Houses For Sale In Spain - What You Should Know Before Buying.
Are you looking for houses for sale in Spain? Then you should know certain things before buying a house for sale in Spain. Never rush to purchase a house even if it is at a very low price. There are many pitfalls and you should take care to make a wise investment. Things you should know before purchasing a house in Spain include:
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Choose the right real estate agent.
The majority of the home buyers appoint a real estate agent to search for houses for sale in Spain. It is essential to find a genuine, experienced real estate agent with a good reputation as anyone can act as a real estate agent due to poor regulation. To find cheap houses for sale in Spain it is recommended to select an agent who is familiar with the area you choose to find a house for sale in Spain and can speak Spanish fluently. A native Spanish agent with good English will be of great help throughout the sale process.
Select houses for sale in Spain without outstanding debts
Whenever you take a mortgage for purchasing a property it will be attached to the property. So, if you purchase a property from a vendor who has not completed the mortgage payment then you will have to clear the debts. Hence before choosing any house for sale in Spain, ensure that there are no debts attached to it. It is not just the mortgage make sure that the seller has paid all the taxes and utility bills. Never rely on words. Check all the receipts before making the big decision to pay the deposit.Select a reputed builder
The agent will give you a long list of houses for sale in Spain. But, it is your responsibility to choose the best and cheap house for sale in Spain. Do your background investigation about the builder of the house without simply relying on the agent. Do your homework with diligence even if you have chosen the best real estate agent in Spain. Check if the builder has taken the necessary building permissions and ensure that the quality of the materials he uses for construction are good. It is essential to check for the building permission if you are searching for houses for sale in Spain along the coast line as the Spanish government has issued a Law of Coast in 1988 to prevent over development of the coastline. So, if you have chosen a house for sale in Spain that falls in that prohibited area then you will be in trouble. It is recommended to choose a house in Spain away from the coastline in view of rising sea levels due to global warming. Follow the same guidelines even if you have chosen repossessed houses for sale in Spain.
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Appoint experienced lawyer
Appoint an experienced lawyer who is familiar with Spanish law. Spanish government has issued Valencia Land Grand Law in 1994 according to which the rural landowners whose land obstructs the expansion plans should contribute either part or all the land towards the local infrastructure. So, the lawyer you appoint should be able to discover all such details pertaining to the chosen houses for sale in Spain. If you are looking for cheap houses for sale in Spain in an urbanized area then you do not have to bother about this law. But, there can be other laws. So, be careful to pick-up select the right lawyer.
Think before paying the deposit
If you have chosen a house for sale in Spain then you will have to pay 10% of the sale price of the house as a non-refundable deposit. You will only lose the deposit if you later withdraw the decision to purchase that cheap house for sale in Spain. Some real estate agents rush you in to paying the deposit saying that the house is in great demand and you will lose the offer by delaying the payment. But, never get into such a situation and think twice before paying the deposit. Don’t be in a rush to make the deposit there are many houses for sale in Spain. Open a Spanish bank account
It is mandatory for every home owner in Spain to have a Spanish bank account. Hence, before purchasing the houses for sale in Spain open a bank account as the utility companies extend their services only if you provide details of bank account so they can debit directly from the account for bill payments. If you cannot speak Spanish then chose a bank with English speaking staff and produces all the statements in English upon request.
Survey the proposed houses for sale in Spain
Whether you plan to purchase a brand new or resale property, always get the house for sale in Spain surveyed by well qualified surveyor. The surveyor should check the condition of the entire house thoroughly. They will do it for a small fee but it definitely saves you from future hassles.
Invest only on houses for sale in Spain that are easy to resale
Even if you have chosen a cheap house for sale in Spain, go for it only if it is easy to resale. Before purchasing the property make sure that it has all the characteristics desirable in a resale property. For example, check if it has a parking place, a courtyard and above all the house in good condition. It would be very hard to resale a house in Spain if it does not have these characteristics. Check for the presence of utility services
You might have chosen a cheap house for sale in Spain that is very close to your requirements and is also a completely legal property but it would be a big pain if it does not have the required utilities. Before purchasing houses for sale in Spain make sure it has the utility services such as electricity, drainage system, telephone services and water facility. In a few cases you may not be able to get the required utility services even after investing huge amounts. Hence, only choose those houses for sale in Spain that possess all the essential utility services.
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Check the contract thoroughly before signing
After making the initial deposit, the next step in purchasing the houses for sale in Spain is signing the Escritura. Before signing the contract make sure that it includes the terms such as the price of the property under sale, details of what has been covered in sale price i.e. the furniture, tools, fixings etc. the date of signing the contract, the date of making the initial deposit and the amount paid as deposit. While including the terms for deposit amount, see that the terms are clear for both the main deposit and the reservati deposit. For signing the contract, select a date that is comfortable for both the parties. If any unexpected problem arises on the planned date try to move it ahead rather than delaying. If you are delaying the signing of contract you are putting the deposit in danger. Get the contract signed as early as possible but not in rush.
Go for a reservation deposit before making the main deposit
A reservation deposit is the amount paid by the buyer to make the seller take the house for sale in Spain off the market. It is normally only 1% of the sale price of the house and is given before making the main deposit. It is normally refundalble if the purchase cannot go ahead for legal reasons. After making this deposit, the potential buyer can undertake the required legal verifications of the property before making the main deposit. At any point of time, if he feels that the house for sale in Spain is not safe to purchase he can drop the idea and he will not lose that small amount of reserve deposit. Do invest your efforts to know all the mentioned details to make right investment on the houses for sale in Spain.
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