International Property Consultancy
The process of purchasing a home in Spain is quite different to many other countries, particularly UK and Northern European countries. So, for most buyers the whole experience may appear new and rather unfamiliar. However, the conveyancing system in Spain (while working differently) really does work, albeit slightly differently.
OUR INITIAL MEETING
We’ll always arrange to have a brief meeting with you before we start viewing. This is to ensure that we completely understand your property requirements. We’ll also outline to you all of the associated costs involved with the purchase, as well as explaining the legal process ahead.
VIEWING THE PROPERTY
We’ll arrange for you to view as many properties as is required. If we do not have the most suitable property for you, we will search our other partner agent´s property listings on your behalf.
OFFERING ON THE PROPERTY
We’ll negotiate the offer on your behalf. Then assuming that your offer is accepted, you can then choose your legal representative. We can of course provide a list of local bi-lingual solicitors / legal representatives who you can meet personally, deciding which one is best to represent your interests quite independently.
Once your offer is accepted, we’ll ask for and hold on behalf of the buyer a €3,000 reservation holding deposit (this can be more for properties of €600,000 and above) This will reserve the property for a period of approximately 4 weeks. It will then prevent any other agent/s from marketing the property. During this 4 week period the buyer/s liaise with their bank / legal representative, who will prepare all paperwork in preparation for the exchange of contracts.
EXCHANGE OF CONTRACT
At the end of the 4 week period contracts are exchanged whereby the buyer will pay 10% of the agreed purchase price (minus the reservation holding deposit) directly to the vendor/s and further confirmation that the balance of 90% will be paid within an agreed timescale. Typically, this will be 6 – 8 weeks after exchange. Both buyer/s and seller/s sign a private contract in addition to an inventory of all furniture included (if applicable) in the sale price. Note; the exchange can take place without the buyer/s or seller/s needing to be present in Spain.
SIGNING OF THE TITLE DEEDS
Either (or both) parties can assign a ‘Power of Attorney’ to their legal representative/s to act on their behalf for them. If this is not the case, then both buyer/s and seller/s are required in person to sign the title deeds at the Public Notary in Spain. This is where the final balance of funds is paid over to the vendor/s.
ENERGY PERFORMANCE CERT (EPC)
From 01 June 2013 we’ll also ensure that the property has a certified EPC (Energy Performance Certificate) which is now a mandatory requirement when selling a property in Spain.
The buyer/s solicitor or legal representative is also responsible for changing the utilities (water, electricity) into the name/s of the new buyer/s. It is always strongly advised that all buyer/s employ their own independent legal representative.
OTHER COSTS INVOLVED
Approximate costs when purchasing any property in Spain will always include-
Transfer tax: This can range from 8% – 10% (depending on the value of the property)
Legal fees: Normally this is around 1% of the purchase price (dependent on legal advisor)
Land Registration (and) Notary Fees: Normally around 0.25% or less (dependent on values)
Property - Mortgages - FX Solutions
CREST can now offer our clients an extensive range of Leisure, Lifestyle and Investment properties, in many areas of Spain & France. CREST are known and well respected in the overseas property industry. Over our many years involvement in the overseas property market, we have always maintained our excellent reputation in this area.
With such experience now within the overseas property industry, CREST are now specialists in their field. We ensure that there is always someone on hand to guide you, wherever you choose to purchase. The convenience also of our UK base with its team of fully trained professionals, is further complimented by our unique knowledge of the overseas property market. Our ability to give realistic and ‘hands on’ advice to our investors has always proved invaluable. This really helps to build upon our reputation as an expert participant in the overseas property markets of Spain and France.
CREST now also work in partnership with many leading banks in Spain and France. As well as the more established builders and property developers too. Meaning we’re well qualified to advise buyers from their initial enquiry, along the entire purchasing process, right through to completion. In addition, our dedicated after-sales team work tirelessly, ensuring your complete satisfaction with the service we will provide.