Property Developments Murcia Costa Calida

 

Villa España ­Magical secret of Murcia

 

 

There are a number of cultural differences in the Spanish housing market too. For example, once you have agreed an offer, there is often no option of pulling out of the deal, says mr. Boles. He adds: "Borrowers should ensure the contract states that they are arranging finance on the property and includes an opt-out clause in the case the loan isn`t agreed.

This will ensure that the deposit is refunded.To avoid problems araising, it is wise to arragnge financing in principle before agreeing to a purchase, signing a contract or paying a deposit.

The buyer must also remember to budget for the cost of the purchase, as local taxes, fes and legal costs are higher than when buying UK property. Generally speaking, a further to 10 to 20 per cent should be added to the purchase price to cover these costs.

It is also vital to get local legal representation and a UK-based solicitor is unlikely to have adequate knowledge or the expertise required. A broker will be able to recommend a good lawyer, which is essential to ensure that a property is free of debts and restrictive clauses.

Mr. Wells says you should avoid impulse buying and doing anything that you would not normally do when buying a property at home. He adds "You should also avoid estate agents who offer to deal with everythigmn, and do not sign a contract until you get independent advice.

To avoid problems of title, you should instruct an independent lawyer to act on your behalf in the purchase, as this will ensure you have cleat title to your property.

Article by Alison Steed