USEFUL INFORMATION
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-Buying a property in Spain
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….BUYING A PROPERTY
New
Builds... Hmmm..!!! not the closest thing to our hearts...
but many people want them(!?!) Most of the local developers
pop in to see if we'll sell their villas and houses
- we send them packing if the paperwork isn't all
there but still end up with many desirable new legal
houses on small estates and also legal villas with
larger plots, set alone.
Re-sales are sometimes a better deal as all the teething
problems of a new house have been ironed out and many
(some essential) extras (air-con, water tanks, furniture,
garages and even the car in some cases!) are often
included; but we treat them along the same lines -
No legal papers... No sale!
Here, in easy steps, you will find some details about
what is required in Spain to allow you to be the legal
owner of a property. X-site Property will help you
in all this process to have the maximum legal security.
1.
LAWYER AND LEGAL LAW TRANSLATOR
We
always recommend our clients to take independent legal
advice from a local English speaking lawyer, familiar
with assisting non-Spaniards in purchasing property
in Spain.
We can provide, if you wish, information about how
to get in contact with a solicitor who will know very
well the Spanish system and who will be specialist
in property field.
The Solicitors’ fee is around 1% of the property
purchase price
2.
PURCHASE CONTRACT BETWEEN X-site PROPERTY AND YOU
It is usual to sign a reservation contract initially,
to give full security for you and for us. This includes
a deposit of up to 10% of the purchase price.
This will give all the elements of the contract: identification
of the parts; exact identification of the housing
(zones that it contains, number of your property related
with the condominium property, if parking is included
or not), square meters, price and form of payment,
need of any bank guarantees etc. delivery time and
indemnifications for the case of breach of contract.
3.
COMPLETING ON A SPANISH PROPERTY
This
involves visiting the notary with your solicitor and
banker if a mortgage is involved and he will read
the escritura (deeds) details to ensure everything
is correct before all parties sign the transfer and
hand over the final monies. Then the keys are handed
over and after a period of a few weeks the official
stamped escritura will be available to the new owner
and the banker where there is a mortgage.
Usually
buying and selling a property in Spain has a much
tighter timescale than in UK with approximate dates
being settled when the reservation deposit is agreed.
It is not unusual to see a house and agree to buy
it and move in only 4 weeks later.
