Hot climate and sunny winters are tempting more and more people to buy spanish property!
Buying a property in Spain is a big decision - but it doesn t have to be a difficult process.
Take things slowly ... ask lots of questions ... read up on the subject.
... and you re ready to go!
property law spain - lawyers
Lawyers usually charge 1% of the sale price of the property.
They will conduct property searches, ensure all documents are in order, with no outstanding debts attached to the property.
Estate agents may also see to this. The problem arises if the estate agent is unreliable - for there is no law in Spain regulating them!
property law spain - buying
Once you ve found your dream home and a price has been agreed, a preliminary contract is signed by you and the vendor - backed up with a deposit of around 3,000 euros.
The next step is to exchange private contracts - contrato privado de compraventa.
This states the agreed price, what is to be included in the sale, and usually happens within two weeks from the offer being accepted.
In most cases, you will now be required to pay a non-returnable deposit of around 10%.
Final completion takes place when the title deeds are signed before a notario, and you pay the balance of the purchase price.
He holds the original escritura (deeds) and will issue a first legalised copy that is signed and stamped.
This is sent to the land registry for the name of the owner to be changed.
About a month later, the land registry issues your deeds.
property law spain - costs
As a general rule, allow 10% to cover costs when buying your property in Spain.
property law spain - check list
Prefer to forego the services of estate agents and lawyers, and do everything yourself?
Follow this quick check list:
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