Welcome to the frequently asked questions about legal matters. |
| We have listed below the questions most frequently asked about legal matters by our clients. If you have any question not listed below feel free to contact us by email. |
| Can I negotiate on the purchase price and conditions? |
| Once you have chosen a suitable property, the purchase price, terms and conditions are discussed with the vendor. Your offer maybe subject to mortgage or your may require a delayed completion. This must be stated at the time of the offer. We can recommend a lawyer who can help you with this process. |
| Do I pay a deposit to the vendor? |
| A deposit is not normally paid direct to the vendor, but to the selling agent or lawyer representing you in your purchase. The minimum normally required is in the region of 3000 Euros, but maybe greater for the higher price property. This reservation deposit is paid by cash or credit card and will reserve the property until contracts can be exchange and 10% paid over. |
| Choosing a Lawyer to represent me? |
| We can as stated, recommend a number of different Lawyers who can represent you in your purchase. They will speak in your native language, can be reached by phone, fax, and email and are happy to assist that your purchase is as trouble free as possible. A lawyer will provide legal guarantees that the purchase of your property is free from any debts, charges or liens and that all fees including electricity, water, community fees are paid up to the day of completion. |
| Exchange of private contracts? |
| Upon acceptance of the offer by the vendor and a reservation deposit paid, the next step would be to exchanged private contracts this normally takes place within about 14 days. Your legal representative would have made steps to make sure the property is free of debt etc and the private contract will set out the agreed selling price and the date of completion at the notary. It is normal practice at this stage to pay 10% of the purchase price. |
| What is a notary? |
| The sale of a property is formalized by a notary, they check that the title deeds and purchase are in order before the final payment is made and the purchase document signed. Once signed they will fax a copy of this to the local land registry office and the final registration of documentation normally takes around 2 months. |
| What if I change my mind? |
| You are committed by the signing of the private purchase contract and if you choose not to complete the transaction you will lose your 10%. If you have not reached this stage of the purchase all you will lose is your deposit. |
| What are community fees? |
| Community fees generally apply to properties that share benefits e.g. community swimming pool(s), general maintenance, gardening and security, these fees are set by a president and committee who are voted in at an AGM every year. |
| What are community fees? |
| Community fees generally apply to properties that share benefits e.g. community swimming pool(s), general maintenance, gardening and security, these fees are set by a president and committee who are voted in at an AGM every year. |
| Is it easy to open a bank account in Spain ? |
| This can be arranged by you or your lawyer and is very straight forward. Normally all that is required is a passport and a small deposit to the account. |
| Who pays your commission? |
| The vendor pays our commission, you the buyer pay no fees or commissions. |
| Are there any additional fees to pay like stamp duty in the UK? |
| Yes there are, as a rule you should allow an additional 10% on top of the purchase price to cover fees including lawyers, notary, property registration and transfer tax. |
| Any questions? |
If you require any further information, or have any questions please do not hesitate to contact us!
For an efficient, professional and reliable service Exclusive Marbella S.L. |
