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10 Key Steps to Successfully Buying a Property in Spain

Posted by admin on 16/02/2020
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Buying a property abroad is not like buying a pair of trousers. Ten basic steps purchasers should take before signing or paying anything are:

  1. Obtain an updated search (Nota Simple) from the relevant Land Registry in order to verify that the owner is duly registered as such and that the property is not subject to any debts, encumbrances or tenants. This essential search will also show whether the official description of features, sizes and boundaries matches reality.
  2. Find out how long the present owner has had the property and what price he/she paid for it. If, for example, the property was acquired last month for euros 120,000 and is now on offer for euros 300,000 (or vice versa), find out why and get immediate advice from your lawyer.
  3. Obtain information about the prices of similar properties in the same area.
  4. If the owner is a company, obtain a search from the Commercial Registry to find if the company is solvent and identify the person who can sign on behalf of the company Your lawyer can handle this for you).
  5. If it is a recently built home or major improvements are intended, check with the local Town Hall that the necessary permits have -or will – be granted.
  6. Find out whether the owner has any pending debts concerning local taxes (IBI). To start with, ask to see a copy of the last payment receipt. If it is a condominium, find out whether there are any community charges unpaid.
  7. Do not accept that any deposit must be a specific percentage of the price. Everything is negotiable.
  8. Only pay a deposit to the registered owner who is selling the property, or a person who has a power of attorney to receive such a sum (no to any intermediary) and make sure that a signed and properly drawn document is obtained as evidence of such payment.
  9. Play it safe by using your lawyer to review that document and any others to be signed in connection with the purchase.
  10. Finally, it is essential that the purchase be noted in a title deed (Escritura) signed before a public notary that can be registered in the Land Registry. Once the deed is signed, the registration process should be completed as soon as possible.

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