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Steps 3 and 4 - PURCHASING AND OWNING
Step 3 - PURCHASING Do I need UK professionals?
Well, it's a fairly straightforward process that most people, obviously using a measure of common sense, should handle easily. Equally, no matter who you pay or which UK professional you use, the legal documents still have to be passed by the Spanish Notaire and, under their supervision, property problems and litigations are lower in Spain than in England.
All our agents are fully trained, have long experience of non Spanish clients, are ENGLISH SPEAKING and will guide you through the whole process, at NO EXTRA CHARGE.
After all, if they didn't, you probably wouldn't recommend us to your friends.
1 - Making an Offer
Just like people in the UK, some owners will accept an offer and others won't. Your agent should know whether the owner will accept and, if so, within what range - so use his knowledge. After all, he wants to find a suitable property for you as much as your do.
If you can afford the time, it's generally a good idea to leave your last day free of appointments. This will allow you time to review the properties you've seen and if you've made your mind up, sort out the paperwork without being rushed into mistakes.
2 - Signing the Contract
1. It will be necessary for you to have a Tax Identification number to purchase a property; it is sufficient at the time of purchasing your property to have put in place the steps to acquire such a number. In Spain each person is assigned a tax identification number (NIE) which must be used on all communications addressed to the Tax authorities.
In general the NIF of a Spanish national is their National Identification Number (DNI), in the case of foreign nationals the NIE is their Foreign Identification Number (NIE). These identification numbers are issued by the Directorate General of the Police, our agencies will able to assist you with obtaining your NIE to purchase your property.
You now have to apply in person for NIE certificates - our professional staff will accompany you. This service, along with opening a bank account is free to our clients.
2. Once a price has been agreed between, purchaser and vendor, both parties should sign a contract; Contrato privado de compraventa, this is provided by the selling agent and sets down the details of the exact location of the property, the price agreed, name of the vendor or the vendor's representative and the name of the purchaser or the purchaser's representative and finally the date of completion, which can be as quick as 5 days to approximately 3 months.
There are conditions attached to the contract which stipulate that should the prospective purchaser fail to complete, the deposit is lost and also should the vendor fail to complete the deposit is refunded to the purchaser. In Spain, oral contracts have the same validity as written contracts.
3. A deposit of 10%; of the purchase price is usually requested by the estate agent and this is held in a bonded clients account.
4. The legalities are dealt with by a notary; this is a public official who is assigned to deal with both the requirements of the purchaser and the vendor. The notary checks at the time of the completion that the property is not encumbered with debt, because in Spain debts are attached to property and in extreme cases it could be that outstanding mortgages are passed on to the purchaser.
5. It is necessary to have an independent translator at the notary; if your Spanish is limited, to ensure that you understand completely, all that is being explained.
6. The balance of the purchase price has to be paid on the day of signing at the notary; the purchaser and the vendor sign the Escritura de Compraventa. This sum should be paid in the form of a bank transfer from your Spanish bank account to the seller's bank account or a certified cheque drawn on a Spanish bank, you cannot use an International draft drawn on a UK bank, and cash is not an option.
7. Taxes; these need to be paid within one month of signing at the notary, but in general the notary will ask for your bank details and the appropriate taxes (once they have been calculated) will be debited by the notary.
After what can be a quite straightforward process, you will be the proud owner of a Spanish home.
Step 4 - OWNING
Once you've signed "on the dotted line", had your celebratory glass of champagne and met your new neighbours, the practical realities of ownership and settling into your new community soon begin to demand your focus.
But, if you are one of our clients, you need worry no further. Our Property Office personnel not only conduct client viewing appointments, negotiate the sale, supervise the sales process and generally guide our clients to successful ownership, they will also assist our clients to establish themselves in Spain and integrate quickly and effectively.
They will guide you through the bureaucratic maze of red tape that awaits the unwary and sort out those essentials that clients normally want assistance with, such as:-
- translations
- opening bank accounts
- arranging telephone installation
- arranging insurance
- electricity connection
- water connection
- septic tank installation
- finding builders and artisans etc.
As they live and work in Spain it means that they are already familiar with the majority of the requirements you may have and the relevant contacts, people and systems necessary to smoothly get you set up with the various Spanish authorities and integrated into the Spanish way of life.
About the Author -
Grace Turner is a Director of www.spanish-property-for-sale.tv/ and www.spanish-property-today.com/.
The companies offer a carefully chosen selection of English speaking, licensed Spanish Property Agents with offices in England, giving access to the most comprehensive selection of properties throughout Spain.
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