How to buy a house in Spain – avoid problems by contracting the right people
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Best legal advice concerning how to buy a house in Nerja, Torre del Mar, Torrox, Axarquia, Malaga or anywhere in Spain. Because of the many problems with property documentation in Spain due to many reasons that vary from ignorance to corruption in the past, it is best to follow these steps when buying a property in Spain. The notary is having an important role when buying a house in Spain. For the rest we would advice you to contract a Spanish registered lawyer. Some people contract an administrator (¨gestor¨) or just somebody who speaks both Spanish and English. This is not the wisest thing to do! Apart from somebody that speaks decent English you will need somebody that will guarantee that you will not run any risk, not only during the home buying process but also after the house buying process.
STEP 1: RESERVATION OF THE PROPERTY
In Spain everybody is allowed to offer houses for sale. You will notice that ¨your¨ house may also be for sale through other local and even nation-wide estate agents. But offering houses for sale is allowed to any person who made an agreement with the seller. Think about the local shop, the local bar owner, a house wife working from home on the internet. For this reason we strongly recommend you to formalise your offer on the property paying an amount to be agreed on your lawyer´s clients account. He or she will than make sure that the vendor will remove the property from the market, thus protecting your interest to purchase.
STEP 2: SEARCHING PROCESS
Whilst the property is “reserved” in your name, your lawyer will carry out all the necessary searches and investigations of the property with the corresponding authorities in order to ensure that the property you are purchasing is legal and free from any charges, debts or encumbrances. You will also get the guarantee that the property has the necessary Title Deeds and that the vendors are the rightful owners. You may already see: many bad stories we have all seen in the international press regarding (serious) problems that can arise when buying property in Spain can simply be avoided if you contract the right professionals that will help you how to buy a house in Torre del Mar, Torrox, Nerja, Axarquia, Malaga or anywhere in Spain!
STEP 3: PRIVATE CONTRACT
Once the searches are complete, and we are absolutely certain the property is legally declared in the best conditions to purchase, a Private Contract is prepared and signed by both buyer and seller. This private contract sets out all the details of the agreement, payment terms and completion date. During this stage the buyer puts down a non-returnable deposit, which is usually 10% of the purchase price, less the holding deposit paid at the reservation stage. At the same time, we collect our professional fees (plus VAT) the balance to be paid upon completion. Should it for any reason not be possible to sign the Private Contract at this stage , we would collect only half our professional fees. Important detail: thanks to this Private Contract you will be well-protected: if the vendor cannot deliver the property within the conditions stated in the Private Contract, you have got the right to get your deposit refunded in full plus an additional damage restitution of the same amount.
STEP 4: COMPLETION
The Spanish Notary plays an important role in this stage. Buyer and vendor sign the title Deeds (Escritura de compraventa) of the property in his or her presence. The Notary is an official of the State who makes sure that the contracts are legal. His or her duty is to certify that the contract has been signed, the money paid and the purchaser and seller have been advised of their tax obligations.
STEP 5: FINAL TITLE AND REGISTRATION
You have become the owner of the property now. While you may be celebrating your successful purchase drinking champaign or start moving in, we will do the final step: we will register the property at the Land Registry office so that you will appear as the new legal owner. It usually takes about three months to get the necessary document returned from the Land Registry Office. We collect this document for our clients.
On your behalf we also change the following bills within our standard service
Water, electricity, community Fees (if it exist), council tax, rubbish invoice, etc.
Contact us on jvandolder1970@gmail.com or on +34-722 728 785.
If you wish you can also leave a comment below. Article co-sponsored by Malaga Estates.
You now know the general steps on how to buy a house in Nerja, Torre del Mar, Torrox, Axarquia, Malaga or anywhere in Spain.
Let our lawyers in Torre del Mar, Torrox, Nerja, Axarquia and Malaga assist you during your house buying process in Spain
. No risk during the home buying process and – even far more important – no risk AFTER the house buying process!