What information will you receive from the notary when you sign your mortgage agreement?
The mortgage loan you plan to take out and its collateral (the house you are going to purchase) must be public-deeded in order for them to be legally established. For this purpose, a notary’s services are required.
Remember that borrowers are free to choose the notary’s office and that banks cannot impose any one in particular on you.
Law 5/2019 on real estate credit agreements requires notaries to provide exhaustive information about the mortgage and to certify its arrangement. Thus:
- notaries must check that the documentation required has been delivered to the borrowers (European Standardised Information Sheet (ESIS) and the Standardised Warning Sheet (FiAE by its Spanish abbreviation)) within the established deadlines
- notaries must also respond to borrowers’ queries and, in any event, provide personalised advice on the documentation provided by the bank
- they are also required to test the borrower on the documentation delivered and the information provided
- notaries are also required to take minutes including details of the advice provided, also noting that the borrower understands and accepts the mortgage loan documentation delivered by the bank. Without these minutes, the deed will not be drawn up.
In accordance with the new mortgage law, notaries are mandatorily required to give personalised advice and must do so free of charge. Hence, the fee for arranging the mortgage will include no charge for this service.
Do not be surprised if the notary tests you on your knowledge of the terms of the transaction, as this is a legal requirement intended to enhance transparency and, therefore, protect you.