Are you in the process of coming to Spain (Valencia, Alicante, Murcia Almeria, Malaga…) to visit properties to buy ?. What do you have to do?
In relation to your future purchase in Spain, let us inform you with the steps to follow and share with you some information that can help you in the early stages of the process:
1.- FIND THE PROPERTY: Once you come to Spain, and you are ready to visit properties with your agency, you have to concentrate your efforts to find the right property. The one which fulfils your expectation.
2.- CONFIRM PRICE AND COMMERCIAL POINTS: Then, you must confirm with your agent, or with the vendor, the price, and the rest of commercial points: like furniture, schedule of payments, time to complete, etc.
3.- OPEN A BANK ACCOUNT: Opening a Spanish bank account in Spain is compulsory, and your personal presence in the bank is obligatory!. So, make the best use of your visit to Spain to visit a Bank to start the process for opening a bank account. Click here to know more about why opening a bank account in Spain in purchase process.
4.- NIE: If possible, apply for NIE!. If you have not enough time, you can apply for the NIE on your return in any of the Spanish Consulates of your country.
5.- And, then, the most important: CONTACT YOUR LAWYER!. Take care you contract a specialized lawyer in real estate, and in construction. Ask credentials, and study your layer in social media, ask for references, and confirm that is an officially registered lawyer. Click here to check how to know if my lawyer is legally registered in Spain.
6.- DO NOT PAY ANYTHING. DO NOT SIGN ANYTHING!: You should not sign anything or pay anything without the previous advice or authorisation from your lawyer.
7.- ASK YOUR LAWYER PREPARING THE RESERVATION CONTRACT: A professional lawyer will contact the agent (or the vendor) to start preparing the contract to sign, with the inclusion of all provisions necessary to protect your position as buyer.
Your lawyer will ask the agent to send the essential documents to prepare the reservation contract. This is very important, because, previously to sign or to pay the deposit, it must be checked essential points as, for example, that sellers are the right and legal owners, and that the property is duly registered in the land registry and cadastre, etc.
Your lawyer must then organize the signing of reservation contract with the vendors and yourself. Please, note that the reservation contract can be signed by email on your return, after the visit. Also, reservation payment for booking the property in your name can be made also on your return via bank transfer… .
8.- ADAPT THE RESERVATION CONTRACT TO YOUR PARTICULAR SITUATION: Specialized lawyers will consider then particulate circumstances of your case, and as a result, we will include in the contract whatever conditions which adapt to your particular situation, as way of payment, date for completion, etc.
9.- CONSIDER SEARCHES TIME: And this is very important, because, sometimes, contracts are signed without taking into consideration the necessary time to confirm the legal, and the administrative, situation of the property. And buyers are brought into “short term” contracts, which do not give to buyers enough time to get the right information of the property. Searches must be done in property before completion. And this includes not only rapid information as the one from Catastro or the land registry. There are essential points to check as legal aspects, urban, and administrative points to be confirmed by other public institutions that sometimes takes time to get be obtained. And this must be considered, and respect it, in the reservation contract.
10.- STANDARD CONDITIONS ON RESERVATION CONTRACTS IN SPAIN:
Normally payment schedule on standard purchase/reservation contracts is:
- 3-5.000 EUR reservation fee
- 10% of the price payment a month later, ALWAYS THAT SEARCHES ARE COMPLETE!.
- The rest of the price in 2-4 weeks, always that result of searches are satisfactory to you and to your lawyer.
During your visit to Spain, you must do the following:
- Visit the properties with your agent
- Open a bank account in a Spanish bank if possible (if not, it can be opened on your return)
- Get the NIE, if possible, if not, the NIE can be achieved comfortably in one of the Spanish Consulate in your country.
And, once you have chosen the property you like…..