Check out the accurate measurements of the property and if necessary appoint the services of a surveyor.The sale of a property is normally based on the “cuerpo cierto ”which means that you are buying the property as it is and you will not be able to claim,after the purchase contract is signed,if you find the property has less square meters.
Find out if there are tenants in the property as the
new buyer is by law obliged to honour the tenancy
agreement.
If necessary to your particular transaction,file an
application to the City Hall to obtain a planning
certificate for the property.
Ask the seller to provide you with the last four years
receipts of the City Hall rates payments.
Get copies of the Community Owners Rules and
the Minutes of the most recent community meeting.
Check there are no outstanding fees.The law makes
the buyer liable for those fees using the property as a
guarantee of the payment.
4.3 Preparing and exchanging the contracts
If the above investigations are satisfactory,then a contract to sell and buy the property,
containing all
the terms and conditions of the transaction,needs to
be drawn up.is agreed,the parties
exchange contracts and the
buyer will normally pay the agreed
deposit to the seller generally 10
to 20%of the purchase price.
This deposit is normally non-returnable once contracts have
been exchanged.
4.4 The purchase contract
There are several types of contracts
that are commonly used in the
property business.The type of
contract to be used may vary from one
purchase to another.It will depend
very much on the circumstances of
the particular transaction and both
parties ´intentions.Your solicitor will
explain the legal consequences of
the contract to be agreed in your particular case.
A purchase contract contains a number of clauses.It is
important that the seller īs details are correctly stated in
the contract and he appears as the registered proprietor
at the Land Registry.The property should be clearly
identified including full Land Registry details.The full
purchase price needs to be correctly stated and do not
agree to show a lower figure in the contract,as this can
cause tax and legal problems in the future.
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