After you have found a suitable property with a local estate agent, you can start negotiating the purchase of a property in Spain. Therefore, in this article, we give 5 tips for negotiating with a Spanish estate agent.
Tip 1: Keep the advertisement/publication of the property
The advertisement (online or on paper) about the property often already mentions certain conditions. For example, think furniture included or electricity compliant. However, it sometimes happens that people go back on certain agreements afterwards. We have even seen online ads being modified to the disadvantage of the buyer after the offer was accepted. To avoid the seller going back on his initial agreements, it is important that you save or update the advertisement. After all, you make an offer based on the information and conditions you present one.
Tip 2: Clarify who pays the broker's commission
In Spain, it can happen that - when reselling - the estate agent's commission is shared by both buyer and seller. Good agreements make good friends, so clarify this in advance. That way you can factor in the total cost.
Tip 3: Make concrete agreements in the reservation contract
After your offer has been accepted, the next step is to draw up a reservation contract. You can compare this to an option. With a reservation contract, it is important that you mention the following things:
- reservation period: how long does the option remain valid?
- payment overview: within which periods do you make which payments?
- custodian of payments: into which (third-party) account are contract payments deposited?
- what is the deadline for organising the deed date?
- which conditions are essential for you?
- Are contents included or not?
- under what conditions can you cancel the purchase?
- Do you wish to appoint a technical expert to check construction or land?
Tip 4: Consider applying for your NIE number
An NIE number is a tax identification number for non-residents in Spain. You need a NIE number, for example, to pay transfer taxes and transfer utilities. The Spanish police create NIE numbers, so this is often a delaying factor in the buying process. If you do not yet have a NIE number at the time of booking, take enough time to schedule the deed date.
Here you can find more information on The NIE number.
Tip 5: Price?
A common question when negotiating the purchase of a property in Spain is of course about the possibilities of haggling down from the asking price. It is difficult to give a conclusive answer to this. After all, the housing market in Spain varies greatly by region. The situation on islands is different from that on the mainland. Costa Blanca North has different market dynamics than Costa Blanca South. And different customs apply in Catalonia than in Andalusia, for example. But he who does not dare, does not win. However, a price negotiation should not always be about the price, but can also concern other conditions.
Do you have any questions about buying property in Spain? Then feel free to contact on using the form below.