Buying Spanish Property is actually a simple process. The Spanish system is designed to protect both the buyer and seller, providing certain simple steps are taken. We would, however, stress that this information is intended only to help you in your understanding of the processes involved and is no substitute for proper professional legal advice to ensure that you are fully informed at all times when making such a financial commitment.
The normal procedure of buying Spanish Property, after finding the one you wish to buy, is to determine the full price. At this point, the price and terms of the contract can be agreed and the amount of deposit can be decided upon. These will depend on whether you are buying a new property directly from the developer or a re-sale. At this stage, a visit to your lawyer is recommended so that he or she will be able to vet the contract and contact the seller. Remember that, once the contract is signed and the deposit paid, all terms & conditions and price are fixed.
We will supply you with a list of the estimated expenses of your purchase. Naturally, your lawyer is available to answer all of your questions as well. Always be sure that you are aware of your payment schedule: when the amounts have to be paid and how they will be paid. You should also make provision for these payments, allowing for the time it takes for funds to be transferred to Spain. Bank transfers normally take 3 to 5 days. Again, we will make sure that, before you return home, you are fully aware of all aspects of the purchase. We will assist you in opening a bank account, which is necessary, first, to purchase a property in Spain and, secondly, to maintain your home once you have successfully completed the purchase.
Once you have returned home, there are always more questions that you would like to ask us. Just get in touch and we will happily supply the answers - keep in mind that our function is to help you and we understand that this is probably your first purchase in Spain. We have sold hundreds of properties and are fully experienced in looking after clients' needs.
Buying Spanish Property - The Sale and Purchase Contract
You may find that purchasing procedures in Spain are slightly different from those you are used to in your own country. Wherever you are, it is always vital to ensure that you are fully aware of the terms and conditions in the contract before you sign since, once signed, the contract becomes legally binding and any deposit paid will be lost if you change your mind at a later stage. However, check first whether there is a "cooling off" period included in the terms and conditions. You can ask for this to be included either directly or through your lawyer. Always deal with a reputable agency and use the services of a Spanish lawyer (" abogado "). There is usually at least one firm of lawyers in your locality which can conduct the business in English. Please remember that, when buying a property in Spain, you must use a local Spanish lawyer.
The most commonly-asked questions about buying Spanish Property are related to the legal and financial aspects of purchase and ownership. It is natural for people to be a little cautious about embarking upon something that is relatively unknown and might contain hidden pit-falls. The best way to locate a lawyer is to ask around for personal recommendations and experiences. Alternatively, we have the experience to recommend a suitable firm and the British Consulate maintains a list of lawyers who speak English.
The lawyer will charge you around 1% of the value of the transaction, unless there are some unusual complications. English law does not apply in Spain and the Spanish legal system is different from the UK's. Your lawyer will explain the many ways of buying a property, advise on the most advantageous method that suits your circumstances and will also make all the necessary investigations to ensure that the property to be purchased is exempt from mortgages and all outstanding debts. You may also wish to contact the Town Planning Department of the Local Council (" Ayuntamiento ") in order to make sure that your property won't be affected by any public or private building project. Once he is satisfied that everything is in order, including finance, it is necessary for an ' Escritura ' (title deed) to be signed before a Notary.
Contact us, we are ready to help you buying Spanish Property, also you will find best Bargains here.
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