- This topic has 21 replies, 9 voices, and was last updated 16 years, 11 months ago by
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Hello, I have zeroed in on a property and the agent seem to be fairly honest.
I am about to fly in and view the property in the next few days.
Could you please review my agent’s comments and tell me if it is on the up and up.Thanks
“Hello David,
I will give you an idea how to purchase a property in Spain:
– your real estate agent, in this case me, should do the same as a
lawyer or a bank, check the paperwork
– everything like land registry, nota simple and escritura should be in
order
– if there are any cargas (debts) on the property they should be solved
before buying
– a foreign buyer must have a Spanish tax number N.I.E. that can be
applied for in Torre del Mar (15 km. from Almayate where the house is)
– for a non EEC member to get the N.I.E. certificate can take several weeks.
– to buy the property you must agree on the price and the moment of
registering the sale at the notary
– to make a reservation on the property you pay 3.000,- euros
– this reservation will take the property off the market for two weeks
– within these two weeks the legally binding sale contract will be
prepared up by the attorney
– on the moment of signing the private contract the reservation sum is
10% of the purchase price minus the 3.000,- already paid
– in many cases we, as a real estate agency, make up the contracts
– but we also work closely together with an English speaking Spanish
attorney called Carmen Silvia Gallado Muñoz
– applying for the N.I.E. number you have to present yourself with your
passport in Torre del Mar
– signing the private contract can be done by fax
– signing the deeds at the Notary can be done by us with your power of
attorney in Spanish, registered at the Spanish notary
– or in by yourself in person
– we will transfer gas, electricity and water on to your name.Don’t hesitate to call or mail me if you have further questions.
I hope to hear from you when you are planning to come to Spain so I can
organise a viewing.” -
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They are talking about an arras contract and they are quite standard. I would strongly recommend you do everything through your own independant lawyer.
I request the reservation fee paid to one or other lawyer as some (not all, I am not saying every) agents are taking the reservation fee, a problem occurs or you decide to pull out and they dont refund the money – usually cos they have spent it!
If your lawyer holds it, that is fair and usually acceptable, although some lawyers have had difficulty understanding the concept!
Good luck
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Get an independent solicitor. Don’t try to save money by not using one on the basis the agent said they would do it all for you!
Don’t pay over any money until your solicitor has seen all paperwork and completed all searches.
If you do pay over any money and for some reason you decide not to proceed you’ll never get it back no matter what promises or guarantees you have been given.
Like someone else mentioned if you do pay deposits insist on having it held by a solicitor (preferably yours).
Estate agents – I know one or two that are half decent but I’m afraid most have acquired a bad reputation – but one thing is for sure they have all kissed the blarney stone.
It’s a buyer’s market and you can call the shots and dictate all the terms.
Best of luck.
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The sad reality which the Spanish Lawyers have brought onto themselves, is that if you pay them any deposit they have the tendency to pocket it.
The response to this thread is the real reflection of the state of the Spanish property market. Credit crunch, over supply aside. You cannot trust anybody on the property food chain.
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Just to add, If you pay the holding deposit and pull out you lose the money, if the seller pulls out, you get back double in theory…
I don’t think there is anything in law that states you have to pay 10%, pay as little as possible as then if the worst happens and your lawyer finds any problems and you decide to pull out, you lose less…
Use an independent lawyer/surveyor as you would in the UK…
Good luck,
Heather
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@heatherpsk wrote:
Just to add, If you pay the holding deposit and pull out you lose the money, if the seller pulls out, you get back double in theory…
I don’t think there is anything in law that states you have to pay 10%, pay as little as possible as then if the worst happens and your lawyer finds any problems and you decide to pull out, you lose less…
Use an independent lawyer/surveyor as you would in the UK…
Good luck,
Heather
I am not familiar with a “surveyor” What do they do exactly (US here)
Thanks
David
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@katy wrote:
No Starbucks and no free refills 😆 Hope everything goes well.
A survey is to ensure the house is not about to fall down a hill or something similar. Just esnsures the structure is sound. Hillbilly can explain better, it’s her profession.
WHAT!!!!!!! No Starbuck, lol.
Thanks , So a surveyor is like our home inspector. Do you also have Title insurance? Or deed insurance?
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In, UK we have can purchase a title Insurance. It very reasonably priced. All good lawyers will recommend it, if they feel there is any doubt on the title.
I, am not sure if such Insurance exist in Spain & even if it does. I cant see an Insurance company ever paying out in the event of a claim. They don’t pay out on Guarantees, which is a legal requirement, so what chance do a policy holder has on paying out on a obscure type of Insurance cover.
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Starbucks are in Madrid but I haven’t come across any krispy kremes yet!
Also title or deed insurance is available but not widely – it’s a US import.
If you use a good lawyer then you shouldn’t need it – also it’s usually expensive or else the policy is rather scanty.
Key title insurance spain into google and a few suppliers appear.
CASER SEGUROS is a Spanish supplier or underwriter but I would question if they would ever pay out!!!!
There are other UK suppliers but I can’t fund their details now.
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Who want Starbucks, when you get real coffee in France Italy, Spain. However if you are talking about Chicago deep Pizza, its a another matter.
My, friends in Seville will never go to Starbucks, its mainly aimed at American students who are studying there & the tourist who struggle to say Cafe con leche. or Cafe solo.
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@shakeel wrote:
Who want Starbucks, when you get real coffee in France Italy, Spain. However if you are talking about Chicago deep Pizza, its a another matter.
My, friends in Seville will never go to Starbucks, its mainly aimed at American students who are studying there & the tourist who struggle to say Cafe con leche. or Cafe solo.
You are so right, the European Espresso, is outstanding. Here in the US, if you go anywhere else but Starbuck, you get darker color tea, that they call coffee.
As for Deep dish Pizza, it is only uncooked crust. I like better thin crust -
Actually it was never about the coffee – only connectivity!
I was surprised last Christmas how difficult it was in Madrid to find cafe’s where you could log on or connect with your own laptop etc. Plently of internet places but not where you can connect your own laptop. I like places where you open your laptop and your online – no registration or credit card process etc.
Anyway even Starbucks let me down then I discovered El Corte Ingles had perfect connectivity in their cafe’s/restaurants and also more civilised.
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– to make a reservation on the property you pay 3.000,- euros
general practice. Moneys should can be held by agent. Although no reason it can’t be held by your lawyer.– this reservation will take the property off the market for two weeks
Not so sure on this one. You reservation is put down to reserve the property you have made an offer on. YOUR offer, YOUR conditions.– within these two weeks the legally binding sale contract will be
prepared up by the attorney
subject to confirmation by your lawyer that everything is in order of course– in many cases we, as a real estate agency, make up the contracts
I’m sure they do. You let your lawyer write it up. Even if the agent does it, your lawyer double checks it. If the agent does prepare the contract, you want an official translation by an official translator– but we also work closely together with an English speaking Spanish
attorney called Carmen Silvia Gallado Muñoz
Well you know what has been said on this forum about agent recommended lawyers.
If you do want the agent to recommend a lawyer, ask for 3 or 4 suggestions. Then make your own decisions
– signing the private contract can be done by fax
Originals are safer. Can always be sent by direct mail. If there were any problems (i’m sure there won’t) you will want an original signed version.
– signing the deeds at the Notary can be done by us with your power of
attorney in Spanish, registered at the Spanish notary
– we will transfer gas, electricity and water on to your name.
If they have power of attorney, they have the ability to issue cheques/bankers draft, etc… Do you want a agency to have this power.
Let’t you lawyer have the control
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