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With mortgage rates at an all-time low, buying in Spain has never been more attractive, whether as a permanent home or as an investment. Follow our easy five-step guide. STEP 1: Working with Lighthouse and AgentsUse the Lighthouse service to search through properties, gauge the market place, understand the buying process, and do your research before you think about handing over the money. Based on your specific property needs, Lighthouse will team you up with the appropriate property agent. The agent will help arrange your trip to Spain to view properties. At all times the agent is bound to act within the guidelines set out in the Interagency Network Code of Ethics. Role of Lighthouse STEP 2: Find a LawyerSeek the advice of a good English-speaking lawyer - your agent can recommend one for you. The Spanish legal system differs greatly from the British system, so it's essential that you have a reputable lawyer on your side to explain the intricacies and deal with any problems. Establish their fees at the first meeting before you commit to anything. Finding and instructing a lawyer Have your lawyer arrange your paperwork for you. Various details and documents relating to the property will need to be checked: 1. At the Land Registry (Registro de la Propriedad, tel 902 201 200 for local branches), check that the Title Deed can be passed on to you and that there are no charges against the property. There are various land registry offices in each town. Eg. In Malaga, at Calle Cerrojo, 17. Tel. 95 207 0351 and in Alicante at Calle Arquitecto Morell, 19 4ª, Tel. 96 522 7043. 2. Check with the relevant town hall that the annual Real Estate Tax (IBI - Impuesto de Bienes Inmuebles) has been paid. 3. Check with the Community of Owners that all fees have been paid and if any future works are planned. Get a receipt showing you what you will need to pay as the new owner. STEP 3: Research Mortgage OptionsYour Lighthouse agent can also provide you with recommendations of mortgages lenders who can then advise you on a product to suit your needs. Requesting a Mortgage STEP 4: Make an Offer There is no such thing as a verbal offer. To show your intention you will have to put down a deposit (minimum of €3,000 up to €10,000) against the offer. Once the vendor accepts the offer the sum put forward becomes non-refundable. The deposit becomes non-refundable as long as due diligences are met. Within about two weeks of the acceptance of the offer a sale and purchase contract (contrato de compra-venta) will be drawn up detailing: The remainder of the deposit is normally payable at this stage. Read the full details on Making an Offer STEP 5: CompletionSign the 'Escritura pública' Now it is time to sign the 'Escritura pública' - the official document which shows the title deeds and transfer of ownership - before a notario, an official government representative. He does not certify that the statements are true, merely that both parties have sworn to them. At this stage you pay the remaining cost of the property and the vendor hands over the keys to your new property. It is the buyer's responsibility to ensure all documentation is correctly registered in the land registry to avoid problems later when you come to sell. You can pay a local gestor (government official who deals with property contracts) or notary to deal with this if you prefer. This process can take up to two months. |
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