Buying Property in Spain (Buyers Guide)
You may find that buying property in Spain is a little different to what you are used to in your own country.
It is always a good move to ensure that you are fully aware of the terms and conditions of the contract before you sign, once signed, the contract is legal, any deposit paid will be lost if you change your mind at a later stage.
Always deal with a reputable agency and always use the services of a Spanish lawyer. Please remember, that when buying a property in Spain you must always use a local Spanish lawyer.
Buying Procedures
The normal procedure after finding the Spanish property you hope to purchase is to determine the full price, at this point terms of the contract can be agreed and the amount of deposit can be decided upon, this will depend on whether you are buying a new property directly from the developer or a resale.
Normally at this stage a visit to the Lawyer is recommended, he or she will be able to vet the contract and take up contact with the seller. Once the contract is signed and the deposit paid, all terms & conditions and price are fixed.
We will supply you with a list of your likely in-going and on-going expenses of the purchase, naturally your lawyer is there to answer all of your question 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.
Buying Spanish Property
You should also make provisions for these payments allowing for the time it takes for funds to be transferred to Spain, transfers normally take 3 to 5 days, again we will make sure that before you return home you are fully aware of all aspect of the purchase.
We will also take the opportunity to assist you in opening a bank account as this is necessary to first, purchase a Spanish Property and secondly to maintain your home once you have purchased.
Buying Spanish Property - Questions Answered
Once you have returned home there are always more questions that you would like to ask us, the door is open at Duchy Estates Spain, just get in touch and we will give you the answers.
You should always keep in mind that we are here to help you, and we understand that this is most likely your first purchase in Spain. We have sold hundreds of properties and arefully experienced in looking after client's needs.
Once you have made your decision to buy your Spanish Property and considered all the various costs involved, please ensure that you understand the payment terms as they may vary a little according to where and what you have decided to buy.
It is normally at this stage that we will introduce you to an independent solicitor who will also in addition to informing you about the payment terms, will discuss the terms and condition of the contract with you.
Having made your decision, the first thing you will be asked for is a deposit to hold the property and ensure the price and conditions of the contract, this is standard and to your benefit.
Buying Off Plan in Spain
If you decide buying off plan property in Spain then the payment scheme can be within reason tailored to your comfort, as the developer is here solely to sell properties, you will find him reasonably flexible.
New properties especially offplan property, tend to adopt a different payment scheme, this is as most new properties will be under construction and you will be making stage payments to the developer throughout the construction period.
Buying Resale Properties
For buying a resale property, the above will still apply, however, you will be dealing with an individual and therefore the terms may be as much to the vendor's benefit as they will be to yours.
Most resale contracts will require that you leave a 10% deposit with the balance of the payment being paid on completion at the notary, this normally takes one month from start to completion.
In either case buying resale or new you will have additional expenses of the purchase, IVA (Value added tax) Notary & registration fees, conveyance, house insurance, wills and a few other items which all amount to approximately 10% of the purchase price.
We always supply our customers with a comprehensive list of all the likely additional expenses of the purchase.
We would also like to mention that Bank Guarantees are available to all our clients for each stage payment that is made, ask our staff for more details and you will be happy to know that your money is always safe with the bank guarantees. |
