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Housing Glossary

You will find information here on all topics relating to housing in Barcelona

Bare legal title

When an owner has rights over a property, but does not have possession, as this has been ceded by means of a right known as 'usufruct'.

Benchmark index

Used for variable-interest loans. It determines the interest rate –plus the margin– for each revision after the initial or fixed period of the loan.

Benchmark replacement rate

Indices established in variable-rate and mixed-rate mortgage deeds, only applicable if the first benchmark rate is not published for any reason.

Beneficiary

Natural or legal person who is the holder of the right to compensation.

Binding offer

In the case of a mortgage subrogation between financial institutions, a document that the institution wishing to subrogate sends to the first financial institution, containing the new interest rate conditions for the client, if the client changes financial institution. However, for new mortgages, the binding offer is the document that financial institutions are obliged to give the client, and which must contain the loan's financial conditions. The offer's validity cannot be less than 10 working days from the date it is issued to the client. Once the mortgage loan has been studied and approved, guaranteed for a dwelling costing €150,253.03 or less, and where the holder is a natural person, financial institutions are obliged to give a binding offer.

Borrower

The holder of a loan who assumes all the obligations and acquires all the rights of the contract they sign with the financial institution concerned.

Building leases

For leased properties, ownership of the building is transferred for a specific period of time, which is specified when the right is constituted, but the ownership of the land is not transferred. After the specified period is over, ownership returns to the Public Administration.

Building record

A document containing the main building information, whether it is used for accommodation or not. It includes the building's identification and construction data and the maintenance tasks that are carried out, any incidents that happen and any renovation work that is carried out

Building specifications

A technical document that specifies the materials used in the construction work, whether they be in the dwelling's interior or exterior elements of the building.

Built surface area

The dwelling's surface area that includes its exterior and interior walls.