If you are making an investment in Spain either by buying real estate or by buying the shares of a Company which owns real estate, we can assist you all throughout the purchase process.
We specialise in dealing with the purchase, sale and mortgage of property in Spain whether you are buying or selling plots of land, villas, apartments, townhouses, comercial premises, off-plan properties or shares in property holding companies.
Our professional services include negotiation, advice, drafting the relevant contracts, making all the relevant checkings on the property and also acting on your behalf in respect of any property contracts, if so requested.
The checkings on the property must never be underestimated as they include making sure that the vendor’s title is fully registered free of any mortgages or other charges, ensuring that there are no outstanding community fees and/or local rates on the property or even checking that there are no planning infractions.
Typically, when purchasing a property, the procedure includes signing a private contract in order to pay a deposit -as part of the sale price- and reserve the property. This private contract may be either an “arras” contract or a proper purchase contract. The “arras” contract contains all the relevant terms and conditions applicable to the purchase agreement. The buyer pays 10% of the purchase price and if he decides not to buy, the 10% deposit is lost and keept by the vendor. On the other hand, if the vendor steps out of the purchase agreement, he must refund the buyer his 10% deposit plus another 10% as a penalty, making a total of 20% of the purchase price.
For a completely hassle-free purchase experience, we can also provide you with services like drafting Powers of Attorney, applying for the compulsory NIE number on your behalf, contracting with the relevant supply companies, arranging for the local rates to be paid by standing order, etc.
Needless to say, we also advise on the taxes due and the expenses likely to arise providing all our clients with a complete cost estimate for the whole transaction.
Once the purchase has been completed, other needs may arise such as renting your property, making a Spanish Will to make sure that your property goes to a specific beneficiary, etc. We can also advise you on these matters taking into account both tax and legal implications.