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When your offer is accepted, you may be asked for a holding deposit of £1-2000.
This should be held in your solicitor's client account.

This is also the stage at which you would commission a survey in the UK.

Although less common abroad, you are spending a lot of money,
and may feel a lot safer if you have one carried out.
You cannot pull out if you find structural or other problems after you have signed the initial  contract.
 

 

THE INITIAL CONTRACT

An initial  contract will be drawn up by the vendors lawyer, or sometimes even by the Estate Agent.

A specialized lawyer (Notary) is appointed to oversee the property transfer.

He will investigate

• the ownership,
• any tax liabilities on the property
• and registration of the title.

This legal beagle is not working for you.
He is not working for the seller.

He is a government official working for the state, which is making sure it gets any money due to it.

Unfortunately, you will still  have to pay him!

YOUR OWN LAWYER

All this technical legal work is being done in a foreign language,
under a system with which you are unlikely to be familiar.

It is often recommended that you appoint an English speaking lawyer or Notary
to act on your behalf, as well as the Notary working on behalf of the state, appointed by the vendor.

It is not unusual in Europe  for one lawyer to act for both parties-
but by appointing your own you do get to choose a lawyer you are confident with.

LEGAL CHECKS
 

Before you sign the contract your lawyer must check:

• the sellers title - proof they have the right to sell

• that all the necessary planning permissions and building regulations are in order

• that the property registration documents are in order

• proof the property is free of debts/charges that could pass to you on completion

• the permitted uses of the land in the area

• a plan of the property showing the building and all the grounds

• that you have suitable rights of access to your property

• whether anyone else has rights of access or rights of entry to your land

• what furnishings and fittings you are buying

• whether there are any plans for major projects  which may affect the property-
• new roads, motorways, or airports for example.

TOP TIP

THIS IS NOT AUTOMATICALLY THE NOTARY'S JOB.

You need to make clear that you would like all this undertaken on your behalf,
especially if you do not appoint your own advisor.

 

 

If you are buying in Spain, your  lawyer can also apply for your NIE.
This is a number you need to undertake any financial deals in Spain.
This includes buying property.
Your lawyer will need your passport and one of those handy passport photos you prepared earlier.
It can cake a few weeks for the NIE to come through-
so apply as soon as you choose your lawyer.

 

When you are happy that all the necessary checks are complete,
you sign the initial contract an pay a deposit- usually 10%

This money is payable to the Notary- not the vendor.
 

If you sign this contract and then pull out,
YOU WILL LOSE THIS DEPOSIT.

 

Clauses can be inserted into the contract to cover
you against failure to get a mortgage,
but if you do not add this clause, and later decide you need a mortgage
you will not be covered.

If the vendor pulls out, you should be eligible for compensation of double your deposit.

The Notary  will begin drawing up the final contracts,
which will later be signed and exchanged, at completion.

You can give him power of attorney to act for you if you cannot be present when contracts are exchanged.
 

A LOCAL WILL

As inheritance laws are so different abroad, you really need to make a local will, which  costs about 200 euros.
Make sure that this only applies to your foreign property.

TOP TIP
If you do it now, while you are in contact with a lawyer regularly, it will be much easier!
If you put it off, you could be leaving an expensive nightmare for your family.

THE FINAL CONTRACT

When the final contract is ready, you (or the notary with power of attorney) will sign.

Full payment must be made.

Contracts are exchanged, and the keys should be yours.

It takes around 6 weeks for the deeds in your name to be issued.
They are kept by the Notary- but you will get a copy.

It is time to transfer electricity, water  and local residence taxes to your name.
 

 

Crack open another bottle of Champagne- or Cava!
You own a home abroad!