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buyers guide on prestige homes overseas in spain
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 The payment of a deposit guarantees that the property is withdrawn from the market and reserved for you at the agreed contract price.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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