Buying a home is possibly the most important investment that people make in their lives. For this reason, when one is going to acquire a home, one must previously find out whether or not there are charges registered on it, and the scope that these have, in order to make the appropriate decision. There are charges that make their acquisition inadvisable, there are others that can be canceled without much problem, and there are others that are not worth taking into account given their limited importance.
Indeed, at the time of buying and selling a home or land on which we later intend to build a building, after obtaining the pertinent registry information through a simple note or a certification, we can find that the property is encumbered or subject to limitations that affect ownership or that there is some real right over it. When the interested party receives this information, sometimes they do not fully understand its scope due to the special legal and registry terminology.
The objective of this guide is to make it easier for the potential layperson acquirer to understand the meaning that the different registered charges may have. In it, the most frequent charges that may appear in the Property Registry are examined one by one, determining their scope. We intend it to be useful to the citizen, explaining in simple terms the legal situations that may affect homes.
If, after consulting the guide, doubts persist, those interested can go to the competent Registry, where the Registrar will advise you the most appropriate for each legal situation.
Mortgage: Guarantee that falls directly and immediately on real estate, generally as a result of the granting of a loan or credit by the bank (creditor) to a person who is normally the owner of the home, although the latter is not an essential condition since The loan can be granted to a third party and the holder offer the home or property as collateral. As the mortgage is the guarantee for the repayment of the loan or credit, in the event of its non-payment, executive proceedings can be taken against the mortgaged asset, through the procedures regulated by the Civil Procedure Law or the extrajudicial sale procedure before a Notary Public.
The registration of the mortgage in the Property Registry is essential for its valid constitution, for which reason it is required that the mortgage loan be recorded in a public deed.
In the event that the property is mortgaged, it must be borne in mind that the purchaser of the same can subrogate the position of the debtor with the consent of the creditor, assuming the payment of the amounts owed, and can even subrogate another creditor entity in the mortgage loan initially granted by the original entity in order to improve the conditions of the loan. In this case, the creditor must present a binding offer accepted by the debtor, of which the original entity is informed, regulating the necessary requirements in the event that the first creditor does not provide the due collaboration.
PARTICULARITIES
In case several properties are mortgaged, the mortgage liability must be distributed among them.
When a property is linked to another, for example the storage room to a specific home, to the extent that both have the same legal purpose and must be transferred jointly, and although both are configured as registered propertiess with different numbers, they must not Mortgage responsibility should be distributed between the two, since this would make it possible for them to be foreclosed independently and, therefore, to be separated or separated, unduly altering the legal configuration of the property, which cannot be done without meeting certain requirements.
The total mortgage liability of each property is the sum of liability for principal (for example, the amount of the loan) and, where appropriate, liability for ordinary interest, delay, costs, expenses, etc. Said amounts are reflected to ensure that in the face of foreclosure, in no case will the property be liable for higher amounts to the detriment of a third party, that is, of the person who acquires the domain or ownership of any right, trusting in the publicity provided by the Registry. . But this does not imply that the amount owed is the total sum of the same, nor that in the event of foreclosure the property necessarily responds for all of them, but simply responds for what is actually owed at any time.
If the mortgage encumbrance appears as a charge by reason of origin, it is because the property originally mortgaged has given rise to others (for example, horizontal division, segregation, material division) and the mortgage liability has not been distributed or settled between them, Therefore, any of the resulting properties can respond to the total lien. In such cases, the mortgage of any specific property cannot be canceled without the consent of the creditor and of each and every one of the owners of the properties into which the original property was divided.
The mortgage has the term of duration that the parties have agreed, normally coinciding with the term of the guaranteed obligation. Without prejudice to the fact that as a general rule for its cancellation it is necessary to grant the public deed of payment and cancellation letter by the creditor, it is possible that it can also be canceled due to expiration through a private instance once twenty-one years have elapsed from its expiration. , unless the Registry records the interruption of said period.
The beginning of the foreclosure of the mortgage is recorded by a note in the margin of the same, by virtue of an order or official letter issued by the Court or Notary before whom the foreclosure is processed. Through said note, third parties are given publicity of the execution and of the body that is hearing it.
At the time of the extension of the note, the domain and charges certification is provided by the Registry, notifying the existence of the procedure to the holders of subsequent rights registered at the time of issuing the certification so that they can intervene, if they are interested, in the execution already that your rights will be canceled by it.
