- October 8, 2006 at 8:28 pm #52335
I was wondering if anyone could advise me on how long the purchase process should take?
We’re buying a resale property on Ibiza. The offer was accepted last week and we’re currently arranging the mortgage with La Caixa (who will also act as our lawyers). We are hoping to appoint a Gestor on the island this week and the agent claims to have taken the property of the market.
Friends tell me to slow down and not to worry, as these things take time. However, as I’m new to this I just want to get some idea on how long things take – deposits, contacts, surveys…there’s so much to worry about and sort out! I don’t want to lose out by dragging my feet but I’m worried about rushing into areas that I don’t fully understand.
Any advice would be welcome.
- October 9, 2006 at 8:46 am #66548
ordinarily the prcoess is as follows – this can vary accrdoing to ewhere you are and is only a guide
Once you view the property and decie tp buy it you put down a small reservation deposit. (no more than €3,000 and the less thebetter) Ensure that the reservation agreement has a clause that allows return of the deposit if searches throw anything unusual up (embargoes onthe property, new motorway about to be built etc.)
THis should take no more than a week or so but allow at least 2 and put in four.
Once that is ok you would then put down a 10% deposit and sign private contracts. THis is a cotract that states the terms and conditions of the sale, the price and how it will be paid. NOTE if the sale depends on Anything – such as needing a mortgage, sale of a house in UK, etc then make sure you put this in the clause because if you dont you WILL lose your deposit.
Timescale or this is usually four weeks but allow more time (ie two months) and have this written into the contract.
Make sure the private cobtract is an arras contract.
One word of caution – it is folly to rely on the baks solicitor to do the job of conveyancing for you – they are NOT representing you they are representing the bank. They wont check things that are important to you – ie if there is a new development going in front of the hosue it wont affect whether they will give you a mortgage but may affect whether you decide to go ahead or not. Also the banks solicitor and the bank do not need to inform you of ANYTHING they discover as they are not acting on your behalf.
Do yourself a favour and get your own solicitor to act on YOUR behalf.
Pmce everything is ok then your agent or solicitor will arrange a notary date where you go to sign in front of the notary. One further note. Go to the Notry yourself if you can and do not be fobbed off by agents telling you , you should sign a power of attorney – go there yourself. If nothing else so you can see what is goingon. You alsoneed a translator to go with you who now ,ust sign the escritura themselves also to confrim that what the Notary has said that you have translated. Insist you have a translator you can trust.
Other than that it is fairly plain sailing. Dont worry about the speed of it all because time is on your side – it is a buyers market and I doubt if the agent will even want to look for someone else for that property. Providing you look after number one you will be fine.
Good luck and if you need any more help I wrote a book about the process of buying in Spain which you are welcome to a copy of – just send me a PM with your email address and I will send it by return
- October 9, 2006 at 6:29 pm #66583
Thanks for all your help – really useful. I’ve just sent a PM re your book.
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