The Golden Rules of Purchasing Property in Spain
It cannot be emphasised too strongly that anyone planning to buy a property in Spain must take independent legal advice in a language in which they are fluent from a lawyer experienced in Spanish property law. Always deal with professionals and do not assume that because you may be dealing with a fellow countryman that the advice is better, cheaper or even unbiased. Do not sign anything, or pay a deposit, until you have sought legal advice. Once the advice is given - take it. Do not assume it is someone dotting the i's and crossing the t's. One of the most common phrases heard in Spain is about buyers 'leaving their brains behind at the airport'. It is true! The rush to buy a dream home, or the pressurised selling trip, or even the euphoria of the moment often makes people do incredibly stupid things, literally handing over cash deposits to agents or owners with little or no security. Again, always take legal advice.
Points to Remember:
- Builders should have an insurance policy to protect against bankruptcy.
- Agents charge high commissions.
- Buyers and sellers of resale properties should be aware of the agent's commission.
- Deposits and stage payments should be made to a blocked account.
- An English speaking abogado is essential to the property buying process, principally for advice on contractual and payment terms.
- Spanish banking is reasonably efficient but its procedures are very different. Choose a major bank, with English speaking staff, close to your new home.
- Although mortgages are available from Spanish banks, they are relatively small.
- The notario, a State appointee, at the final step of the buying process offers great safeguards on legal matters.
- A gestor is necessary to deal with the bureaucratic way of life.
- Ensure that someone has checked the debts on a property.
- Spain 's peculiar laws carry them over to the new owner.
- Wish to avoid problems? Always take legal advice from someone who speaks your native tongue and understands Spanish property law.
