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| Spanish
Property - The Buying Process |
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The
decision whether to buy a resale or new build Spanish property
often depends upon when you wish to move to Spain.
Spanish property Resale purchases can be completed in around 8
weeks whereas new build properties have varying completion times
from just a few months to 18 months or more. If you are planning
to retire in the near future you can tie in completion of your
property with your retirement date.
Many clients purchasing for investment reasons
will choose an off plan property because, with a rising market,
they plan to sell it after completion for significantly more than
the purchase price.
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Resale
purchase procedure
A
Spanish resale property is normally secured by signing a reservation
contract and paying a three thousand Euro holding deposit (approximately
£2000) after a price has been agreed.
As in the UK a Solicitor (Qualified Spanish Solicitors are known
as Abogados) will need to be instructed to act on your behalf
regarding searches, confirmation of building licences etc.
Completion in Spain is generally in around 8 weeks and must be
witnessed by a qualified Notary, at this point the balance will
be paid to the vendor in full.
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Off-Plan
purchasing procedure
As
with a resale property a Spanish property purchased off-plan can
also be secured by signing a reservation contract and paying a
three thousand Euro holding deposit, usually after viewing a completed
show home.
As
in the UK a Solicitor (Qualified Spanish Solicitors are known
as Abogados) will be appointed to act on your behalf.
Subject to your Solicitors approval, a final contract will be
signed, this is usually 30 days after signing the reservation
contract.
At
this point depending upon the property a 40% or 50% deposit will
become due.
The
balance of the sale price will then normally be paid upon completion
of the property.
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As
a company we insist all of our clients use a qualified Spanish
Solicitor on their property transactions. If you have friends
or relatives who have purchased in Spain who can recommend one
so much the better, if not we can recommend experienced property
solicitors who will work on your behalf.
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