A successful purchase of any property is to understand the purchasing process and all costs involved, this is where we will help you best understand all aspects of the buying process here in Spain.
The process starts when we visit the said client at their property with a property valuation, then we explain what we do to market the property and how RMR will achieve the sale.
RMR prefer to take a property on Exclusively and promote that we manage not only the sale of the property but also the whole buying and selling process; basically we tend to the clients needs.
What are the next steps and what might be encountered before you can expect to own your dream home in Spain, Details listed below.
The first step would normally be a meeting with an English speaking Spanish solicitor (abogado). During this meeting the solicitor will explain to you the legal implications of your purchase.
You will be told that you are required to place a small reserve on the property, typically €3,000, in order for the owner or developer to take the property off the market.
This is a very important step as decent, well positioned, attractive properties that may be bargained priced move very fast in the current market where due to the worldwide financial crisis some properties are selling for 30% less.
Your lawyer will outline in detail his charges and what he will provide by way of service in return.
This includes searches on the property to establish ownership and resolve outstanding debt and more importantly, checking that the deed (Escritura) is in order and that it matches the building and land being offered.
The lawyer will also check building licenses are in order and that the owner or developer has satisfied any local planning conditions prior to offering the property for sale.
You can also expect that your solicitor will handle any financial transactions on your behalf, although it’s more practical to allow them power of attorney to complete the sale.
Depending on when you decide to take possession and take into account your personal circumstances you will now set the payment schedule.
In one example if the property is vacant and you are a cash buyer you can go to the notary within 4 weeks and have possession of your new home!
If a mortgage is required then this process can take 8 -10 weeks depending on your mortgage lender.
The notary office will have the new Escritura drafted before you or your solicitor goes before the notary to have the sale completed. The notary will also register the new deed on your behalf.
On the day of notary you will be required to provide funds to meet the sale price of the purchase, then sign the title deeds.