Purchasing Spanish Property: an Accurate Depection of the Legal Course of Action
Youve found the house and negotiated a price. Youve arranged your Spanish mortgages All there is to do now is complete the purchase. How?
In Spain, the process of purchasing Spanish property is regulated, and the best thing that you can do to protect your interests is to employ an English-speaking solicitor or lawyer to assist you. Make sure that the Spanish property is free of restrictive clauses and debts.
There are two different categories when it comes to the legal process of purchasing Spanish property. First you have the preliminary contract, or Contrato privado de compraventa, and then you have the completion contract, or Escritura de compraventa.
A preliminary individual sale bill should be signed after both sides agree to the cost. The vendor must provide proof that he or she owns the property free of any charges before this Contrato privado de compraventa has been signed. The purchaser must pay the debts of their property as part of their %LINK2% agreement. Nota Simple documents are designed to confirm whether or not a property contains any outstanding debts.
The completion date, overall price, and property description will all be elaborated in the preliminary sales contract. Expect to pay a deposit that ranges between 5 and 15 percent of the purchase price. This money shall be held in escrow for your benefit. It is possible though not advisable to sign the private preliminary sales contract without putting down a deposit.
The Escritura de compraventa stage, is the second or final contract stage. The customer will need to pay all fees and the price of the product on the date of completion. The buyer and seller will meet to finalize the deal with a contract, which is the same as a deed on the property. The buyer will be provided the public deed of conveyance, also referred to in Spain as the escritura, in the presence of a Notary Public. In order for everything to be legal a copy of the deed will have to go through the tax office and property registry. In Spain, all deeds of sale must be witnessed by a Notary Public, which is a public official in that country. However, you need to have your own legal counsel to protect your own interests during the transaction. Part of the fees for purchasing include property tax, and legal fees for your Notary Public.
