Real Estate Purchase Agreement
Real Estate in Spain
Spain is one best countries to buy a property, not only because it’s a beautiful country with a lot of opportunities, but also because of the value of real estate properties that are increasing every year, so it also makes it a good investment on his own, and besides you can obtain a golden visa when you buy a real estate of certain value. In this post, we are going to talk about some recommendations when signing a Real Estate Purchase Agreement in Spain, so when you buy a property you will be prepared for any contingency.
To sign a private real state sales contract
Even if signing a private real estate sales contract is not a “must”, it is recommendable to do so, because it’s the fastest way to formalize the transaction so that the parties will be obliged to comply with the agreement in the contract, as long as the clauses don’t violate the law. Nonetheless, you need to be aware that a private contract on his own can’t be subscribed in the Property Registry in Spain and cannot be subject of a mortgage. To be able to do this, the contract has to be authenticated in a public notary. So, a private contract it’s the fastest way to close a deal before formalizing it in a notary.
Write the contract in a clear and precise way
In the text of the contract, you need to identify the property, this is done by writing the physical location of the property, the more precise the better. Following this is the characteristic of the real estate like size in square meters, the number of rooms, etc. Finally, all properties in Spain have to be identified with a cadastral reference, so it can be identified by the State.
Verify if the property is free from any burden
Before you buy any property, you need to know if the real state is subject of any burden like a mortgage or real guarantee, because this debts follow the property and that means that the person who owns the real estate is the one who is responsible to pay for the debts guaranteed by the real estate.
You can easily find if a property that is subject of a burden just by going to the public register where the property is enrolled and requesting a simple copy where it states if there is any type of load or not on the property.
Be aware of the taxes
One thing that can high up the price of a real estate is the taxes you need to pay when making a purchase, so it’s in your best interest to hire a firm of lawyers specialized in property tax law and property law, so that they can help you with this annoying but very important task. Even better a good lawyer in Marbella can help you with all the process of buying real estate and can even help you to obtain a golden Visa, so you can make your business in Spain with total freedom.