So you’ve found your dream holiday home, arranged your mortgage in Spain and are now ready to complete the purchase
In Spain, the process of purchasing Spanish property is regulated, and the best thing that you can do to protect your interests is to employ an English-speaking solicitor or lawyer to assist you. You will want to make sure that the Spanish property you are purchasing is free of restrictive clauses and debts.
The best thing to do, when researching your purchase, is to hire a lawyer to check the background of any Spanish property you are considering. They will also be able to check the Nota Simple, verifying the property is registered. Your chosen solicitor should be able to check the registry of the property, which will show if the property is owned by the vendor, as well as any outstanding mortgages.
The legal process for purchasing property located in Spain falls under two types of transactions. The first legal document is the preliminary contract, known as Contrato privado de compraventa, and the second is the completion contract, known as Escritura de compraventa.
A preliminary individual sale bill should be signed after both sides agree to the cost. Before this Contrato privado de compraventa has been signed, however, the vendor needs to be able to provide proof that he or she owns the property, and that it is free of any charges. Debts are charged to the property themselves in Spain, and any outstanding Spanish Mortgages amount would then be passed on to the purchaser. Nota Simple documents are designed to confirm whether or not a property contains any outstanding debts.
The preliminary sales contract will be drawn up to contain all of the necessary details including the date of completion, the purchase price and the description of the property. At this point you will also be more than likely required to pay a deposit of between 5 percent and 15 percent of the purchase price. A bonded client account is where the funds will be kept for you. You can sign the private preliminary sales contract and not put down a deposit but it is not advised.
The ultimate stage is the decond stage only as it will decide the future of the contract. It is also known as Escritura de compraventa stage. The purchaser will be required to pay the balance of the purchase price and all fees on the date of completion. Both the vendor and the buyer must sign the contract at the same time. This contract is equivalent to a deed on the purchased property. The purchaser will receive the public deed of conveyance, known in Spain as the escritura, in front of a Notary Public. A copy of this deed will also be passed to the tax office and to the property registry as well to make everything legal. In Spain, Notary Publics are public officials required to witness a deed of sale, but you should also make sure to have your own independent expert legal advice to make sure that your own interests are protected during this legal process. Remember too that as the buyer you will be responsible for paying the Notary Public’s charges along with the real estate sales taxes.
Related posts:
- 10 Vital Things You Should Know Before Purchasing A Spanish Home The first thing you should do is ensure that you...
- Creative Ways Of Purchasing Property In Spain Because of the negative publicity that real estate in Spain...
- Some Simple Tips To Buying Property In Spain As you enter into a new career, or consider...
Related posts brought to you by Yet Another Related Posts Plugin.
