Property in the Costa del Sol: a buyer"s guide
If you are intending to buy Spanish property, the Costa del Sol can be an ideal location. However, the thought of buying a property abroad can be quite daunting if you have never done so before. Even buying a property in the UK can be difficult. Trying to negotiate a house purchase in a different legal system, different regulations and using an estate agent that's hundreds of miles away can make things even trickier. If you are thinking about buying a property on the Costa del Sol, then here are five essential tips that may be able to help make things run that little bit more smoothly.
Firstly you need to choose the property that you wish to buy. A website, such as [http://www.uniqueliving.com], will be able to help with this. You should be able to find a property in your price range fairly easily. Once you have chosen your preferred property, or built up a list of two or three, you can visit the region and take a look. It is often better to do this kind of thing in the winter months as it is cheaper for flights and you'll get a better feel for the region out of season. Try to travel mid-week, when flights can be even cheaper.
Next you need to make an offer on the house. This is usually done through an estate agent or lawyer who will take your offer to the vendor. Sometimes this can take a long time and there really isn't anything you can do but wait. Your offer will either be accepted or declined. If it is declined, you can always put in a slightly higher offer if you have really set your heart on the property.
Once the negotiation stage is over, and assuming that your offer has been accepted, your agent or lawyer will draw up a contract. This contract is a legal requirement drawn up between you and the vendor. In Spanish it is known as a Contrato do Arras (private contract). This contract contains information on the house, the amount that you are buying the property for, the amount of the deposit and so on. Once this contract has been drawn up you then pay your deposit to the vendor.
Next you need to urge your agent or lawyer to get a Nota Simple. The Nota Simple is a document that states that the person selling the property owns the property and has the right to sell it. It will have the current owner's name and address on it. It also has details on any outstanding mortgages on the property and any restrictions upon the property. If you buy property Costa del Sol law states that one of these must be obtained.
Finally you need to meet the vendor, in the presence of your agent or solicitor, and sign the Escritura Compraventa, or title deed. Both parties need to sign. At this point you also pay off the final balance, the property officially becomes yours, and you will be given the key to your new house.
Obviously buying a Spanish property, Costa del Sol or elsewhere, is a lot more complex than the above list implies. However these steps should help give you a basic idea of what to expect. Invaluable in the whole affair will be a good, multi-lingual agent or lawyer as they will be able to guide you though the process easily.
Firstly you need to choose the property that you wish to buy. A website, such as [http://www.uniqueliving.com], will be able to help with this. You should be able to find a property in your price range fairly easily. Once you have chosen your preferred property, or built up a list of two or three, you can visit the region and take a look. It is often better to do this kind of thing in the winter months as it is cheaper for flights and you'll get a better feel for the region out of season. Try to travel mid-week, when flights can be even cheaper.
Next you need to make an offer on the house. This is usually done through an estate agent or lawyer who will take your offer to the vendor. Sometimes this can take a long time and there really isn't anything you can do but wait. Your offer will either be accepted or declined. If it is declined, you can always put in a slightly higher offer if you have really set your heart on the property.
Once the negotiation stage is over, and assuming that your offer has been accepted, your agent or lawyer will draw up a contract. This contract is a legal requirement drawn up between you and the vendor. In Spanish it is known as a Contrato do Arras (private contract). This contract contains information on the house, the amount that you are buying the property for, the amount of the deposit and so on. Once this contract has been drawn up you then pay your deposit to the vendor.
Next you need to urge your agent or lawyer to get a Nota Simple. The Nota Simple is a document that states that the person selling the property owns the property and has the right to sell it. It will have the current owner's name and address on it. It also has details on any outstanding mortgages on the property and any restrictions upon the property. If you buy property Costa del Sol law states that one of these must be obtained.
Finally you need to meet the vendor, in the presence of your agent or solicitor, and sign the Escritura Compraventa, or title deed. Both parties need to sign. At this point you also pay off the final balance, the property officially becomes yours, and you will be given the key to your new house.
Obviously buying a Spanish property, Costa del Sol or elsewhere, is a lot more complex than the above list implies. However these steps should help give you a basic idea of what to expect. Invaluable in the whole affair will be a good, multi-lingual agent or lawyer as they will be able to guide you though the process easily.
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