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Legal Advice

Buying a property in Spain is now almost the same as in other countries- however the key word here is almost!

 

Will I need a lawyer in Spain?


You should use a qualified lawyer (abogado in Spanish) to see you through the transaction to ensure that you are buying exactly what you believe you are buying. Your lawyer will draw up the title deeds (escritura) which will be sworn by the government appointed notario when you complete.  

 

Completion is essentially a meeting at which the lawyer and the agent will be present to ensure that you understand the wording of the deed you are about to sign. The transaction happens o­n o­ne day.  If you fail to have the deeds explained to you and checked by an independent third party lawyer, you could end up buying a property which has no water, no electricity, or a garage which you thought you could park your car in, but which still belongs to the original owner or even the agent!

How do I know if an agent is trustworthy?


You are strongly advised to use a real estate agent that has membership of a recognized professional Institute, o­ne that you can contact should you feel aggrieved.   Agencies who are members of such bodies tend to be more professional.

The Consortium are members of the National Association of Estate Agents, bound by a professional Code of Conduct and in collaboration with the UK's Nº 1 Property Network with over 850 Offices and associated offices in 11 countries abroad.  Look for the NAEA certificate which should be o­n show.  If not, ask to see it.

What if the agent can't speak the English Language?

 

It is vitally important that you use agencies that are fluent in your language - translation can be used as excuses for lost deposits, failure to hit deadlines, even for misunderstandings about what is and what is not included within the purchase.

 

Will I need to pay a deposit - how safe is this?

 

Yes, usually you will pay a deposit.  Make sure you understand what the deposit is for the total purchase price the conditions upon which the deposit is returnable or lost.  Generally, if you do not proceed with the purchase you are in danger of losing your deposit.  If the owner of the property decides not to proceed then your deposit should be returned.  The deposit is usually 10% of the purchase price.

 

Will I need a Spanish Bank Account?

 

Again yes.  The Agent will introduce you to a local Bank of your choice and assist you in the procedure of opening a Spanish bank account in your name into which you can thereafter transfer funds.  This should be done o­nce you have agreed to purchase.  You will then need to have deposited enough to cover the initial deposit.

Before the purchasing transaction has been finalized, your account should have sufficient funds deposited to cover the agreed price and the inevitable expenses, usually between 8% and 10% of the purchase price to cover the Lawyer, Notary, Property, Registration, license fees, etc.  The Agent could also assist in obtaining mortgage facilities should this be required.