Deciding to buy a property in Spain seems to be an easy decision. Many people spend hours online looking for the information they need to make sure that their choice of property is the correct one. The move to Spain should be effortless and stress-free – see this post for more about this. To achieve this, there are several golden rules to keep in mind when deciding to buy a property in Spain.
An estate agent
The role of an estate agent is to introduce a prospective buyer to sellers. If you already have your eye on a property in Spain you next step will be to contact an estate agent to facilitate the buying process. If you are only just starting to have a look at buying a property, an estate agent may already have a number of properties lists which you could be interested in.
If you are not a Spanish resident, then you are going to need the services of a lawyer. You Spanish lawyer would also be able to assist in the translation of documents needed for the purchase of your new property. Your choice of a lawyer should be determined by his or her direct experience in relation to Spanish property purchases. The lawyer’s fees should not be exorbitant either. Also, keep in mind that you should not choose a lawyer based on their fees. Sometimes the best lawyers do actually cost a small fortune, but you run less of a risk in getting scammed.
Clarify the costs
Right from the start, the total cost of the transaction should be clear to you. These costs will include taxes, fees, and other miscellaneous expenses. Your lawyer will be able to advise you accordingly. You should not solely be reliant on the advice given to you by the estate agent, after all, they are working and acting for the seller.
Third party funding
If your property acquisition is dependent on the funding of a third party you should not contemplate agreeing to the purchase without making sure that you have completely secured the funding.
Paying a deposit
It is very important to not pay anything to a seller or seller’s agent until you are absolutely sure that you want to purchase a property. Your lawyer will be able to make all the queries on your behalf and then report the responses back to you.
Use a surveyor
If you feel it may be necessary, you could also enlist the services of a professional surveyor to inspect the property. The professional would be able to offer you valid advice on the condition of the property, which the homeowner would be reluctant to divulge. In many cases, property owners would be reluctant to offer information on the building if there is something wrong with either the structure or foundations. When hiring a surveyor to make sure that you know what you want the professional to have a look at and the items which they should include in the report.
Rules of the development
This is particularly important for those who are looking at buying a property which is situated within a development that contains common areas such as gardens and pools. Try to get a copy of the previous AGM minutes to ensure that you know all of the smaller details such as service charges.