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SPANISH PROPERTY LAWS AND AGENT SERVICES
The process of buying properties in Spain and the Spanish legal system is very different from the English and Irish especially in Murcia and Southern Spain. However, there is no greater risk of getting a bad title when buying property in Spain than there is in this country, provided that the appropriate precautions are taken. First of all choose a reputable estate agent, one used to dealing with international property and one which can provide comprehensive and understandable information about property finding in Spain. In Spain property law varies from region to region. Most regions are very autonomous and we highly recommend you use a lawyer based and versed in the region you intend buying in. We can also arrange preparations for travelling to Spain though our in-house travel department. This is at the heart of the Prime way of doing business. If you decide to purchase you will sign a simple reservation contract (contrato de reservacion) in Spain, which reserves your property for you. A reservation contract (contrato de reservacion) takes the property off the market for around two to four weeks, during which time your lawyer can make all the necessary checks on the property. You pay a reservation deposit of, typically, £2,000/€3,000. After all the necessary checks have been carried out and providing you are satisfied, you then sign the preliminary contract (Contrato preliminary or contrato privado de compraventa) and, usually, pay over a deposit of 10% of the price (on a resale property) or a down-payment of, perhaps, 30% (on a new or 'off plan' property). In the case of a new property in Spain, bought 'off plan', you are, legally entitled to a BANK GUARANTEE or equivalent assuring that, if the developer cannot complete the property, you will get your money back, plus interest. Although you are entitled to this, be aware that there are some parts of Spain where developers routinely refuse to provide this guarantee. There then usually follows a series of staged payments as the construction process progresses. In many cases in Spain, no further payments are required until completion. Once the property has been finished (or, in the case of a resale property, as soon as everyone is ready to proceed) your lawyer will arrange for payment of the taxes on your behalf and the Final Contract of Sale/Title Deed (escritura de compraventa) is signed. This is a simple procedure with a notary. This is the document transferring the right to ownership to you. (Do resist any pressure for you to sign this document before the licence to occupy the building has been issued.) Once the Deed of Sale has been signed, your lawyer will arrange for the taxes due to be paid and for the deed to be registered at the Land Registry. This must be done without delay. In the case of buying a resale property with no mortgage, the whole process will typically take about 16 weeks. We have a full Spanish property buying guide available which is a complete 'how to' guide for buying property in Southern Spain... for your copy please call us on 0208 441 2078 - we can help you with all the following Tax Issues Recommended Solicitors: Calle Notario Oliver 2-4º C/ Rio Borines 64 - 5, 1ª |
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DOWNLOAD - Essential Legal Guide to property in Spain
