4. Buying a re-sale property
Whether you are buying a property directly from the owner, a friend of the owner or an estate agent,remember that before committing yourself to buy any type of property in Spain,it is advisable to meet an independent solicitor with expertise in this field. A short meeting face to face or a telephone conversation may be sufficient and can save you a lot of worry and sometimes money.
In Spain,there are many English speaking solicitors who specialize in conveyancing matters.If it is possible,try to find a solicitor who has also estate agency expertise and local market knowledge as they will be able to give you a broader range of advice.
Your solicitor will give you an outline of the whole conveyancing transaction,advising you on topics such as:ownership, finance,tax implications,inheritance issues,and guiding you through the main steps of your particular transaction,foreseeing any possible pitfalls in advance.
4.1 Making an offer
After discussing the matter with your solicitor,ask him to place an offer for you to the owner or to the selling agent showing your intention of buying the property. An offer,duly prepared by your solicitor,will be drafted taking into account the circumstances applicable to your chosen property and will not compromise you to buy the property until your solicitor con firms that it is safe to proceed.
In practice,if the seller accepts your offer,you will be asked to pay a reservation fee typically between 300 and 6,000 euros until the contract for sale and purchase has been agreed and exchanged,normally a few days later. Your solicitor will explain the consequences of making this payment,and will make sure when drafting the offer that this money will be refunded to you if something is not correct.
If you are buying a property through an estate agent, the selling agent will request that you pay a reservation fee as above and sign a document to secure the transaction. Remember always to seek independent legal advice prior to committing yourself to buy or to make a payment or to sign a document .A telephone conversation with your solicitor should be suffcient.This is a very important point to consider as estate agents normally have standard documents that may contain binding terms and conditions difficult to avoid at a later stage. Also,if you change your mind you may not be able to recovery your money.
|
