Buying Property In Spain
Top Ten Tips
1: Do you homework before you even leave the UK, it is very important that a few key decisions are made before you even start you search.
- Have you identified an area that you wish to purchase a property in?
- Is the property for holidays or will you relocate permanently ?
- Set a budget, and seek advice from at least three lenders if you need to borrow money.
- Do you have a property to sell in the UK, speak with local estate agents and get at least three valuations and try to judge how long your house my take to sell.
- Decide on the type of property you require, Flat, House, studio. etc
2: Are you familiar with the area of Spain in which you want to purchase a property ? We always recommend that you visit an area and spend time there exploring the local places and speaking with other ex pats to get feedback from them on the area you wish to live in.
3: Speak to at least 3 estate agents before you travel to Spain and request information from them, if they are slow to respond and send you information this may be a bad sign. If they cant be reliable in your initial enquiry then why should they be any better when you come to buy a property? After care is also a very important issue, you may well need the agents help if there are any problems to sort out after the sale has been agreed.
4: The next stage would be to arrange viewing of the type of property you wish to buy, you will have also probably spoken to a few agents and found a company that you like dealing with. The agents will also be able to help find you cheap flights and also accommodation. But be warned some companies offer free or cheap packages on the basis you spend time with them viewing many properties, these type of trips can sometime lead to high pressure sales tactics and can often cloud you judgment.
5: When you have found property you wish to purchase then you will need to pass the details to your lawyer and a contract of sale will need to be agreed. At this point it would be standard practice to pay a 10% deposit. Be warned that this might not be refundable should you change you mind. Once this contract is signed by both the buyer and the seller then you will be legally bound to all the details within the contract, it is crucial that you have professional advice throughout this process.
Click here for standard contract terms
6: Upon signing the contract of sale you have now committed to buying the property, at this stage some people opt for giving their lawyer power of attorney. This will allow them to act on your behalf.
7: Before you are ready to complete the sale it is a good idea that search round and find the best deal on currency rates, there are many companies that offer this service and will often guarantee you a fixed rate. This can vary from day to day and you could save yourself thousands of pounds by getting the best rate.
8: Your lawyer will then sign the title deed (escritura) on your behalf you will then need to sign when you are next in Spain. It is at this point that you pay the remaining of the purchase price to the seller and then you will be allowed to obtain a Copia Simple from the Notary. You will be sent a copy and the original will be sent to the land registry and the property will be put into your name. This process can take up to three months but your lawyer will do this on your behalf.
9: When you next visit Spain you will need to sign the title deed and the property transaction will be completed.
10: So you now have a lovely dream home in Spain but no furniture! This is where the Removal group can help you, because we are independent we can arrange the most competitive quotes for moving your personal effects. All you need to do is fill out a web site form and we will contact you to discuss your requirements.
The Information provided is intended to give anyone looking to purchase a property in Spain a brief guide on how the process works. The laws in Spain can and do change on a regular basis so we always advise that you seek suitable professional advice.
Buying Property Spain
