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| Prior
to viewing
Before arriving in Spain you should make sure
that you have at your disposal sufficient funds
to cover the reservation sum on a property.
If you do not have the means to lodge a reservation
sum you risk losing the property. The minimum
required is usually 3,000 euros. The deposit
lodged is refundable if the vendors change their
mind. However, it is not refundable if you cancel.
Choosing a property
It is unwise to mix a holiday with a property
purchase, as you will need to maximise on your
time in Spain in order to find the property
that matches your requirements. When deciding
on a property there are many considerations
to be taken into account. For example; distance
from the airport, rental potential, long term
investment, distance from nearest amenities,
location etc.
The purchase
Once you have chosen your property the first
step is to inform the vendor in order for the
property to be removed from the market. You
will at this stage be required to pay a deposit
and a legal contract will be prepared to formalise
the terms of the sale in writing. The payment
of a deposit guarantees that the property is
withdrawn from the market and reserved for you
at the agreed contract price.
Appointing a lawyer
There are many excellent English- speaking solicitors
in Spain, some of which also have offices in
the UK. A solicitor will provide the legal guarantees
for the purchase in conjunction with the Spanish
law and insure that the property is purchased
free of encumbrances, charges or debt, they
will also ensure that all contributions to community
charges, local taxes, water and electricity
are paid up to date.
Solicitors will tell you in advance the fee
usually 1% of the purchase price of the property.
Using an English solicitor is not advisable,
often even if they are Spanish speaking they
are not always aware of the ever-changing Spanish
legal requirements and therefore this can lead
to delays and much frustration. |
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