COSTA DE LA LUZ PROPERTY BUYERS GUIDE

Agents are typically paid commission from the seller. The price quoted from the agent should always be the same as that quoted by the vendor and therefore the agency service should be free to clients. A good agent will assist a client from the moment of purchase all the way through to and beyond signing of the title deeds.

Most vendors allow prospective buyers a chance to block a property, without any deposits whilst the buyer considers the purchase. A block can last for a couple of days up to a week. Your agent will be able to assist you in this.

Often €3,000 or £2,000 this deposit will reserve the property in the buyers name and initiate the purchase process. Some vendors require buyers to sign a reservation form along with the cash transfer.

It is essential that you appoint a lawyer that is qualified in Spanish property law. Your agent will be able to introduce you to a lawyer and it will make negotiations easier if the lawyer has an existing knowledge of the area in which you are purchasing.

Private Purchase contracts are often required as a step process in the purchase, particularly if the vendor is a developer. This document is signed within 30-60 days after the reservation deposit has been made. This document is a legal document expressing that the vendor/developer is willing to sell the property to the new owner at the price agreed. Once signed the vendor is legally bound to transfer ownership of the property to the new owner, once the property is complete.

This is signed when the keys are handed over to the new owner. It must be signed in front of a notary public. The document is a legal document registering the new property into the name of the new owner.

NB: The new owner must have an NIE number upon signing of the title deeds. This is a fiscal number which states whether the owner is a fiscal resident of Spain or a non-resident.