This marginal note does not have a specific duration, is not subject to an expiration period and can only be canceled at the request of the body that has requested its issuance.
In the same way, while said marginal note is in force, the mortgage cannot be canceled by public deed, even if the creditor consents, and the foreclosure note must be canceled beforehand.
In this case, the buyer must demand the cancellation of the execution marginal note before buying, to make sure that the procedure has been stopped, since otherwise, their registration of sale could be canceled due to execution.
The assets and rights transferred are subject by law to the responsibility of paying the taxes levied on such transfers, whoever is the owner, unless it is a third party protected by public registry or the acquisition is justified in good faith or fair title.
The taxes levied on such transfers give rise to a marginal note of fiscal condition for the concepts of onerous patrimonial transfers, corporate operations, documented legal acts, income tax of non-residents, successions, donations, as well as for the liquidations of bonds in subsidized housing.
"The registrar will not admit for the extension of any entry in the Registry, any document that contains an act or contract subject to the tax, without previously justifying the payment of the corresponding liquidation, its exemption or non-subjection."
This condition of the assets is recorded in the Registry by means of a note in the margin of the registration of the transferred asset or right, noting that it is subject to the payment of the complementary liquidation that is appropriate to carry out. They are notes that are issued ex officio and can be canceled, except for the specialties of the bonds, due to expiration five years from their date at the time of carrying out any operation on the affected property or issuing certification.
The cancellation of the note due to expiration does not affect the validity of the legal condition, which continues to produce effects unless a third party acquires for consideration and registers the acquisition thereof.
Finally, it should be noted that if the Public Treasury wanted to enforce such a legal condition through the enforcement procedure for tax debts, it could only seize the right or property legally subject to the payment of the tax that had motivated it. Such annotation would be made by presenting the corresponding administrative seizure order to the Registry (after deriving responsibility from the owner of the property, since this responsibility is subsidiary to that of the principal debtor).
These notes are usually found in most registered properties.
In the cases of transfers of real estate located in Spanish territory by a non-resident income taxpayer, as a general rule, the purchaser will be obliged to withhold and pay 3% of the amount of the sale, which will motivate the Registrar to extend a marginal note, so that the transferred assets will be subject to the payment of the resulting amount, unless it is accredited by means of the pertinent payment letter that has been made, prior to the registration in the Registry, the income to corresponding account.
Affection provided for in the General Law of Subsidies 38/2003, of November 17 to guarantee, where appropriate, the return of the subsidy granted by the public administration in the event of not fulfilling the purpose provided for in it or the destination obligation in the event of acquisition, construction, rehabilitation or improvement of inventoriable assets. According to the law, the breach of the destination obligation occurs, in any case, with the alienation or encumbrance of the property. Therefore, in the case of assets that can be registered in the Registry, the asset is subject to the payment of the refund, whoever its owner is, unless it turns out to be a third party protected by the public registry faith, and the period of destination must be stated in the deed and the amount of the subsidy, circumstances that must be reflected in the Registry, the most convenient way being that of the marginal note.
The buyer must make sure in these cases that the amount of the subsidy has been returned, and request with the administrative document in which it appears, that the condition be cancelled.
Provides urban publicity about the initiation of the appropriate reparcelling file and the condition of the property or part of it to the urbanization process. The registrar practices the marginal note when issuing the certification of domain and charges requested by the acting subject once the file has been initiated. The marginal note expires after three years and can be extended for another three at the request of the acting Administration or the collaborating urban entity.
In this case, the buyer acquires a property that is going to be replaced by another, and will have to take charge of the urbanization expenses that result, in the manner contemplated in the previous section. You must go to the acting body to be taken into account in the file, because otherwise your registration will be canceled when the reparcelling is registered, and you must re-register your purchase on the new property, by virtue of a title in which the new description of it.
We can define urban reparcelling as those procedures by which the owners of land affected by the execution of the urban planning (PGOU), contribute their original plots in order to receive other results or their economic or equivalent compensation, thus achieving the reorganization of the lands affected by the execution unit, so that the resulting properties are acquired with all the obligations and rights implicit in the urban transformation.
The plots resulting from the approval of a reparcelling project are subject to compliance with the obligation to urbanize and other obligations derived from the project.
