In Spain you are dealing with a system different from the one in the
U.K. whereby contracts can be signed at an early stage. If you wish
to purchase a property in Spain, there are important regional issues
to consider as well.
The
terms of the contract to purchase a property in Asturias, for example,
will differ from Andalucia. Sign what may appear to be an innocent
piece of paper registering your interest in a property and you could
be committing yourself to a purchase you can ill afford; fail to take
the appropriate advice and you could find yourself in legal and financial
problems. Whether
you are purchasing a new chalet, or an old stone cottage in need of
renovation, or an apartment on the coast, it may have been constructed
without formal regulation and in Spain in particular there has been
a history of varying methods of construction built to varying standards.
Commissioning
a survey of a property from a qualified surveyor should always be
considered before committing to a purchase. A survey can save you
both time and money and can be used in the negotiating process.The
most common approach to the purchase process is to agree a preliminary
contract (contrato privado) which should contain a number of routine
clauses including the amount of deposit to be paid. Once signed, this
will give the purchaser certainty in proceeding without the fear of
being gazumped.It
is recommended that full searches and investigations be carried out
prior to signing the private contract.
Standard
checks include investigating the planning status of the property,
whether or not the seller is the registered owner; and whether it
is being sold free of mortgages or other charges. Checking the property
description and boundaries is particularly relevant as many properties
are unregistered having been passed down through the family generations.
The
formal transfer of the property is made in the presence of a notario
by the signing of the deed of sale (the escritura). Taking
professional advice will ensure that your investment is sound. Please
contact us to discuss our home buyer and survey packages.
Clive
C. Robbins BSc (Hons) MRICS
Managing
Director