The risks of not having your house registered in your name

When the notice of non-payment of ITP arrived in their mailbox, this couple thought it was a simple administrative error regarding a tax they had already paid. What they did not expect to discover was that, in addition to not having paid the tax, the house they thought was theirs was not in their name. Find out how, once again, a real estate sale and purchase turns into a nightmare.

A new real estate scam has left a couple in shock: the house they bought is not registered in their name. Evidence suggests that the payment vouchers and records provided by the real estate intermediary are forgeries.

It all started when the couple received an official notification indicating a debt for the property transfer tax of the house, despite having delivered the corresponding money to the real estate agency that was going to take care of this procedure, among others. Upon investigating the matter, they found that the property was not even registered in their name!

After this deception, the couple found themselves in a complicated situation. Having paid a significant sum for the property and other additional expenses, they are now again required to pay the tax plus accrued interest, albeit without the corresponding surcharge, acknowledging the possible scam.

This finding puts the buyers in a delicate and high-risk situation. Not only do they face the immediate problem of non-payment of the tax, but they also expose themselves to potentially more serious consequences:

• Liens and Debts: If the previous owner accumulates debts or faces legal situations involving liens, the home could be affected, even if the new owners have no relation to such debts.
• Problems with Future Sale: In case they want to sell the property in the future, this situation would complicate the process considerably. They would have to first resolve the ownership of the property before making any transaction.
• Insurance and Credit Difficulties: Insurers may refuse to cover the property or increase rates due to legal complications. Likewise, obtaining a mortgage loan or refinancing may be virtually impossible under these circumstances.
• Legal uncertainty: Without being the official title holders, they have no legal guarantee of their right to the property, which can lead to disputes or claims from third parties.
• Additional Costs: Rectifying this situation involves not only time, but also additional expenses. They will face legal fees, administrative costs, and possibly fines or surcharges.

The situation experienced by this couple highlights the crucial importance of leaving nothing to chance when it comes to an investment as significant as the purchase of a home.

Opting for a warranty service, such as Valido Home, is not simply a choice to facilitate the process or speed up procedures. It goes beyond that; it is a strategic decision that seeks to shield the buyer against possible mishaps and to guarantee that each step is carried out with precision.

The convenience and speed offered by these services are undoubtedly valuable, but the real value lies in the peace of mind they provide. Knowing that behind every decision and document is a team of real estate law experts, who are not only trained but also committed to protecting the buyer's interests, is a priceless investment.

In a world where mistakes, omissions or malpractice can have costly repercussions, having the support of professionals, such as those at Valido Home, is more of a necessity than a luxury.

*Not all real estate agencies act with bad intentions; in fact, many operate with professionalism and integrity. However, intrusion in the sector is a reality. Valido Home was created to protect the interests of buyers and sellers, collaborating with real estate agencies and agents whose ethics and professionalism have been proven. At Valido Home, our priority is to strengthen trust in every real estate transaction.