How to Buy
Welcome to- The Cave Home and Inland Property Specialists
It is very simple to buy a property in Spain providing the paperwork is in order, and it is for that reason that we use an English speaking Lawyer to answer any questions you may have regarding the purchase and to liaise with all other parties concerned with the purchase of the property. The main parties are;
1) The Sellers
2) The Buyers
3) The Company
4) The lawyer
5) the Notary (a public official who examines the paperwork and draws up the new escritura for signing by both parties)
6) the land Registry (known as the Cadistral)
If you are buying a property in Spain, sooner or later you are likely to be asked to sign a Compraventa or private contract. This is an important stage in the buying process as it is the moment when the deal becomes binding for both parties. The contract is drawn up by our lawyer. The contracts details deal with;
The buyers and Sellers,
Identification of the property,
Agreed price
Protective clauses for both the buyers and the sellers, which are dictated by Spanish law. The contracts are in English and Spanish. )
All our property sales are done through a Spanish lawyer
The price and conditions of payment.
The most common agreement is for a 10% deposit on signing the compraventa, with the balance on completion. There should be an agreed completion date on which the escritura will be executed before the Notary, the final payment will be made and possession of the property will be given to the purchaser. Costs of a typical purchase would be as follows; 2,000 to cover the fees of the Notary, Lawyer and Land Registry. There is a 8% purchase tax on the 'write down' value, which is indicated in the escritura. It is now necessary due to International law that a person purchasing a property in Spain must have a Spanish bank account in their name and obtain a certificate to prove that the funds taken from the account is to meet that write down value. In addition it is necessary to get an N.I.E or tax identification number and we will help to do that. The company can both set up the bank account on behalf of the purchaser and will provide the bank with all necessary information for the certificates.
Conditions that will apply if the sale does not proceed.
A large part of the contract may be given up to what happens if the deal does not go ahead. These are important clauses, even though you hope they will never apply. Generally speaking if the purchaser backs out they will lose their deposit unless the sale does not proceed because of a legal defect to the title. If the vendor backs out they would have to return double the deposit to the purchaser.
We are experienced in all aspects of the transaction and will assist to make the purchase as smooth as possible. We can arrange a mortgage very simply and the current interest rate is approximately 3.75%
AFTER CARE
We don't just leave you to your own devices after buying a property in Spain. We help with water, electricity, gas contracts, where everything is, emergency phone number in English and impartial advice on all aspects of living in Spain. We also offer a full property rental scheme for absent landlords.
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