Making an Offer on a Spanish Property


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Before you make an offer on a property for sale in Spain, it is wise to have visited as many similar properties as possible so you have a clear idea of the going rate.

To make an offer against a Spanish property you will need to put money against that offer - normally between 3,000 - 10,000 euros. The Agent makes this offer on your behalf and then the vendor will accept or decline this offer. The sum put forward becomes non-refundable when the offer is accepted by the vendor. If the offer is rejected by the vendor the buyer has the option of making another offer or receiving a full refund of the money.

Find out as much as possible about the vendor's reasons for selling. If they are moving for a job or have already bought another property, their urgency to sell may give you more scope for bargaining.

Equally, reveal little about your own circumstances to the vendor and their agent and don't be pressurised into agreeing a price.

What your offer should take into account
As in the UK, an offer is not considered a commitment until both sides agree on all aspects.

Make sure your offer includes the following contingencies:

That the offer is subject to mortgage availability (if a mortgage is necessary).

How much deposit you are prepared to pay.

The payment terms (firstly the reservation is paid, then private purchase - 10% is most common, and the date the remaining balance is payable).

What fixtures and fittings you consider to be included in the price (you should receive an inventory list).

What other costs are involved in the transaction - costs such as lawyer fees, notary fees, taxes are on top of the quoted property price.

Before you commit to putting down any money in the non-refundable holding deposit, there are various checks you need to carry out on the property and the owner.

Your offer is based on the contingency that the property passes an inspection by professionals (e.g. a structural survey by an architect, if necessary). Then you can agree on the price and put down your deposit.

HAGGLING ON NEW BUILD PROPERTIES

It can be more difficult to negotiate the price on a new-build property, as the developer will claim their prices are fixed according to construction costs. But you have nothing to lose by trying and you are more likely to be successful when prices are more flexible at the very beginning or very end of a development project.

If you can't haggle the price, you may be able to persuade the developer to upgrade some of the fittings or amenities (light fixtures, granite worktops, upgrade on electrical appliances, etc), if the developer gets the impression that the deal depends on it.