Legal Advice Benidorm Spain9 basic steps before buying property in Spain
1. Obtain an updated search from the relevant Land Registry in order to verify that the owner is duly registered as such and that the property is not subject to any charges or damaging development schemes. This essential search will also show whether the official description of features, sizes and boundaries matches reality.
2. Find out how long the present owner has had the property and what price he/she paid for it. If, for example, the property was acquired last month for €50,000 and is now on offer for €500,000 (or vice versa).
3. Obtain information about the prices of similar properties in the same area.
4. If the owner is a company, obtain a search from the Commercial Registry to find if the company is solvent and identify the person who can sign on behalf of the company.
5. If it is a recently built home or major improvements are intended, check with the local Town Hall that the necessary permits have -or will - be granted.
6. Find out whether the owner has any pending debts concerning local taxes (IBI). To start with, ask to see a copy of the last payment receipt.
7. Do not accept that any deposit must be a specific percentage of the price. Everything is negotiable.
8. Only pay a deposit to the registered owner who is selling the property, or a person who has a power of attorney to receive such a sum (no to any intermediary) and make sure that a signed and properly drawn document is obtained as evidence of such payment.
9. Finally, it is essential that the purchase be noted in a deed signed before a public notary that can be registered in the Land Registry.
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