Your local estate agent in Tenerife13/05/2019
Buying or selling property is one of the most important (and probably stressful) legal transactions that people undertake in their lifetime. If you are buying property in Spain, you need to be aware of the Spanish system and be confident that your lawyer has experience dealing with the complex system so that you can go through the process with as little stress and undue cost as possible.
‘’Lupain Tenerife Estate Agents’’has been operating in Spain for over 20 years. With English, Dutch, French, Italian and Spanish speaking lawyers, their property team will ensure a smooth legal process, safe investment and a hassle-free experience anywhere in Spain.
Before viewing a property in Spain, ‘’Lupain Tenerife Estate Agents’’recommends that you familiarise yourself with these basic guidelines:
Organise your funds
To reserve a property in Spain, it is customary to place a holding deposit, which will take the property off the market and prevent you from losing it to a third party.
Use local English-speaking lawyers
It is vital that you use an English-speaking lawyer, based in Spain. They will ensure that the property you are buying meets all the necessary legal criteria.
At ‘’Lupain Tenerife Estate Agents’’, we provide our clients with a free initial consultation prior to purchase so that you can ask any questions and talk through any concerns.
Get everything in writing
Never hand over a deposit unless it is accompanied by clear written guarantees, laying down the terms of the sale. Never hand a deposit directly to a private vendor. All reputable agents and developers will hold your deposit in a protected client account.
Starting the purchase procedure
While your property is reserved, your lawyer can make all the necessary verifications to ensure that the home is clean of any debts or charges. If it is an off-plan property, your lawyer will ensure all the necessary licenses and bank guarantees are in place. After two-three weeks it is customary to exchange contracts, at which time if purchasing a resale property 10% of the purchase value must be paid and if it is a new development, you are required to pay 30-40%, though it will depend on the payment schedule set by the developer.
The property sale is formally completed when the deeds, or “escritura” are signed before a Notary and when the full payment is made. Then the ownership is formally handed over to the buyer.
For more information on buying property in Spain contact ‘’Lupain Tenerife Estate Agents’’.