The Ministry of Justice, through the General Director of Registries and Notaries, Pedro Garrido Chamorro, has issued two instructions that clarify the transitory regime for the processing of information that must be completed by notaries with clients of credit institutions before that these formalize their loan contracts.
The first instruction is aimed at not stopping the loan operations because the computer connection of the telematic platforms of some credit institutions for the submission of pre-contractual information to the notaries has not been completed.
The new law obliges the entities to send their binding offers of credit to the notaries "by secure telematic means" that should allow the notary public the "authentic verification of the date in which they were incorporated into the application".
From Sunday, June 16 to July 31, these communications can be made without using these telematic platforms provided by law, using other alternative means, such as the delivery of paper documents, their mailing or even by computer means that meet the necessary security measures. Thus, on a temporary basis and for a month and a half from next Sunday, the date of entry into force of the Real Estate Credit Contracts Law approved on March 15, the use of such alternative means will be admitted.
All this, however, must be done by safeguarding the new obligations established by law. First, the freedom of choice of notary by the client must be guaranteed.
The instruction also establishes, by way of example, the means by which, over the next few weeks, banks can ensure the reliability of the date of delivery of their binding offers, a requirement of paramount importance, since the public deed can only be signed once a period of 10 days has elapsed since that date. Within this period, the notary must provide detailed advice to the borrower on the clauses of the contract that he / she is willing to sign and have it recorded in the minutes.
Garrido has also approved a second instruction in which he explains how to sign the transactions whose binding offer has been delivered with the requirements of the regulations still in force, but that will be raised to public deed after the new law comes into force, next Sunday, June 16.
In this case, only contracts in which it has been proved that the borrower has accepted the binding offer without modifications before that date may be formalized with effect of the previous regulation. If the prior agreement is not accredited, the new regulations will be applied and it will be necessary to grant the notarial certificate of prior information.