Spain - Potential Pittfalls

When many buyers arrive in Spain with the intention of buying their dream Spanish property they can be easy prey to many of the pressure sales orientated Spanish Real Estate Agents, whose only goal is to sell property.

The good news is that buying Spanish Property need not be a story of horror but an easy and straight forward process and the investment opportunities are genuinely good. Like everything in life these days you have to be logical and streetwise and protect yourself using some simple and straight forward measures:

• Don’t let the sun affect your common sense

• Before travelling on a buying trip try to obtain an agreement in principle of the amount available to you from your lender and remember you need not only the purchase price but the purchase costs as well to be able to complete

• Remember the property you wish to buy is not the last property in Spain – if the paperwork does not stand up to scrutiny find another one

• Always seek independent legal advice before making any decision

• Don’t take legal advice from friends and acquaintances – with the best will in the world it is likely to be incomplete or inaccurate

• Make sure you know the full extent of the costs involved in purchasing by having your lawyer confirm the expenses to you.

• Don’t sign contracts in Spanish, even with an English translation. You may not understand the implications, and often the translations are poor or even missing details. It is often what is missing from a contract that is important, not what it contains

• Don’t commit yourself to a purchase if you need finance to complete without making sure you can have your deposit refunded if finance is refused

• Do not pay large amounts of money to developers who do not offer you the security of a Bank Guarantee for these payments. Generally, reputable developers will always offer guarantees – it’s the law

• Do not pay part of your purchase price in undeclared cash. This practice has been widespread in Spain but there are no benefits to you as a purchaser regardless of what vendors or their representatives may say.

• Make a Spanish Will for your Spanish assets. Not having a Will in Spain can delay your heirs from taking control of their inheritance.

• Do ensure you have sufficient insurance to cover your property, the contents, travel health and your car.

• Open a current account at a local bank early in your buying process.

• Make sure you know where your local doctor is located in case of emergencies

We are aware of many problems people have had when buying in Spain. Some have had homes built and not applied for and received the relevant permissions and consequently get fined heavily or even worse have their homes knocked down. This is exactly the same as you would expect in the UK should you build a home without planning permission.

We are professional and our agents are all experts in their specific fields, we ensure you are with the most relevant agent for your required property and keep in contact with all our clients to ensure they are happy with the service they are receiving and also to answer any questions or help with any problems you may have