Spanish Property Purchase: Buying Tips and Advice

by : K.Towers

Spanish buying tips.


When you have found your ideal home the first step is to reserve the property with a holding deposit (this is usually 3,000€ but is negotiable depending on circumstances). This is normally paid to the lawyer where possible and only handed over to the owner after the initial searches have been made. This deposit takes the property off the market.

The owner cannot sell the property without refunding you twice the deposit. If you pay a 3,000€ holding deposit the owner will have to pay you 6,000€ avoids gazumping. If you pull out of the purchase you loose the 3,000€ (unless there has been a problem found with the paperwork) again using a good lawyer should prevent any of this.

Upon the payment of this 3,000€ any stipulations you want entered into the contract should be made, apart from the obvious ones, These are what we call "subject to clauses". i.e. subject to a mortgage being obtained, or subject to the furniture being included etc. Subject to clauses such as: debts on the property or motorways going through the living room are standard clauses in the contract, these are just extra clauses inserted into the contract which crop up from time to time.

If there are no paperwork problems the deposit will be released to the owner ASAP, remember the property is still for sale until the owner has received the deposit. Then a balance of the 10% (less the initial holding deposit) will be due within 14-21 days. It is normally at this time that the date will be set for completion of the purchase. This is normally up to 3 months, you will receive an "on or before" date: for example: If you pay your deposit on the 1st of March you will be expected to complete on or before the 1st of June but purchasing a house in Spain can be very quick and can literally be done in a matter of a couple of weeks if both parties agree.

That's basically it. It's very straight forward and we accompany you all the way, notary appointments, Nie number applications etc. It is a lot easier than buying in the UK and we are there to help you every step of the way.

If you are very busy you can even give the lawyer power of attorney to sign for you thus making it unnecessary for you to even attend the signing.

Before your visit:

Property in Spain can sell very quickly and if you are seriously looking to purchase this trip, I would advise:

Ã?â‚??You bring 2 passport photographs of each person (purchasers)

Ã?â‚??Download and complete the NIE number application forms from our site, NIE Application Form , These are required in Spain to buy basically anything.

Ã?â‚??Have access to 3,000€ for holding deposit. Credit or debit cards (you may need to inform your bank of your intentions). This is used to reserve and take the property off the market. (As a lot of credit cards have withdrawal restrictions, the 3,000€ holding deposit is a general figure and very flexible to suite your circumstances.)

Most importantly...You will need to have sufficient funds readily available to be able to transfer a 10% deposit within 14-21 days of the initial holding deposit. Too many people find the right property and because they do not have access to a 3000 euro holding deposit or the balance of the deposit they loose the opportunity to buy.

In Spain, opening a Bank account is very easy and the banks will contact you in the UK and arrange everything over the phone absolutely free, if time is short this trip I would suggest opening a Spanish bank account before your visit. It speeds the whole process up and saves wasting valuable time whilst here. This can be easily arranged free of charge! href="">