What Do You Need to Know When Buying a Property in Spain
It is an exciting process in Spain to buy a house, but it also requires a lot of study and development time. The first-time purchasers commonly misunderstand that the procurement method is the same in Spain as in their native country. It can often lead to errors which either extend or cost you more money than needed. In this article, we have listed what you need to know before buying a property in Spain.
Decide on Property
First, you have to choose what kind of residence you would like. Looking for an apartment with a sea view, a historic house in a town, or a rural property in your own country? Dividing your needs into "must-have" and "good to have" can save you a great deal of time and make your search experience much more efficient. First off, you need to decide what kind of property you want and proceed with the rest.
Initially, the seller's real estate agent will make an offer on the property of your choosing. The next stage is to sign a preliminary contract between the purchaser and seller (called a private contract for the acquisition of goods) and then to pay a deposit, which ushered in 10% of the purchase price. Any inspections you choose to carry out (regulatory, construction, soil testing) must be done before this point. It is particularly crucial if you want to purchase a rural property (terreno no urbanizable) in which what has been developed and constructed illegally is not always evident.
Even if it is not legal to finalize the sale, it is highly advisable to use the notary's services to ensure a seamless transfer. For most mortgages, this will also be required.
The seller is accountable, even if they are unaware, for all hidden problems in the property. However, it might be difficult and costly in practice to compensate for such shortcomings. Suppose you are unsure of the status of an asset. In that case, an independent third party should conduct an inquiry either before you pay the deposit or on the condition that you pay the whole amount at the deposit payment.