Buying Spanish Property - What Happens Once You've Agreed Your Price? Some Very Important Points

When you have got located your property, agreed a terms and satisfied yourself (or your solicitor) that the property is free from all burdens and debts and or planning problems, it is structurally sound, bank warrants are issued if it is a new construct and that you are getting a good deal, then it is clip to pull up a private contract.

This is a written document that states in simple terms that you hold to purchase and the marketer holds to sell the property as mentioned. It also qualifies the terms and statuses of the sale, what the terms is, what is included in the price, when the completion day of the month volition be, what the amount of the sedimentation will be, how this will be paid, what the sum amount to be paid is and how this is to be paid and anything else that is deemed important. Your canvasser will either rough this up for you or the agent will have got drafted it so you need your canvasser to check it out.

Now then one piece of advice well deserving heeding.

If the purchase of the property is dependent on anything – anything at all - guarantee this is in the contract. If you need a mortgage and you cannot purchase the house without it – and you subsequently don’t complete because you couldn’t obtain a mortgage – You LOSE your deposit. In total.

I have got seen it go on only once – the gentleman in inquiry bought a house without having sold his first. He was convinced he would easily sell his house. He had bought cheap, and done tons of reforms to it, it was in a good location. But he took too long to finish the reforms and set his house on the market – in the meantime the United Kingdom market drop considerably affecting the Spanish Market and he couldn’t sell his house. His 5 calendar months (an unusually long clip from private contract to notary) was up and he lost in the part of €40,000.

Had he have got got got listened to advice and stipulated in the contract that the purchase was dependent upon the sale of the house (something the marketer would have agreed to at the time) then he would have been safe. But he didn’t listen and thought he knew best.

Let me reiterate this just once more.

IF THE house PURCHASE DEPENDS ON ANY factor – put option IT IN THE private contract

Once the private contract is signed you will then pay the 10% sedimentation (or whatever the sedimentation agreed is). Failure to ran into the statuses of the private contract will lose you your deposit.

If the marketer dorsums out then he must pay you your sedimentation back plus the same again.

If you desire more than utile advice about purchasing property in Kingdom Of Spain - including how you can potentially reduce the cost of your proeprty by some 3-25%, then travel visit www.spanishproperty-direct.co.uk/book.htm. For more than interesting articles on purchasing in Kingdom Of Spain visit www.spanishproperty-direct.co.uk/articlepage.htm