Key data
| Regulation | Resolution of 27 April 2026, DGSJFP — appeal against denial by the property registrar of Valencia no. 16 |
|---|---|
| BOE Publication | 8 August 2026 |
| Entry into force | Not specified (doctrine of immediate application) |
| Affected parties | Buyers with purchase option, sellers (grantors), notaries and property registrars |
| Category | Real estate — Property Registry |
| BOE Reference | BOE-A-2026-17334 |
| Grantor involved | Noski Inversiones SL |
| Registrar | Property Registry of Valencia no. 16 |
Exercising a purchase option unilaterally seems straightforward on paper: the buyer notifies the seller, executes a deed before a notary and registers it at the registry. But when that notification fails, the entire process collapses. The DGSJFP Resolution of 27 April 2026 confirms this with a real case: the property registrar of Valencia no. 16 denied the registration of a deed of exercise of purchase option and the General Directorate sided with the registrar.
The reason: notification to the granting company, Noski Inversiones SL, could not be served because it was no longer at the address indicated in Santander, and the notary made no further attempts. For the DGSJFP, that is not sufficient.
What does this resolution establish?
The resolution consolidates and reiterates the DGRN/DGSJFP doctrine on unilateral exercise of purchase options. The key points are:
- Strict compliance with agreed and registered requirements: to dispense with the grantor's consent, all requirements appearing in the option deed and in the registry must be met rigorously, without exception.
- Effective notification, not merely attempted: it is not enough to go to the seller's address. If it is established that they are no longer there, the notary must make additional efforts to locate them (for example, by consulting the Mercantile Registry to obtain the company's updated address).
- Effective judicial protection as a limit: the DGSJFP expressly reminds that when the registered owner is to be deprived of their ownership without giving direct consent, precautions must be extreme. The seller's property right cannot be affected by defective notification.
- Two only ways if notification fails: direct intervention by the grantor (their express consent) or court resolution that replaces that consent. There is no third registry path.
| Situation | Can it be registered? | What is needed |
|---|---|---|
| Effective notification to grantor + requirements met | Yes | Deed of unilateral exercise |
| Notification attempted but failed (company not located) | No | Further notification attempts or grantor intervention |
| Grantor not locatable after exhausting efforts | No (via registry) | Court resolution |
| Grantor gives direct consent | Yes | Deed with grantor intervention |
Economic and operational impact
Registry rejection of a purchase option has direct and serious economic consequences:
- Loss of premium paid: if a premium was paid for the option and the exercise period expires without valid registration, that amount may be lost.
- Duplicate notarial and registry costs: a new deed must be executed or judicial proceedings initiated, with associated costs.
- Blocking of the real estate transaction: while the situation is not resolved, the property cannot be transferred or financed with mortgage guarantee on the new ownership.
- Forced litigation: if the grantor does not appear or does not cooperate, the only way out is to go to court, with the timelines and costs involved (months or years of proceedings).
- Risk for the notary: defective notification may generate professional liability if the buyer suffers damages from the registry denial.
Who does it affect?
- Buyers with registered purchase option: especially when the seller is a company that may have changed address or be in liquidation.
- Sellers (grantors) of purchase options: this resolution strengthens their protection against unilateral exercises with defective notifications.
- Notaries: must exercise extreme diligence in serving notifications before authorizing deeds of unilateral exercise of purchase option.
- Property registrars: have express backing from the DGSJFP to deny registrations when notification has not been effective.
- Investors and real estate funds: that regularly operate with purchase options on third-party assets.
- Legal advisors and real estate lawyers: who must review protocols for exercising options in their client portfolios.
Practical example
This is exactly the case resolved by the DGSJFP:
Noski Inversiones SL granted a purchase option on a property, an option that was registered in the Property Registry of Valencia no. 16. When it came time to exercise it, the option holder instructed the notary to serve the required notification at the registered office of the grantor in Santander. Upon arrival, a receptionist informed that the company was no longer domiciled there. The notary made no further attempts — did not consult the Mercantile Registry, did not seek an alternative address, did not attempt notification by another means — and proceeded to authorize the deed of unilateral exercise.
The registrar denied the registration. The option holder appealed. The DGSJFP dismissed the appeal and confirmed the denial: without effective notification to Noski Inversiones SL, it is not possible to register the transfer without its direct consent or without a court resolution that replaces it.
Result for the buyer: transaction blocked, notarial costs lost and need to initiate judicial proceedings or locate the granting company to obtain its signature.
What should buyers and notaries do now?
- Verify the grantor's updated address before notifying: if the grantor is a company, consult the Mercantile Registry to obtain its current address before attempting notification. The address appearing in the option deed is not sufficient if it is old.
- Exhaust all notification attempts: if the first attempt fails, document the additional steps taken (second address, operating office, administrators, etc.). The notary must leave clear evidence of each attempt.
- Review the requirements agreed in the option deed: verify that all registered requirements are met strictly before executing the exercise deed. A single unmet requirement may cause registry denial.
- If notification is impossible, consider the judicial route: do not attempt to force registration with defective notification. The only valid alternative when the grantor cannot be located is to obtain a court resolution that replaces their consent.
- Advisors and lawyers: review active purchase options in portfolio: identify those where the grantor is a company with possible address change or insolvency situation, and anticipate the problem before the exercise period arrives.
Frequently asked questions
When can the registry reject the registration of a purchase option?
The registry can reject registration when notification to the grantor (seller) has not been served effectively. According to the DGSJFP resolution of 27 April 2026, if the granting company is not found at the notified address and no further attempts are made, the notification is not valid and the registrar may deny registration.
What happened in the specific case resolved by the DGSJFP on 27 April 2026?
The notary attempted to notify Noski Inversiones SL at its address in Santander, but a receptionist informed that the company was no longer domiciled there. No further notification attempts were made. The property registrar of Valencia no. 16 denied the registration and the DGSJFP confirmed that denial.
What alternatives does the buyer have if they cannot notify the seller?
According to DGSJFP doctrine, if notification cannot be served effectively, the buyer has two routes: obtain direct intervention by the grantor (their consent) or go to court to obtain a court resolution that replaces that consent. There is no third registry path.
What requirements must be met to unilaterally exercise a purchase option?
The requirements agreed and registered in the registry must be met strictly. The DGSJFP reminds that effective judicial protection requires extreme precautions when the registered owner is to be deprived of their ownership without giving direct consent. Notification must be effective, not merely attempted.
What should notaries do to ensure valid notification in the exercise of a purchase option?
The notary must ensure that notification effectively reaches the grantor. If the first attempt establishes that the company is no longer at that address, it is essential to make further attempts — such as seeking the updated address in the Mercantile Registry — before proceeding with the execution of the deed of unilateral exercise.
Official source
Consult complete regulation in official source (BOE-A-2026-17334)
Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-17334