Buying Property in Spain
Foreign people looking to buy property in Spain will find that property is generally considered to be cheaper, more so than in other countries in Europe. Yet despite this, the demand has not dropped too much this past years. In Matarraña, unlike other regions where property prices have gone up during the recent banking crisis, prime Matarraña, property exists in its own bubble with prices having being frost over the past year. Despite the Spain having been in a double-dip recession and mortgages for country property building have being impossible to secure by the Spanish banks, the current economic climate presents good buying opportunities for those acquiring property outside of the most popular areas in Spain, and not needing a mortgage.
As the Eurozone lurches from crisis to crisis, the number of wealthy European property buyers in Matarraña, Spain has surged. English, Dutch, Qatar and the center Europe citiziens are converting their Euros into bricks, predominantly in this charming region, called by the CNN the Spanish Toscana. Foreigners are able to buy property in Spain and most nationalities are eligible for property investment.
Steps to purchasing property in the Spain
- The first thing you need to do is to set a budget and, and make a list of characteristics
- If you feel more confident and secure ask for the services of a conveyance solicitor.
- Once a buyer has decided on a property and made a verbal confirmation to the vendor’s agent that has been accepted, the agent will write down a guarantee contract with the buyers, sellers and property details.
- 10% must be paid to guarantee the property
- The seller o the seller’s solicitor will contact the agent to confirm that all is legally documented to be sold. The agent will then raise enquiries on the title and all other matters that he or she considers relevant.
Once the work is done, the buyer and agent will discuss the completion dates required . Once this is agreed and all parties are ready to proceed. The nuyer will be asked to pay 10% of the purchase price at exchange of contracts and once contracts are exchanged there is a binding contract between the parties and neither party can withdraw.
If a person decides to withdraw as a purchaser after exchange of contracts they will lose their deposit and the seller can then also sue for any subsequent losses they may suffer. It is therefore very important that the buyer does not exchange contracts until they are satisfied with the property and able to proceed financially. The balance of the purchase price and any other fees are paid by the buyer on completion, so you will need to provide these monies to the agent.
On the date of completion the agent will arrange to settle the remaining sum for the property and then register the title at the Land Registry and send the buyer evidence of registration. (all this will be done by the Notary)
Thereafter, the property belongs to the new owner and they can take possession.
Spanish property terms
- Contrato entre comprador y vendedor: Contract that guarantees the property is yours
- Notaria: Notary office where the completion will be done
- Notario: Person that cares that all the procedure it’s legally done
- Agente: Person that you contact to buy the property and make other documentation progress
- Ayuntamiento: Where you go with your “agente” to verify that all you like to do is legally possible
- Resgistro de la Propiedad: Where the property will be registered under your name
- Escritura: Deeds
How to find property for sale in Spain
- Most properties are advertised online. Information will include details of the real estate agencies, which also have independent websites.
- Estate agencies will have local neighborhood magazines that showcase properties and other general information in the area.
- Newspapers all over the country also have property sections, some on certain days of the week.
- Properties are auctioned and notices of these placed in magazines and newspapers. Agents can inform buyers of these.
- Independent property finders in Matarraña, such as Property Personal Shopper, or Personal Project manager (www.countrypropertyinspain.com) are an efficient and time saving means of sourcing property, particularly for people who are not conversant with the Spanish purchasing process, have limited leisure time or are not familiar with the areas involved. One of the main advantages of using such services is that property finders are retained by their clients and so pose no threat to the agents who give them access to properties not on the open market, this is of invaluable benefit to buyers.