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FAQs_about_buying_Property_In_Spain
| FAQs about buying Property In Spain
Welcome to the frequently asked questions about legal matters
when buying property in Spain
We have listed below the questions most frequently asked about
legal matters by our clients. If you have any questions not
listed below, please feel free to contact us by email.
info@hiperprop.com
Can I negotiate on the purchase price and conditions ?
Once you have chosen a suitable property, the purchase price,
terms and conditions are discussed with the vendor. Your offer
may be subject to a mortgage, or you may require a delayed
completion. This must be stated at the time of the offer. We can
recommend a lawyer who can help you with this process.
Do I pay a deposit to the vendor ?
A deposit is not normally paid direct to the vendor, but to the
selling agent or lawyer representing you in your purchase. The
minimum normally required is in the region of 3000 euros, but
may be greater for the higher-priced property. This reservation
deposit is paid by cash or credit card, and will reserve the
property until contracts can be exchanged and 10% paid over.
How do I choose a lawyer to represent me ?
We can recommend a number of different lawyers who can represent
you in your purchase. They will speak in your native language,
can be reached by phone, fax, and email, and are happy to ensure
that your purchase is as trouble-free as possible. A lawyer will
provide legal guarantees that the purchase of your property is
free from any debts or charges, and that all fees including
electricity, water and community fees are paid up to the day of
completion.
When are the contracts exchanged ?
Upon acceptance of the offer by the vendor and payment of the
reservation deposit, the next step is to exchange private
contracts. This normally takes place within about 14 days. Your
legal representative would have made steps to make sure the
property is free of debt or problems as above, and the private
contract will set out the agreed selling price and the date of
completion at the notary. It is normal practice at this stage to
pay 10% of the purchase price.
What is a notary ?
A notary formalizes the sale of a property; they check that the
title deeds and purchase are in order before the final payment
is made, and the purchase document signed. The notary will then
fax a copy of the purchase document to the local land registry
office, and the final registration of the documentation normally
takes around 2 months.
What if I change my mind ?
You are committed by the signing of the private purchase
contract, and if you choose not to complete the transaction you
will lose your 10%. If you have not reached this stage of the
purchase all you will lose is your deposit.
What are community fees ?
Community fees generally apply to properties that share benefits
e.g. community swimming pool(s), general maintenance, gardening
and security. These fees are set by a president and committee
who are voted in at an AGM (Annual General Meeting) every year.
Is it easy to open a bank account in Spain ?
This can be arranged by you or your lawyer, and is very straight
forward. Normally all that is required is a passport and a small
deposit to the account.
Are properties freehold ?
Yes they are.
Who pays your commission ?
The vendor pays our commission; you the buyer pay no fees or
commission.
Are there any additional fees to pay like stamp duty in the UK ?
Yes there are; as a rule you should allow an additional 10% on
top of the purchase price, to cover fees including lawyers, the
notary, property registration and transfer tax.
About the author:
Jamie Mills is a consultant for Hiperprop SL, expert agents in
buying Costa del Sol Property. www.hiperprop.com
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