If you decide to make a buying property in Spain, it is recommended that you hire an independent Spanish lawyer. There are three parts to the job of a Spanish lawyer.
First, before you sign the purchase agreement, he will study the legal situation of the property. That way, you will know what you are buying.
In the second part, after you have decided to buy, the contracts of sale will be drawn up and you will go to the notary.
Finally, the third part takes place after the execution of the purchase deed. Your title deeds are then entered in the land register and utilities are switched. This article will further explain the three components.
The preliminary examination
In the buying process, the preliminary investigation is the most important point. A Spanish lawyer will study the legal aspects of the property. The role of a Spanish lawyer here is similar to what the notary in Belgium or the Netherlands does. After all, a notary in Spain does not offer the same guarantees.
These legal aspects differ depending on the type of purchase. For instance, when buying new-build property on plan, the developer's financial guarantees are extremely important. In case of a purchase of a property in resale, the urban planning situation (e.g. building violations) is a common issue.
It is important to be aware of any potential problems before signing the compromise and paying the deposit of 10%. After all, you are taking over the seller's problems. So a good lawyer in Spain will advise you on the legal state of the property beforehand.
The formatting of purchase documents
Once you were informed and decide to proceed with the purchase, your Spanish lawyer will negotiate the final purchase agreement. Know that the compromise, where you usually pay 10% of the purchase price, is legally binding. Once the compromise is signed, you cannot recover the advances paid.
Also, your lawyer will apply for the NIE numbers and help you open a Spanish bank account.
Once the above points are in order, the notarial deed will be drawn up. At the notary, you will pay the outstanding purchase price, after which he will execute the deed and you will receive the keys.
The settlement of the sale
After the deed was executed, you are the legal owner of the property. Based on the notarial deed, your property titles will be registered in the land register. Your lawyer in Spain will also take care of connecting water and electricity.
Calling on an independent firm is necessary to prepare you properly for an investment in Spain. This will help you avoid problems. So be sure to ask in advance legal advice on your plans in Spain.