Process that if you buy a house in Spain

We are seller of real estate and will do our best to help you find the property of your dreams. After we found in common that you would like to buy a particular property, as you should talk to a contract with the property owner. These contracts are very simple, but we can help you find a lawyer English speaking who can advise you.

It is important that the lawyer speaks Spanish, because he (or she) is seeking entries in this sense in the Land Registry. Can a lawyer in England to contact, but the contact person will ask for a Spanish lawyer contact you in order to do the job for them, otherwise your account will be twice as high, to reflect it.

The resale of the property

If the property is to be sold (ie, a previous owner of a new one), the procedure is in accordance with the current provisions of the Treaty. The amount of the deposit, you have to pay varies from city to city in Spain. In Ibiza, a deposit of 10% is usually required *. The property is generally still for sale until the deposit is received. This can lead to some difficulties, because usually needs time to go home and therefore the deposit payment is received until later.

It is a good idea to carry some cash if you are looking for real estate as a temporary deposit of € 3,000. As a rule, the seller may accept a property that is already offered on the market long enough to arrange payment immediately.

If the seller cancels the contract, the deposit must be paid and issued to you by an agreed form of payment. If the buyer (you) to resign, then you will lose your deposit. If you cannot make technical reasons sale (like searching the Land Registry or survey, which can lead to problems that have not been explained to you in advance), the sale may be declared void, and will contact you paid deposit back without compensation of any party.

Normally, if the seller has not resident in Spain, you have to pay 5% of the amount of the order with the tax if the seller has previously paid any tax on capital gains. These are not additional 5%; simply means that you pay the seller, only 95% of the contract price, and he must do to complete the forms with the IRS for the other 5% of its tax net investment income. If this sounds complicated, then do not worry, your attorney will advise you on all these procedures.

New private property

If the property is built, then your contract will be with the company that constructed the building, he agreed. We are facing many customers and they all have slightly different conditions if you want to buy a property. These terms may vary slightly, to meet the individual requirements of each client. When you have agreed to these changes, the contract was drafted. All building owners, however, expect to receive payments in accordance with the following guidelines.

The initial deposit is required to hold a piece of land, while contracts are drafted and 3000 - 5000 Euro. This non-refundable deposit implies that the Contractor:

a) take the land within the first two weeks of the market.
b) The property price is fixed and will not rise, the builder must raise their prices. The value of this deposit is calculated using the final payment.

Normally expected of the contractor that the first 25% of the total cost in the first two weeks, and another 25% to be paid within two months. The third payment of 25% is usually caused when the walls are finished and the roof was finished built. Therefore, the final payment is only paid if the property has been finished. All customers have different payment plans, but most are quite flexible.

Currency fluctuations between customers England

One potential problem that could occur with a contract that includes large amounts are currency fluctuations and changes in exchange rates for customers in England. This means that higher future payments against Sterling are, as might be expected temporarily (but may also be less). However, there are ways around this problem out of the way. One possibility would prompt transfer of funds to a euro account (either in Spain or the UK), so that your money is immune to currency fluctuations. Another method would be to book your £ / transfer in euros at current exchange rates.

The first 3000-5000 euros deposit must be paid in cash or by check in euros. You may pay by check in sterling, although this would require an additional day. Sometimes you pay by credit card can be made (this can be done through a bank deposit and usually requires a few days of work to be processed, although some card issuers are not allowed). You can bring a traveler's check, but then I have one of the banks that can handle those checks, to present. Remember, the banks are Monday to Friday and only open in the morning.

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