Spanish Mortgage Law
This month, the 150th anniversary of the 1861 Spanish Mortgage Law was celebrated. This law established the position of the registrar in Spain.
The event that took place in the headquarters of the Land Registry was led by H.M. the King Juan Carlos of Spain. The mercantile and land registrars also attended the celebration.
In the event, different opinions were issued about the changes needed by this law that seems insufficient to handle foreclosures.
In the last 50 years, this law has been modified and adapted to the needs of the real estate market. To date, the Spanish Mortgage Law regulates the following:
– Land registry and titles subject to registry.
– Method and effects of the registry.
– Preventive annotations.
– Extinction of registries and preventive annotations.
– Mortgages.
– Concordance between registry and legal reality.
– Mistake corrections in the entries.
– Public availability of the registries.
– Direction and inspection of the registries.
– Demarcation of the registries as well as of the qualities and duties of the registrars.
– Non registered documents.
– Resources against classification.