This condition reaches by law all the owners of the domain and other real rights over the result properties, including, in general, those whose rights were recorded in the Registry prior to the project. This obligation is recorded either by a marginal note or in the registration entry itself in the Registry by subjecting the property to the balance resulting from the final liquidation of the project, reflecting the amount that corresponds to it in the balance of the provisional account of the reparcelling and the quota that is attributed in the payment of the definitive liquidation for the urbanization expenses and others of the project, without prejudice to the corresponding compensations, due to the compensations that could take place. These balances reflect the amounts that cost the urbanization until the final conclusion is produced.
Said registration condition is subject to an expiration period of seven years, and cannot be extended. However, if during the validity of the condition it is justified that the provisional settlement account has been raised to final and two years have elapsed from the date of the confirmation in the Registry of the final balance, its expiration may take place by the course of said two years. Notwithstanding the foregoing, the condition may be canceled before its expiration date, at the request of the interested party, prior compliance with the requirements established by law.
In the event of non-compliance with the payment obligation, the Public Administration may opt for collection through the administrative enforcement procedure, ordering, where appropriate, the practice of the corresponding preventive annotation.
The buyer, if this condition is established and its expiration period has not elapsed, must inform the acting Administration, of the state of the debt, and if the amount that must be paid definitively for his property has already been fixed, since once you acquire it, you must take charge of the pending payments, the property itself being responsible for them.
The forced expropriation files cause the owners of the affected properties to be deprived of their property by the acting Administration, which may be the beneficiary of the expropriation or a third party. The expropriation is for reasons of public utility or general interest, and the affected owners have the right to compensation, after setting its value.
According to the mortgage legislation, the registrars will record in a margin note that the certification of ownership and charges have been issued, proving that a compulsory expropriation procedure has been initiated on the property in question, indicating its date and procedure. This note has an expiration period of three years, its extension being admitted, and serves to publicize the existence of the expropriation file.
The rights of the expropriated holders are safeguarded in the event that the purpose of the expropriation is not fulfilled, through the record in the Registry of the so-called right of reversion, which consists in the fact that in the event of said breach, the expropriated holders can recover the rights of those who have been deprived, so that future purchasers of rights over the propertiess do not ignore the possible reversion of the expropriated right to its former owner.
The buyer should know that one of the effects produced by the registration of the expropriation title is the cancellation of the domain and, where appropriate, of the possible charges and rights registered after the issuance of the certification, which is reflected in a note in the margin, although their owners have not intervened in the file.
The registry situation of the property can result not only from the content contained in the inscriptions themselves, but also from data reflected by a note in the margin of the entry.
Among these notes we can find those that provide publicity about the urban situation of the property:
At the time of granting a license of those provided by the urban legislation or some administrative resolution by which certain land uses or imposition of urban planning duties are authorized, it is possible that in these a series of conditions are imposed that must be fulfilled on the property they affect. These conditions can be recorded in the Registry by means of a marginal note at the request of the owner of the property, accompanied by the administrative agreement, so that the urban situation is made known to whoever consults the content of the Property Registry.
It makes it known that the property itself will not be susceptible to subsequent divisions or segregations, unless the relevant administrative licenses are obtained.
This note is practiced by the registrar by virtue of a final administrative resolution certification or judgment declaring the illegality of the license granted to build and by which the pertinent work is carried out.
This is a measure of protection of urban legality that does not prevent the initiation of the license revision or annulment procedure, within the scope of the procedures for restoring urban legality, from having been subject to preventive annotation.
Land located on rural land must be used in accordance with its nature, and must be used for agriculture, livestock, forestry, etc., or any other related to the rational use of natural resources. However, when said properties are included in the scope of a development action, exceptionally and with the conditions provided for in the territorial and urban legislation, specific acts and uses may be authorized that are of public or social interest due to their contribution to the rural planning and development.
This note is made at the request of the registered owner or at the request of the acting Administration with a hearing of the registered owner, accompanied by the administrative document granting the license, by which the duty that the owners will have to cease said use is recorded in the Registry. to demolish the buildings that are carried out when agreed by the Administration, without the right to compensation.
The owners of properties in which any of the potentially polluting activities established by the law of July 28, 2011 on waste and contaminated soils have been carried out, are obliged to declare this fact in the public deeds that they grant due to the transmission of property. rights over them.
This manifestation is recorded in the Registry by means of a marginal note and at the request of the Autonomous Community, the registrar will issue certification of ownership and charges of the property within which the soil to be declared as contaminated is located, in which case the registrar will record said issuance by a note in the margin of the last domain registration expressing the initiation of the procedure.
