A “nota simple” is a summary report from the Property Registry that describes the property in the deeds, known as the “Escritura”.
It should be noted that a nota simple is only informative and is not valid in front of a court. A registry certificate is needed for the courts.
Judicial information is brief, and usually covers outstanding debts (mortgages or unpaid taxes), the current owners, the boundaries, the total square meters of the land and of the house.
It also describes the type of land, any rights that others may have on the property, such as public paths/roads, water or sewage lines, etc.
The Spanish government is creating a “Bad Bank”, or “Banco Malo”, in which to put all the toxic property assets.
The idea is to progress from the current building crisis by drawing a line under the current woes in the construction sector.
Basically, the Government of Spain issues debt and buys from Spanish banks all their bad investments, which are accumulated in a “bad bank”.
Presumably, the acquisition takes place at a significant discount relative to the actual value, so that in the long-term, taxpayers could even win when the assets are re-sold.
At Property Works, we beleive that this measure, although not without its risks, could be of some help to help the Spanish economy overcome the deflation of its recent property bubble.
Time will tell…