The Process of Buying Property in Spain

The buyer should confirm about the ownership of the Bargain properties in Mazarron County Club and that the Villas for sale Mazarron County Club are devoid of any liabilities before agreeing on the price mutually with the seller. The next step is to sign a contract known as ‘Contrato privado de compraventa’. Let it be made clear to the buyer that often in Spain, debts are levied to the property and if there is any outstanding mortgage at the time of sale it gets automatically passed on to the buyer. A Nota Simple can confirm this. Usually, after agreeing to price the buyer is to deposit 10% of the sales amount is as a rule is to be deposited by the buyer. The Estate Agent Mazarron County Club holds the fund in a bonded client account. If you, as a buyer, plan to arrange finance for the purchase, the sales agreement ought to have an ‘arres’ agreement that is a 10% deposit with a specified date of completion. Sales contract can also be signed without such a deposit and the buyer is permitted to even sue the seller. Whereas, in case you have deposited the agreement money and signed contract of sale, you can sue the seller and be entitled to get double the deposited money in case the seller withdraws from the contract.

At the time of signing the Escritura de compraventa or the definitive contract equivalent to the Deeds of the property, you will have to pay the balance-buying price to the seller. In case of a new property, you cannot own the property until the work is complete and you receive the completion certificates.

It is always advisable to appoint your own independent legal advisor to protect your interests who should be present along with the notary, who is a public official who witnesses the ‘deed of sale’ but expert, independent legal advice should be taken to protect your own interests. Your lawyer or legal advisor is competent enough to explain you various matters involved in buying a property in Spain such as – Spanish mortgages, Taxes, budgeting, borrowing ability, required documents, arranging finances for the purchase, costs of purchase, legal tips for buyers, arranging the deposit money, managing the buying procedure in Spain, and legal aspects of the property purchasing.

When buying a plot or a house with plans to refurbish and extensions, you need to procure consent from the Town Hall and other relevant authorities known as planning permission.

The Power of Attorney is a very important document that is usually drafted in Spanish that is to be signed by you in front of a Notary Public. If you are a non-Spanish speaking person, an English translation can be made available. You have to appoint a very trusting and reliable person as Power of Attorney.

Once both the parties are ready to complete the transaction, they or their Attorneys, need to attend the office of the local Notary, El Notario to sign the purchase contract.