Why choose Payment before a Notary by Bank Transfer?

The OMF transfer before a Notary (Order of funds movement) is a bank transfer that is executed immediately. It usually takes place between different banks and is used in notarial transactions. With it, the Notary can verify the payment in real time, which is essential in important transactions such as sales or donations.

The use of the OMF transfer offers peace of mind to the parties involved, informing them of the movement between accounts. It avoids the use of bank cheques or cash payments, which are less secure and more difficult to audit.

In a property sale, in a mortgage cancellation or in any notarial transaction involving the movement of large amounts of money, it is essential to choose the payment method carefully. In this context, it is advisable to distinguish between the OMF transfer and the ordinary transfer, as they offer very different guarantees and timeframes.

• OMF transfer (Order of Movement of Funds): this is the transfer processed through the Bank of Spain, which guarantees that the money reaches the recipient on the same business day. It is used in operations that require maximum speed and security, such as the purchase of a property or the settlement of a mortgage loan. It has a higher cost than an ordinary transfer, but offers the peace of mind that the funds will be available on the same day.
• Ordinary transfer: this is the most common bank transfer, carried out within the SEPA system. Its crediting period is usually one business day (D+1), although it may be delayed if ordered outside business hours or on the eve of a holiday. They are cheaper, but do not guarantee the immediate availability of the money, which can create uncertainty in notarial operations where timing is crucial.

In summary, the difference between an OMF transfer and an ordinary transfer lies in the immediacy and security. The former is the recommended option in the notarial field, as it avoids risks and guarantees that the money is available to complete the deed at the very moment of signing.

Probably, the most common situation where payments by transfer are managed is in a notary's office for property sales during the signing of said deed. In this case, the buyer issues an OMF transfer from their device, while the Notary verifies the data and supervises the operation.

This procedure provides maximum security to the transaction, as proof of payment is recorded at the same time. Furthermore, it complies with capital prevention requirements and facilitates the traceability of the amount.

When documenting a donation, it is also essential to certify the payment method. For this, the Notary will record in the public deed the origin and destination of the funds, which is vital to avoid conflicts with the Tax Agency. It is especially important in family transactions, with the aim of legally justifying the movement of money.

Payment can also be made before a notary by transfer in inheritance allocations with compensation. In this case, the heir makes the payment by transfer in the same notarial act and the Notary records the operation in the deed, offering transparency in the inheritance partition.

In the transfer of shares and stocks or in the company dissolutions before a Notary, payment by bank transfer reflects the value of the transaction, especially in large amounts.

Also, loans between private individuals before a Notary can include a bank transfer as a method of delivering money. With the deed, the documentary evidence that the loan was real, the conditions, and the timing of the funds delivery is reinforced.

When two people share a property and one of them buys the other's share, a extinction of co-ownership is carried out, which may include a payment before a notary for the transfer.