Recommendations for Property Purchase in Spain
Buying a property is always a very important and serious step; therefore it is crucial to keep in mind a number of essential points which will certainly facilitate your purchasing process and will eliminate any repercussions.
- Collect all necessary information only through official sources like cadastral reference number. This number will help you to identify the exact location and the size of the property as it is stated in the public deed.
- Apply for the “Nota Simple" at the Property Registry. With this document you will be able to check the legal owner of the property; also if the property has any encumbrances or unpaid mortgages, as well as you will be able to see if the property belongs to a community which imposes any kind of restrictions.
- Energy Certificate. Since 1 June 2013 this documents is obligatory for selling a property. It will give you information on the level of energy consumption in the property as well as the level of CO2 emissions.
- Order a dept statement from the Owner Community of the property in order to check that there are no outstanding payments for the community charges.
- When buying a new built property make sure that you receive a special type of guarantee called “Seguro Decenal" which ensures full coverage of any expenses caused due to defects of the building structure for 10 years from the moment of construction termination.
- Only when you have revised all the above mentioned documents you can proceed to signature of earnest money agreement and make a deposit for the property you are willing to buy. Earnest money agreement is a legally binding agreement and a form for expressing a serious intention for buying a property as well as to state the conditions and terms of the purchase.
- When everything is ready to finalise the deal, all the documents shall be forwarded to the notary, where they will be revised and the notary will explain everything in details and control the process of public deed signature. Also, the property shall be immediately registered at the Property Registry in order to avoid double sale of the same property in the period while the Notary is issuing the copy of the public deed.
- You should receive the keys from the property immediately after the public deed is signed together with the certificate of occupancy (cédula de habitabilidad), which is necessary to contract water, electricity and gas and other necessary services.
It is also important to keep in mind the costs of Property purchase, but it is better to elaborate this in a separate article.
We hope that this article would be useful for those, who are thinking of buying a property in Spain. Even though it might seem to be easy, we strongly recommend you to pass all the paper work to professionals with long-term experience in the field of real estate deals. With Larrosa&Co Properties you can keep calm since we will take charge of all the necessary legal work and will work in your interest. We can also help you to find financing sources for you purchase if necessary. We can guarantee that with the help of our services you will not need to worry about anything.