Buying A Property In Spain – 5 Points You Must Consider To Protect Your Investment

Many people harbour a dream to move from the UK to the warmer climes of the Mediterranean. Property in Spain is much in demand as Spain is a country with numerous popular resorts and fabulous climate almost all year round. The property market crashed in 2009 and although it is now well on its way to recovery property prices are still very cheap, and you can buy a luxury villa on the Costa Blanca or townhouse apartment for the same cost as a small flat in many UK cities. You can see prices on this estate agent in Javea Spain web portal.

Buying a property in Spain or another foreign country is a huge step, and not the same as buying a property in the UK as laws change from country to country. There have been many reports of UK investors losing their money when purchasing property in Spain, really there is no reason to let this turn you off – you just had to take due care and diligence. The following points will help you purchase a property safely in Spain.

  1. Inquire as to whether or not you can obtain a copy of the most recent payment receipt for the property. This will show whether or not the owner currently has any pending debts in terms of local taxes. If a condominium is on the property, ask whether or not there are currently any unpaid community charges.
  2. If you are told that any deposit has to be a specific percentage of the sale price, do not accept that as truth. Everything regarding the sale of the property can be negotiated.
  3. Make sure that you only pay a deposit to one of two people: the currently-registered owner of the property or an individual who has legal power-of-attorney to sell the property. Regardless of who you choose, you will then want to ensure that a properly drawn and signed document is obtained as evidence of receiving the payment.
  4. Employ the services of an attorney to review any and all documents associated with the property and potential purchase. Do not sign anything ever, without your lawyer or solicitor’s consent.
  5. It’s extremely important to ensure that the purchase of the property is included in the deed, which needs to be signed in the presence of a notary public, who can then register the deed in the Land Registry. When the deed is signed, it’s important to complete the registration process as soon as possible.