Golden rules to purchase a property

 

Due to the spanish real estate crisis the selling prices have dropped considerably. Right now the prices are the el same level they were in 2003. Therefore this is a good time to buy a property, there is plenty of choice. But first the following rules should be taken into account:

Before we agree on something written or verbally (verbal contracts are valid according to Spanish law), we should be aware of the following:

indexControl list

• that the owner is the only authorized person and if the seller is not the owner the power of attorney should be reviewed.

• the taxes, especially on the mortgage, is the mortgage paid off?
• Is the loan debt insured by a mortgage?
• The quality of the land
• Is there a cadastral reference?
•Is the property rented?
•Tax debts, you should ask for the IBI receipt
of the past few years
•You have to ask for a deed of sales
•If it is a plot of land, you have to verify that it is developable, and that there is land for a construction.

•Even for a simple case, if you don’t speak Spanish it is advisable to hire an interpreter. The fee you will have to pay will only be a small part of what you will have to spend for the damage caused, if you have a dishonest partner or for being unable to check the contract .