The devastating effects of the COVID-19
pandemic didn’t leave the Spanish property market behind and largely dropped
the home values by 5-10%. Since the owners are putting their residence on sale
for additional income or any other reason, it could be a great opportunity for
investors to buy a property at a minimal price for better ROI in the future.
But when you’re buying a resale property, you
need to be aware of various processes apart from legal matters. As it involves
a number of people with diverse interests and demands, the duration will depend
on various overwhelming factors. Don’t panic, this comprehensive guide will
walk you through the steps of buying a resale property to simplify your journey
and accomplish your goal.
1 – AGREEING ON A PRICE AND CARRY OUT ENQUIRIES
Once you have looked through the property’s
infrastructure and agreed on a certain price, before making a payment, carry
out some enquiries to make a profitable investment.
Know who owns the property, whether there are
any debts or registered allegations against it, whether they will be removable
after the completion of the transaction, whether it is built lawfully, and what
liabilities it may hold. This procedure may take a day or two or more depending
on the individuals involved.
2 – PRIVATE AGREEMENT
Once you have received an accurate report on
the title, take risks into consideration and proceed with the purchase. Now it
is time to involve in a private agreement with the seller and make a deposit of
the total purchase price of the property. Depending on the issues and
challenges, this step may take a couple of days or weeks before signing a deal.
3 – COMPLETION
Documentation will be prepared and signed
before the notary. Either the buyer and the seller or representative will
participate in a meeting, where the funds will be paid to the seller and the
buyers will get access to the property.
4 – POST-COMPLETION
Once the transaction is completed, pay the
purchase tax and the property will be registered on your title/name. This step
can take some weeks to complete, but if you properly administer each task, it
won’t ruin your excitement about buying a new property.
Don’t be in a rush. It is important to go
through enquiries made in respect of the property and receive documents to be
certain that the property has no outstanding debts. Before going through all
the documentation, you can approach a real estate agent to assess risks before
making a purchase.
If you’re considering buying resale property
in Spain or have any queries regarding the process, feel free to contact us.
2 Schlafzimmer Villa in Calpe, Spain
If you wish to receive more information, do not hesitate to contact us.
Phone: +34 966 397 944