Are you thinking about buying property in Spain for a holiday rental, or permanent move? In our online webinar on Friday 22 May we covered the topic Buying in Spain – the legal process. The webinar walks you through the legal process as well as a discussion of what is currently happening in the property market.
We look at what you need to do, what your lawyer needs to do and we also talk about how a property purchase in Spain differs from the UK and the steps you and your lawyer need to take to ensure a smooth transaction.
We are joined by David Jackson, Managing Director of Jackson Grundy in Spain & the UK.
The Buying Process
- Find a property
- Make offer via agent, agree price, conditions such as survey and completion date
- Lawyer to check and then sign reservation contract and pay between 3000 and 6000 euros.
- Sign power of attorney with lawyer either in Spain or on return to country
- Conveyancing process
- Checks carried out at local town hall for debts
- Minutes of community meetings reviewed if buying an apartment
- Land searches in English & Spanish
- Legal report and contract to pay 10% – Exchange contracts
- Lawyer prepares deed with notary
- Completion monies transferred over
- Lawyer uses power of attorney to complete. Retains value of any debts
- Completion pay balance of purchase price for the keys. Congratulations!
- Home & contents insurance
- What does “deposit down straight away” mean…At acceptance of offer?
- We have seen some Properties that specify they do not have an AFO. What exactly does this mean, what are the implications and risks involved of buying a Property without this? Find the link to our blog on the subject too Making Good Irregular Properties with DAFO in Spain
- Surveys in the UK are very common. In Spain less so, why do you believe that is? (Watch our webinar about Surveys with Survey Spain)
- Mortgages – what will a Spanish bank lend nowadays and how long does it take to collate the paperwork and send to the bank for an offer in principle. How old can the oldest applicant be?
- Advice about making an offer subject to valuation.
- Advice on having to pay tax on world earnings in Spain
Our guest was David Jackson of Jackson Grundy Real Estate – Spain Jackson Grundy have been trading in the UK since 1994 and are now established as the market leading estate agent within Northampton and the surrounding villages. Managing Director David Jackson has owned a home on the Costa del Sol for over 15 years and added to their offices by opening the 10th Jackson Grundy Nueva Andalucia office in 2014.
Free Legal Advice downloads are also available on our website to walk you through the Buying Process and fees involved.
Thinking about Selling Your Spanish Property?
Our next webinar we are looking at selling a Spanish property and explaining the legal process as well as views of the market in Spain and what sellers can do to prepare their property for sale.
We are delighted to be joined by Andy Bridge, Managing Director of A Place In The Sun who will talk about market intelligence, what buyers are searching for, budgets, areas and timeframes. Also James Vizetelly, Marketing Director at Affinity Spain will give tips for how sellers can prepare their property for sale.
Register for this free webinar taking place on Friday 29th at 15:00: