Buyers Guide To Property Purchase In Spain
Purchasing property in Spain is open to all foreign nationals whether it is residential, commercial or other real estate investment.
Vamos Estates’s extensive portfolio of Spanish properties is varied and includes beach side villas, villas with private pools, secluded Inland fincas, apartments, townhouses and penthouses. Our property sales team can be contacted here to offer advice and help you with the process of buying or selling a Spanish property.
We definitely recommend that a lawyer be hired to manage and orchestrate all the legal aspects of a property purchase.
If you chose to purchase through Vamos Estates, we can help you every step of the way to buying your dream home in Spain. We have a fully qualified lawyer that can assist you, or if you chose your own, we will work hand in hand with them as well. We work with one of the most reputable mortgage companies on the Costa del Sol who can converse with you in English or Spanish, and obtain the best mortgage to suit your needs and budgets.
Once a property is chosen, it is usual that a deposit of around 6000 € is paid, whilst an official contract of sale be drawn up this can take up to 2 or 3 weeks depending upon how efficient your lawyer is.
The official contract of sale is a binding legal document and will require a payment of 10% of the purchase price of the property. This contract of sale should be examined by your lawyer and only signed if he has indicated it is safe for you to do so, Your lawyer should have checked by this time that the title on the property is legitimate and can be transferred, also that there are no other debts on the property that the present owners cannot or will not take care of before the title is transferred to you, Mortgages and other charges will show up on the Nota Simple which your lawyer will procure within 24hrs, other charges such as community fees, local taxes and utilities, will have to be researched and identified by your lawyer. If the company you chose to purchase through is compliant with the Royal Decree 218 law, (as Sol Villa Spain is), they can give you an ‘informative document’ with most of this information on it.
Having signed the contract of sale should the purchaser pull out of the deal for any reason than if it has been found that the property title cannot be transferred then he will forfeit his 10%, if the vendor pulls out of the deal then he must return the deposit.
The average period from contract of sale to completion is about six weeks during this time, as well carrying out further due diligence the financial aspect of mortgages valuations and other fees and costs should be arranged.
It should be remembered that it is generally the purchaser and his lawyer who bears the greater burden of due diligence when buying property in Spain, SOL Villas will always recommend that the buyer and the seller use the services of a recommended Lawyer.
Search our extensive portfolio of property for sale here.