After finding your ideal property, the first step is to make a verbal offer, which we can make for you. Once the price has been agreed, you should instruct a lawyer (abogado) to start proceedings.
Your lawyer will carry out the searches & checks. Then he will obtain from the property registry a `Nota Simple’ that identifies the registered owner and has records of outstanding mortgages or other charges against the property. Next, the `Valor Castral’ will be established. This is the assessed value of your property for property tax assessment.
For a new property the lawyer will peruse the `Declaration de Obra Nueva’ and the `Declaration of Altercacion de Bienes Naturaleza Urban’ – Planning permission documents – to ensure that all permissions for construction and occupation are legal. Other details such as community charges (if appropriate), utilities (electricity, water, telephone, cable or satellite TV) will also be checked and verified.
If you are buying a new property, ensure the developer or agent offers a bank guarantee that the construction will be completed as agreed. Then should the company have financial problems or become bankrupt, you will be entitled to reclaim any money you have already paid. No bank guarantee, no deal. Villas in Spain always insist on bank guarantees.
After the `Nota Simple’ is checked, you will pay a holding deposit of normally 3,000 euros. The property is then withdrawn from the market and reserved for you until completion. With new, or `off plan’ developments, the builder / developer may require one or more stage payments prior to completion.
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