The Time between FEIN and Mortgage Signing
The time between FEIN and signing the mortgage at the Notary is one of the issues that raises the most doubts in the field of real estate services. And it is that, when we have to manage procedures that involve a change in our lives, one of our main concerns is that they are not carried out within the established time, running the risk of being nullified.
For this reason, as Notaries in Barcelona, we want to explain each of the stages involved in signing a mortgage, with the aim of clarifying them so that the signings take place without setbacks or surprises.
Legal deadlines for signing a mortgage: What happens between the FEIN and the signing of a mortgage?
If you are going to finance a mortgage, you should take into account the terms with the bank. And the first step is to choose a bank from the different proposals you receive. We recommend reading this article, as it contains suggestions to consider before signing:
And, the thing is, when you choose the bank that interests you the most and they carry out the feasibility study and its acceptance (which usually takes between 15 days and 2 months), they will provide you with the pre-contractual documentation of the credit operation with the financing conditions, including the FEIN (European Standardised Information Sheet), which is binding for the bank during the stipulated period. You will also find in this documentation, the FIAE, which is the document with periodic instalments to be paid, a copy of the draft contract, and the expenses document. If you are unaware of the management costs in a mortgage, you can read this post:
So, for those who have the pre-contractual information, we will look at the time between the FEIN and the signing of the mortgage below.
New Mortgage Law: is it 10 working days or calendar days?
We must differentiate at this point between the general rule applicable throughout Spain, and the special deadline set for Catalonia, which we will see later. The general rule is contained in the Law 5/2019, regulating real estate credit contracts, which establishes that there must be a minimum period of 10 calendar days for the signing of the mortgage contract from the delivery to the Notary of the pre-contractual documentation signed by you and the financial institution (which is processed by the bank through an electronic platform). We emphasise that the period at the Notary is a minimum of 10 days, without a maximum date established by law, although this maximum will be marked by the deadline indicated in the binding offer, although this latter deadline can be extended if the bank so agrees.
You can find out more here:
The Visit to the Notary 10 Days before the Signing
Before going to the notary to sign the mortgage loan deed together with, where applicable, the public deed of sale, you must sign the material transparency certificate, which is mandatory whenever consumers are affected by the mortgage. This certificate must be granted before the Notary chosen by the interested parties, at least the day before the mortgage signing, and after the aforementioned 10 days have elapsed.
Afterwards, the mortgage must be registered in the Land Registry, having 15 days to assess the deed and carry out the registration.
The time between FEIN and Mortgage Signing in Catalonia
The law in Catalonia establishes a minimum period of 14 days from the delivery of the bank's pre-contractual documentation to the notary in order to carry out the material transparency deed and the mortgage contract. However, the possibility has been accepted by the Directorate General of Legal Security and Public Faith that, if both intervening parties agree to adhere to the 10-day period to sign the mortgage contract at the Notary, it could be processed within the time established according to state regulations, that is, it would be possible to waive the last 4 days, which in practice is quite common, although there are banking entities that in this case require the client to sign a ratification deed after the remaining 4 days have passed.
Why do you have to wait 10 days to sign the formalisation of the mortgage loan?
The deadline to sign the mortgage before a Notary is determined by the receipt of the pre-contractual documentation signed by the bank at the notary's office, which must arrive via telematic platform, complete and without errors.
JLA Notaries, for your mortgage notary in Barcelona
From our Notary Office in Barcelona we can assist you during this procedure which is often seen as doubtful. With our intervention and, through the material transparency certificate, we ensure that you have been properly informed and advised and that you have understood the terms offered to you in the mortgage contract. Therefore, we make sure that the procedure is carried out legally.
Contact our Notaries specialising in mortgages for your procedure in Catalonia. You can do so via our email bcn@jlanotarios.com or the contact form on our website. We hope this article about the time between FEIN and mortgage signing has been helpful to you.