This note has an expiration period of five years.
The administrative resolution that declares that a soil has the character of contaminated, will also be recorded by means of a note in the margin of the last domain registration.
When a work declared by antiquity accesses the Registry, the Registrar has the obligation to notify the City Council so that, where appropriate, and as established by the Land Law, the latter in turn certifies the situation of whether or not it is out of order. building, as well as the urban regulations to which it is subject.
The response issued by the City Council originates the practice of a note in the margin of the inscription of the work, which simply comes to inform about the urban situation of it.
However, it should be clarified that the "out of order situation" implies a peculiar regime subject to restrictions as reform, expansion or consolidation works of what is illegally built are prohibited, however allowing its conservation.
The new State Land Law imposes on the registrars the obligation to notify the competent Department of the registration of acts with urban significance, such as subdivisions, declarations of buildings, constitutions of buildings under the Horizontal Property regime and real estate complexes, with the in order to improve control over these acts.
In all these cases it is advisable that the buyer before buying go to the Property Registry or the competent administrative body that requested the proof of the limitation and that appears in a margin note, to find out how it may affect him, depending on the destination that want to give to the property that you acquire.
To ensure the collection of amounts owed, the creditor can obtain from the judicial or administrative bodies a series of guarantees to obtain payment, as is the case of the annotation of embargo. The preventive annotation of embargo is a registry guarantee by which the assets on which it is practiced are subject to the execution procedure requested by the creditor to obtain, where appropriate, with the forced realization of such assets, the amount of the guaranteed debt. for the same annotation.
It has an expiration period of four years and may be subject to successive extensions for four more years, although if it had been extended before January 8, two thousand and one, it would be considered indefinitely extended. In the latter case, it can only be canceled by judicial order of the Court that decreed it. In all other cases, they will be canceled ex officio by the registrar, once their expiration period has elapsed.
Although, as indicated by the Civil Procedure Law, the embargo exists since it is decreed by resolution of the competent body or since the description or manifestation of the assets is reviewed in the act of the seizure procedure, its annotation is necessary for it to take effect. full against third parties because if said seizure has not had access to the Registry, the results of the trial could not affect those who have been able to acquire the property or any real right over the property, which would be considered a third party protected by mortgage legislation, so that embargo, which has not had access to the Registry, could prove fruitless.
In these cases the buyer should:
- Require the seller to cancel it before buying,
- Go to court to find out how you can obtain the cancellation, taking charge of the debt and discounting it from the sale price.
It is very important to solve it before buying, since the continuation of the procedure could lead to the cancellation of your registration of sale.
This is a special annotation that provides publicity of the existence of a judicial administration over the assets on which it falls and which cannot be disposed of without judicial authorization. Its purpose is to prevent the loss of value of the asset subject to administration as a result of mismanagement by its owner, and even prevent it from ending up in the hands of a third party.
We can cite as some manifestations of this type of annotation, those that are practiced, for example, to record the administration of the assets that make up an inheritance in cases in which the corresponding judicial procedure on the division of the hereditary patrimony is raised, or that which has its origin in a criminal proceeding, or those whose purpose is to defend the patrimony of the disabled.
In these cases, the purchaser must find out about the status of the procedure in question and not buy without making sure of its resolution and without clarifying the registration situation.
One of the ways to record in the Registry that an asset is subject to a prohibition to dispose of is through its preventive annotation.
The preventive annotation of prohibition to dispose is a precautionary measure adopted in the corresponding judicial or administrative procedure that prevents access to the Registry, after the annotation is made, any act of disposition related to the assets that it affects, It is dated before or after the same annotation, so it is clearly different from annotations of embargo or demand that do not produce the effect of closing the Registry to the registration of the acts of disposition once it has been extended.
However, an exception to this general rule of registration closure is admitted since the preventive annotations of prohibition to dispose are not an obstacle so that they can be practiced after them, inscriptions or annotations based on existing entries and prior to the domain or right in rem. object of annotation, for example entries that must be carried out as a consequence of mortgage, judicial or administrative foreclosures derived from previous entries.
Finally, it should be noted that the fact of preventing access to the Registry of the dispositive acts carried out does not necessarily affect the validity of the previous alienations.
The buyer should only acquire when the cancellation of the prohibition to dispose is accredited, or has the corresponding judicial authorization, if applicable.
