Property In Spain Case Study

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Buying a property in Spain can be very quick indeed, if you have found the Spanish property that you want and you have agreed upon the terms with the seller. It is possible (and frequently done by the Spanish, when no mortgage is involved) to see a Spanish property, pay a small initial deposit then go to the Notary to complete the Escritura (deeds) within a couple of days. The property will then be yours and you will be able to take possession. However, in practise, this is not a good way of proceeding for a foreigner buying property in Spain for the first time. It is better to operate on a slower 'escalator' of risk and commitment that allows you to operate a measured purchase process that carefully ensures that the property you want is …show more content…

This contract will be subject, of course, to the seller having good title to the property. If this is not found to be the case - he has to return your deposit to you.

2. 10% Deposit Generally (but not always), the reserve deposit contract will state a time in which to give to the seller a 10% deposit to secure your Spanish property. Often this will be a defined date some 14 - 21 days after the reserve deposit contract. Certainly, it must be long enough for your lawyer to conduct all the necessary legalities and searches to ensure that the property is legal and has no liabilities that are unknown. So, between the reserve deposit contract and any payment of 10%, your lawyer will do all the searches and enquiries that you would expect of a lawyer in the UK. His primary function will be to ensure that you obtain clean title to exactly the Spanish property that you believe you are buying - and that you know about any existing liabilities. Your lawyer will draw up a private contract (rather like Exchange in the UK), which will provide details of the purchase price, amount of deposit, date of payment, final date by which the Escritura (the deeds) is to be signed and any furniture to be included etc. etc. This contract will be signed by both you and the

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