Savills - Flipbook - Page 69
4. Making an offer
When you have found the perfect home, it’s time to
make a formal offer. Your agent will be able to guide
you on a starting bid that is suitable for the market
at the time. They will propose the offer to the
vendor and negotiate on your behalf until an
acceptable deal is reached for both parties. Your
ability to act and complete quickly will put you in a
stronger negotiating position, which is why it is so
important to have all your finances and paperwork
arranged in advance.
5. Put your lawyer to work
When the price has been agreed, your agent will
hand over the property details to your lawyers to
begin the purchase proceedings. They will check
the deeds, perform legal searches and due diligence
checks, draft contracts and notify you when it’s time
to sign the title deed. If you are going to be absent
during this time, it’s best to give them a power of
attorney so they can sign in your absence.
Paying a deposit – Once due diligence has been
done to the satisfaction of both sides, an exchange
contract will be drawn up. At the signing of this
contract, the purchaser will pay a 10% nonrefundable deposit to secure the property and
complete the purchase on or before a mutually
agreed date. If the seller fails to complete the
conditions of the contract, he/she is required to
return the deposit received and compensate with
same amount again.
6. The property is finally yours
Your lawyer will confirm the appointment at the
Notary office. There the lawyers will do the final
check of all documentation and if you don´t
understand Spanish your lawyer or your translator
will read through the deeds so ensure you
understand clearly what is in the deeds to be signed.
At the signing will be the purchasers, the vendors
and lawyers. If there is a mortgage to cancel or
activate, the bank representatives will be there too.
The remaining and final payment is exchanged, the
deeds are signed and you will receive the keys to
your new home!
Buying a property in Spain is a relatively
straightforward process. With our experience,
we are confident that with our help, your property
buying experience will be straight forward.
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