As a general rule, the owner of the assets has the free disposal of them, this means that as the owner he can sell them, encumber them, mortgage them, donate them, etc. Notwithstanding the foregoing, said owner at the time of acquisition may be deprived of his freedom of disposal, by the will of the person who transfers the property or right. Situation that is only admissible in our law when the transferor does so free of charge.
Said prohibition of disposal prevents the performance of dispositive acts in relation to the assets on which it falls. It can originate from acts inter vivos or mortis causa. As the law indicates, it can be imposed by the testator or donor in acts or dispositions of last will (testament), matrimonial capitulations, donations and other acts always carried out free of charge.
Notwithstanding what has been said, these prohibitions can never imply a perpetual prohibition to dispose of and even when temporary, the limits set by law must be respected.
Due to their transcendence and importance, they can be registered in the Registry, producing the effect of closing the registry.
Before buying, said prohibition must be canceled, or have the consent for the sale of the person or persons who established it.
Buying a home in Spain involves a significant financial outlay. For this reason, various administrative provisions contemplate the possibility of obtaining a series of public aid.
In order to access them, it is necessary that both the home and the buyers meet a series of conditions, generally established in advance in the different "state housing and rehabilitation plans" approved by the Ministry of the branch.
Among the requirements of the dwellings are the obligation to allocate them to habitual and permanent residence, admitting that they may have attached garages and/or storage rooms. Such aid depends on a series of circumstances, such as the regime under which the homes are classified, whether it is a new subsidized or second-hand home, etc.
On the other hand, users must meet family income levels that do not exceed certain limits, with maximum limits that vary depending on the type of home.
One of the aids that is most frequently recorded in the Registry is that which is obtained through a subsidized loan. The subsidization of the loan implies that the person who has obtained the aid only pays part of the loan or the installments, since the other part is previously discounted by the credit institution, since this is assumed by the public entity granting the aid.
As a consequence of the subsidization of the loan, a prohibition to dispose of an administrative nature that originates from the fact that it is a subsidized loan is recorded in the Registry. Said prohibition prevents the sale of the affected home during its duration, unless express authorization is obtained or, where appropriate, the loan is canceled and the financial aid received is reimbursed, plus legal interest. Despite the foregoing, there are a number of exceptions, since certain dispositive acts are admissible, without the need to meet said requirements, such as the liquidation of community property or extinction of condominium.
These prohibitions are recorded in the Registry by means of a marginal note.
It should only be purchased when the relevant authorizations have been obtained, if the purchase is made during the established period (five or ten years, normally). In all other cases of acquisition of homes subject to some type of protection, information on prices must be requested from the competent administration, since homes cannot be sold for prices higher than those established.
The Registry may result in the recognition of rights of first refusal and retraction in favor of the Administration in the case of transferring subsidized housing of new construction that meets certain requirements, which means that if the owner of the same wanted to dispose of it, he would be obliged to notify the public entity that was the owner of the right, its will to transmit so that it could exercise the right of first refusal and withdrawal.
Right of first refusal that is given, when the Public Administration expresses its desire to acquire at a time prior to the sale, because in the event that it expresses it later we will find the right of withdrawal.
It should not be purchased until the Administration communicates that it is not going to exercise the preferential acquisition rights.
When a home is purchased, it can be agreed that the entire price be paid at that time, or that part be paid and the rest be deferred to a later time. In the latter case, the seller could demand that the unsatisfied part of the price be guaranteed, one of the possible guarantees being the resolutive condition.
With the registration of the resolving condition in the Registry, publicity is provided about the possible resolution of a legal transaction, both in case of deferred price and in other cases provided by law.
The resolving condition allows the domain to be re-registered in favor of the seller after meeting a series of requirements established by law, and always safeguarding the rights of the buyer and subsequent seat holders.
The buyer should know that if said charge is not canceled, his acquisition could be rendered null and void and his registration cancelled, if the right of the person who has transferred it is finally resolved.
It is possible that in a sales contract it has been agreed that part of the price becomes effective some time after the contract is signed, in which case the seller can demand that the payment of said price be guaranteed within the agreed term, establishing a domain reservation agreement that is recorded in the Registry.
It is considered as a condition of the sale that affects the acquisition of the property by the buyer. This condition means that despite the delivery of the property through the granting of the public deed, the full transfer of ownership in favor of the buyer is subject to the effective payment of the deferred price, otherwise the ownership of the buyer is extinguished, and the seller recovers the domain.
