THE BASIC BUYING PROCEDURES ARE:
- Do some research
- Visiting the area
- Choose your property and Negotiate the price
- Appoint a Lawyer
- Finalize Purchase at a Notary publics Office
DO SOME RESEARCH
Obtaining information on property purchasing in Spain is not top secret and can be easily accessible through some simple research. Of course by far the best source of information is via the Internet, here we provide useful and interesting information and ideas on buying property in Spain.
There are of course other means in gathering useful information, there are many reputable magazines and books available on the subject, plus specialised TV programmes seem to be available 24-7, so make the most of them, take on board what you see and read, discuss your findings with your family and that will inevitably provide you with a clearer picture on what your requirements are.
Special attention should be paid to the following:
Find the types of property best suited to your requirements. i.e., price range, number of rooms required, size, area, property use, etc.
What will the property be mainly used as, i.e. a holiday home , permanent residence, rented to third parties or purely as an investment
What area most interests you, close to beaches, in the town centre, out in the country side, on a golf course.
All these points should be carefully thought over as it will help towards you finding a good selection of properties right for you.
VISITING THE AREA
You have searched our web site and have a group of properties you will be most interested in viewing. A considerable amount of time will be saved by having this as clear as possible. Visit the area you have chosen and depending your reason for purchasing make sure it has the facilities you require. Before arriving in Spain you should have available sufficient funds for any deposits required to commence your purchase, if not you could risk loosing a property and could cause much wasted time on all parties involved. The normal deposit amount varies so check with the seller first. We also provide information on legal and other purchasing costs which are around 10% of the purchase price , so once you make your budget ... stick to it !!
CHOOSE YOUR PROPERTY AND NEGOTIATE A PRICE
Once a suitable property has been chosen, the first step is to make a verbal offer. The purchase terms and price may need to be negotiated with the seller. There may also be other factors involved at this point such as mortgage approval, completion dates or the terms of payment. Therefore at this stage, it is beneficial to bring into the buying process a lawyer to assist further in the negotiation making sure that any offer meets all necessary legal criteria. If you are intending to fund you property purchase via a mortgage we can recommend some of the best banks, our advice is shop around, there are some good deals out there.
APPOINTING A LAWYER
It still amazes me how some people buy a property in Spain without a lawyer. You would not dream of buying a property in the UK without one and with the obvious differences in law here in Spain, we would suggest getting a lawyer is essential.
The lawyer is appointed by you and of course will be representing your interests only throughout the buying process. A lawyer will provide the legal guarantees for the purchase of the property ensuring that Spanish legal requirements are met and that the property is bought free of debts, charges and incumbencies and is up to date in all its payments of local contributions and community charges etc. They will also arrange for you an NIE number which is a non residents tax number, you cannot buy a property without one. Lawyers will tell you in advance what their fee will be - in almost all cases, 1% of the purchase price. Using a lawyer from your home country will substantially increase your legal costs and most certainly delay the sales process. We can recommend several trusted lawyers who are fluent in your language.
FINALISE PURCHASE AT A NOTARY PUBLICS OFFICE
A sale is formally completed in Spain when the public title deeds of purchase are signed before a notary. On the assigned day both the buyer and seller (or their authorised representatives) will attend the office of notary to sign the "Escritura de Compraventa" (the title deed) which should state that the property is sold free of charges, mortgages, and tenants. At this point the balance of the payment is made and the seller hands over the keys and full possession now passes to the buyer. Remember, the notary does not check the terms but solely certifies that the parties have agreed them. Your lawyer will arrange payment of taxes and fees, and register your title deed at the Property Registry which should be carried out promptly. Don't forget to have the property and contents insured.