2017 Guide To Buying Property in Spain
Many of us who have holidayed in Spain over the years have often felt that one day we'd like to own a property here - either to move to Spain permanently, or just to use as a holiday property.
Whether you're looking for a luxury villa, a converted farmhouse (or finca), a traditional townhouse or a cosy apartment on the coast, we hope you will find our 2017 Guide To Buying a Property in Spain full of practical good advice.
Where to start?
It may sound obvious, but once you have decided on the dream home you would like to purchase in Spain, the first step is to negotiate the price of the property for sale plus the conditions of sale.
It's not absolutely necessary, but you should also employ a lawyer or legal expert to help you through the process, preferably someone who also speaks English.
Make an offer
When you've found the Spanish property you want, make an offer to the vendor. Once accepted, it's common practice to sign a reserve agreement subject to legal checks, and put down a deposit to take the property off the market.
The 'Contrato Privado de Compraventa'
The next stage is to get the 'private contract' drawn up between you the buyer, and the seller. The basic premise of this contract is that the seller agrees to sell the property to you at the price you have agreed to purchase it.
The contract is quite detailed in nature and includes information such as the final purchase price, the proposed date of completion and the description of the property.
As the buyer, you will then be expected to pay a deposit to the vendor. Normally this amounts to 10% of the purchase price.
What happens if the buyer or seller wants to pull out?
Quite simply, if you the buyer wishes to pull out from the purchase at this stage, you will not get your deposit back. There is normally a clause in the contract stipulating this. However, if the seller pulls out, you will qualify for double the amount of your deposit back as compensation.
The 'Escritura de Compraventa'
Before entering into the final contract, certain checks need to be carried out. These include a check on the title and planning status of the property, as well as any charges due on the property. Once this has been completed, you should be ready to sign the public deed called 'Escritura de Compraventa'.
N.B. Just one important thing to consider here before you complete on the property: if you haven't already got one, you will need to get a NIE number (Spanish tax number) and also have a Spanish bank account.
Once the completion date arrives, you need to pay the balance of the purchase price plus any extra fees due. Once done, you and the vendor will sign the title deeds of the property known as the 'Escritura de Compraventa'.
You will be presented with this conveyance deed in the presence of a 'Notary Public', a Spanish public official who, by law, must witness the sale. (It's worth noting here that you should make sure an independent legal expert is also involved in the process so as to look after your interests.)
The Notary Public will certify the transfer of property ownership to yourself, and copies of the Escritura will be forwarded to the Spanish Property Registry and Tax Office.
Congratulations: the Spanish property is now yours!
At Balearic Properties we would be delighted to help you find your dream home for sale in Mallorca. If you would like any information or advice please feel free to contact one of our friendly, helpful property professionals. Or simply give us a call on +34 971 53 22 21