Buying property in Spain has received some negative press, and if you have considered buying in Spain you have probably read some of the horror stories. In the past, unscrupulous developers have created legal traps that have cost unknowing buyers their deposits. If you can find somebody to sit you down and explain all of the legalities involved then buying property in Spain can be very safe. Asking an expert on Spanish Mortgages can highlight many issues before you get too far into the process. This is an example of how to purchase property in Spain the new way.
The only time the “horror story” issues arise is in situations where the law is not followed, or where you have not been made properly aware of the laws. In the past people could get away with selling property and bypassing the laws, but now that things have changed, due to enforcement of laws buying property in Spain has become more favorable. Most people and businesses accept the changes and understand them, meaning more agents and businesses are aiming to help you rather than to cheat you.
Something to keep in mind is that lawyers working in Spain can work for the buyer and the seller, so they may not put your needs first. If you desire completely independent legal advice you should have an attorney of your own, rather than share legal services with the seller.
- If you want someone to work on your behalf, the estate agent is not the right choice. Nearly all estate agents are ultimately going to be working on the behalf of the seller or the developer, because that is who is paying their wages.
- Some developers are willing to pay a higher percentage of the sale price than other developers. Agents are not always thinking about what is best for you when many times they have their own financial needs to worry about.
- With the right advice, there is no reason why you should fall foul to any of these issues. In order to set your mind at ease, and make sure the right person is watching out for your interests, its important to make sure your asking the right questions. The private purchase contracts are formulated in such a way that you will have any legal protection that you need. Although they may be more common, standard seller purchase contracts don’t.
- If you are wondering why you should follow a completely different process for buying when buying abroad, then understand that it is because it is hard to view properties bought abroad and most people do not understand the area they are buying property in or the rules that surround those properties. It will be advantageous if you can gain more knowledge about this process.
