in Mallorca, he does not have his Escatura even though he has owned the property for some years, he said it is still in the builders name. My question's are, how would he go about obtaining the Escatura in his own name, how much would it cost and is it possible that the builder could in theory sell the property from under his nose.
Thank you for any comments in advance
Jan
Hi Jan
"In theory"? The property belongs to the developer, he can sell it at any given moment. Moreover he can mortgage it as well.
Your friend should go to a Notary Public along with the developer and obtain the Title deed to it so it is registerd under his name at the Land registry. Only then will it be his trouble-free.
They may have come into some sort of private arrangement for some reason only privy to them i.e. your friend may be divorcing and doesn't want this property to be included within hsi estate. One of the many the problems is if the developer for example should pass away, this property would form part of his estate. His beneficiaries may not be aware of this private agreement between both parties and may sell on.
Sincerely
Raymundo LarraĆ*n Nesbitt
Hi Raymundo,
Thank you for the swift reply, I will let him know your comments and hope that he can still get in contact with the builder, I think he just didnt realise or bother to make sure the title was in his name. If he cant find the developer is it possible for him to change the name? and do you have any idea of costs?
Thanks again
Jan