Purchase a Property through REALTORSOnline and your purchase will be Guaranteed for 20 years with Caser® Title Insurance
When you purchase a property through REALTORSOnline the safety of your property title deeds will be insured AT NO COST TO YOU, through a title insurance issued by Caser®. The premium for this insurance is paid by REALTORSOnline and is issued directly to you the purchaser. The insurance is provided by Caser®, who are major insurers in Spain and insure the Spanish Savings Banks. Their insurance will give you total peace of mind and covers your purchase for a period of twenty years.
REALTORSOnline have been accredited with the exclusive 'Safe Purchase Brand' thus giving you much more than other estate agents when purchasing your home in Spain i.e. a certified extra property protection guarantee for the next 20 years.
The Caser® Title Insurance guarantees that all your legal rights stated in the title deed will be respected and certifies that the property you have purchased fulfils all the agreed legal conditions. Caser® provide a Guaranteed Commitment of Resolution within Six Months. Caser® will appoint a lawyer expert in Spanish Real Estate Law who will manage your problem with the highest standards of diligence and efficiency and if they cannot resolve your title defect within six months, you will be compensated up to a maximum value of 360.000€, providing peace of mind for your most important investment.
Cover is provided up to the price stated in your title deed, this is the declared value as stated in your escritura.
Possible Title Deed Problems
It must be stressed that title deed problems are rare, especially if you use a qualified and registered Spanish property lawyer to act for you in your purchase (a requirement of REALTORSOnline). However for your additional peace of mind both during and after your purchase REALTORSOnline will arrange and pay for a Title Insurance from Caser®. Some examples of problems that may possibly be encountered and which are covered by the insurance are:
Boundary Issues · After your purchase one of your neighbours says that the home you bought occupies some of the land belonging to him.
Hidden Valid Lease · You have bought a house that has, previous to your purchase, been leased to a third party. The lease is valid until it expires, regardless of who holds title to the property.
Purchase from an Incapable Seller · You discover that the person from whom you bought the property lacked the necessary legal capacity to sell (i.e. not of age, mental handicap, senile dementia, etc.)
Hidden Legal Defect · Over the course of the 20 years, you may find a mistake or discrepancy in the title deeds that makes it impossible or difficult to sell your property or that limits your rights of ownership or enjoyment.
Marital Problems · The person from whom you bought your property has sold it without spousal consent which threatens your title to the property. Also, if there is a minor child involved, you may not able to access the home you have bought.
Lack of the Certificate of Occupancy · You discover that the property you have purchased does not have a certificate of occupancy which is compulsory in order to connect water and electricity supply.
False Representation of the Vendor (Identity Theft) · You will be covered if a person impersonates you in selling or leasing your own property by forging your identity. The Spanish Supreme Court previously has ruled in favour of a third party purchasing property in good faith and you could lose your property.
The Act of Purchase · You will be covered if the vendor either is not the real owner or he/she acts in representation of the owner with false or revoked powers.
Non-Inscription in the Land Register · If your property is not registered in the Land Registry it is possible, although rare, to suffer some financial loss, in this case the insurance acts as an alternative register, providing the guarantees which should have been offered by the Land Registry.
Demolition Order · We have all heard the well publicised cases where a Demolition Order is placed on a house because it is shown that the building license is illegal as it infringed land classification (Urban Planning Scheme) at the time of purchase, or simply because the house was built without a license or in breach of the terms of the building license. The insurance covers you against such an event.
Other Administrative Orders in Force · Similar to a Demolition Order you discover your house is subject to an undisclosed ruin or eviction order from your date of purchase. You are covered.
Sale “As Is” · You are covered in those cases where it is discovered that part of a property does not belong to you, the new owner. For example, a terrace or patio turns out to be common property, which has been fraudulently added to the plot by the previous owners.
Impossible to Access · When your home, garage or storeroom cannot be accessed, you will be covered. For example, the seller may not vacate the premises on completion or there is no access to your parking space or garage and you cannot park or you are not given the storeroom you purchased, etc.
Bankruptcy of the Seller · You are covered if a judge rules that your property is subject to the previous owner's bankruptcy (preferential rights of the creditors).
Third Party Rights: Easements · You are covered if there is an undisclosed right of way or unregistered charge in favour of a third party is discovered that affects the property.
Third Party Rights: Unknown Heirs ·You are covered if old property owners or unknown heirs from the past appear to claim their property or it is determined there has been mistaken execution of a Last Will and Testament during the most recent transactions that affects your property.
Unpaid Taxes · You are covered for 20 years if you discover there are outstanding taxes prior to your purchase that you should not pay.
Exclusions: Damage, contamination and all defects in the knowledge of the owner prior to the date this policy takes effect.
The above is an outline of the cover offered by Caser®. When insurance is issued by Caser®the terms and conditions of the insurance may vary. The terms and conditions issued with the insurance will always be deemed to be correct even if they differ from those outlined above.
