Once you have found your ideal home, whether it is in the Costa del Sol, the Balearic Islands or Barcelona, it is time for your real estate purchase to begin its process. However, there are a few things to be carried out before doing so.
What to Do Before a Real Estate Purchase
Before you make an offer through your real estate company to your potential seller, it is recommended to contact The Home Inspector Spain. We are of course aware of the important speed necessarily needed to move the process of purchasing along and so we react fast to our clients. An appointment for our inspection is typically made when our client first calls us, sometimes possibly being made for that very day, but other than that it can be expected to be carried out a day or so later.
For inspections we allocate a certain amount of time to carry it out, usually requesting around 2 to 3 hours for the inspection to be carried out thoroughly. During the inspection we take note of any defects, examining thoroughly as we do so, and we take pictures of the property along with comparing given measurements for the property. Once the inspection is complete, we can review our findings with the client (should the client be present during the initial inspection).
Once the inspection has taken place, we go through a conversation with our client, seeing as they are the potential buyers of the property. During this conversation we discuss the inspections results and what the next steps should be, what price should be offered to the seller and also what kind of negotiations to proceed with in terms of the real estate purchase. The Home Inspector Spain surveyor will then outline and prepare the necessary legal and building law aspects that will be taken to the selling party for negotiation purposes.
Real Estate Sales Contract
Once an agreement has been made, our surveyor who is overseeing your case will write up a preliminary contract, known as “Contrato de Arras”. It is common practice to sign a preliminary contract in Spain when going through a real estate purchase. When also paying a deposit with this, it is to be discussed with associated parties how much the client will pay.
If the negotiations are to break down due to the choice of the seller, you will actually be paid double your deposited payment as compensation for inconvenience. However, if the client is to be the reason the sale goes no further, the client will lose their deposit.
Escritura de Compraventa and Onwards
After the signing of the preliminary contract, a purchase deed, known as “Escritura de Compraventa”, will then be drawn up. This will then prompt the party selling the property to give their own purchase deed to the client as it is will obtain vital information about the property, such as for example:
- Share in the community
- If parts of the property can only be used for private use
From there on out, the signing of the property will take place. Commonly, a notary and bank clerk will be present. The notary is necessary for legal noticeability whilst the bank clerk will be there for financing reasons in case of necessary use of a mortgage cheque. The signing of documents is done in front of the notary and bank cheques between purchaser and seller are done there and then also. The buyer then receives a provisional entry in the land registry (assuming the notary has already made an announcement of the purchase in question in the thelandy registry) and of course the purchase deed.