The interested party should not buy until the title reservation agreement is extinguished, since the ownership of the property is not completely determined.
The easement is a lien imposed on a property (servient estate) for the benefit of another belonging to a different owner (dominant estate). Although they can also be established in favor of a natural or legal person.
The easement grants the owner of the same the right to benefit from its content in the terms strictly agreed at the time of its constitution, obliging the owner of the house to respect the exercise of it.
Easements may be imposed by law or by the will of the parties.
The legal ones do not require registration in the Registry, given the publicity provided by law. Among them we can cite those derived from the urban legislation, the law of horizontal property, law of coasts, railways, highways, etc.
With regard to voluntary ones, their registration in the Registry is convenient, since otherwise they would not affect third parties or purchasers in good faith.
The most frequent in terms of housing are those that are imposed by neighborly relations. Some of the most common are those of party walls, lights and views, drainage of buildings, those of passage for electrical energy installations, access to sports facilities and parking spaces, placement of posters and labels on the facades of buildings, antennas …
Finally, every owner of a house under the horizontal property regime must allow access to it for any repair of the property in which it is located.
The buyer must find out about the scope and extension of the easements that encumber his property, before acquiring it.
Horizontal property is a special form of co-ownership constituted between the members of the communities of owners, which supposes the existence of private elements, that is, apartments, premises, garages, storage rooms, single-family homes, etc., together with other elements or spaces common to all of them.
In order to regulate the exercise of the rights and obligations of the members of the communities of owners, statutory norms are usually agreed upon, which may have access to the Registry, in which case they are known by all, binding the current and future owners.
The statutes can be agreed at the time of constituting the horizontal property or at a later time. In the statutes we can find a series of agreements that in one way or another affect the property. Some of them imply the attribution or reservation of special powers that allow their exercise by their owner without the need for the consent of the other members of the community of owners.
One of the most frequent assumptions is the reservation to constitute certain easements that can affect the different elements of the horizontal property and that, for example, authorize the passage through certain spaces, the installation of antennas, location of electrical transformers, sports areas, among others.
The registered statutes bind all purchasers of flats or premises of a building under a horizontal property regime, or of the different elements in the case of urban complexes.
You should not buy without requesting their registration information, to avoid ignoring the easements, and other limitations that may have been established. In case of doubt about its meaning and scope, you must go to the Property Registry, and consult the Registrar.
It is a contract by which the owner of the plot or house and the person interested in acquiring it, agree to its future and possible purchase once the agreed time has elapsed and paying the price in the stipulated manner.
Contract that can access the Registry and has the consequence of warning potential purchasers of subsequent rights, of the existence of this purchase option agreement, and therefore, of its possible exercise by its owner.
Faced with this situation, the person interested in buying the property must obtain the cancellation of the registered option, even though the period of duration that appears in the Registry has already elapsed, having been able to exercise it extraregisterly.
When a natural or legal person is in a situation of insolvency that does not allow them to face the payment of their debts, they can be judicially declared in bankruptcy.
As a general rule, if this declaration occurs at the request of a party, it is called a voluntary bankruptcy, while if it is at the request of creditors, a necessary bankruptcy.
The bankruptcy situation enjoys registry publicity through the Mercantile and Property Registry. The bankruptcy is recorded in the Property Registry through the corresponding registration or annotation entry, by virtue of a judicial order that orders its extension in the properties that are owned by the bankrupt. Similarly, since the bankruptcy situation affects the dispositive capacity of the bankrupt, this is reflected in the Disabled Book of the Property Registry.
With the annotation/registration of the contest, the capacity of administration and disposition of the bankrupt is limited and a series of effects and consequences are produced, which depend on the phase of the contest in which we find ourselves.
As a general rule, in the common phase the powers of the bankrupt are suspended or intervened, leaving the exercise of the same subject to the intervention of the bankruptcy administration, designated by the Judge. In the agreement phase, the effects of the declaration of bankruptcy cease, restoring the patrimonial faculties of the bankrupt, although he remains subject to compliance with the agreement.
In the liquidation phase, the company is liquidated, in the manner determined by the Bankruptcy Judge.
Bearing in mind that there are innumerable legal situations in which the bankrupt can find himself, it is recommended to go to the Registry to obtain the precise information, and consult with the registrar what is the way to proceed, depending on the legal transaction that is to be carried out, since on many occasions the intervention of the Bankruptcy Judge is required.
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