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. However, there are a few things to be carried out beforehand.
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 aware that, when purchasing a house, speed is often of paramount importance and – as such – we strive to respond as quickly as possible to our clients. An appointment for our inspection is typically made when the client initially calls and, if this is not scheduled for the same day, it can be expected to be carried out within the following few days.
For inspections to be carried out thoroughly, we usually request around 2 to 3 hours. During this time, we compare measurements, take note of any defects, take pictures of the house and thoroughly examine the entire 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 inspection results and outline 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. 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, the 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. If a deposit is required with this preliminary contrast, the exact amount to be paid should be discussed with the associated parties.
If the negotiations are to break down as a result of the seller, you – as the buyer – will receive a refund that is twice the amount of your original deposit. This is a type of compensation for any inconvenience caused. However, if the client is the reason the sale does not go ahead, they will lose their full 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 to the land registry) and the purchase deed.