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 PURCHASE PROCESS
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The conveyancing process & how we can help |
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| The study & writing of the purchase contract |
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The first step of the process is to sign a private purchase contract (Contrato Privado de Compraventa) between the two parties involved. If you are purchasing a new build property this will be between you and the builder. If you are purchasing a resale property then this will be between you and the owner of the property.
The contract should include the following:
- Full description of the two parties.
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Full description of the property. If a new property – plans of the property, specifications of the materials, plan of the site and building permission. If it is a resale property – inscription number in the land registry.
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Price of the property and stage payment details.
Your expert solicitors in Spain will check that all the details are correct within the contract and explain it to you before you sign it.
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| Certificate from the Land Registry & Report |
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Your expert solicitors in Spain would carry out a land registry search to verify that everything stated in the contract was true:
- Establish the current ownership.
- Check that the property is free of debts and other charges.
- Building permission.
Your expert solicitors in Spain will then send a report to you detailing the results of the searches and if there is no problem with them we will instruct you to transfer the next payment.
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| Payments & bank guarantees (New build properties) |
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For every stage payment that you make, we obtain a bank guarantee from the builder. This means that if the builder were to go bust before completing the building work, you would not lose your money.
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| Preparing Power of Attorney |
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Once the property is almost ready for completion, we will ask you to give us power of attorney. This is a simple process where we will send the relevant forms for you to complete. Power of attorney will enable us to complete for the property on your behalf without your being present.
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| Pre-completion checks |
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Just prior to completion we will make further checks on the property to ensure there are no outstanding debts which you could inherit with it. Council tax, electricity & water, and community of owners will all be checked before you sign for the property.
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| Obtaining your NIE number |
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This is a fiscal identification number and is required before you can make any transaction in Spain, such as purchasing a property and paying taxes.We apply for your NIE number on your behalf using the power of attorney.
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| Completion |
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On completion we exchange the balance of the price, ownership and keys of the property. This takes place in the notary’s office. If the property is a new build we will also check that the builder has issued a ten-year guarantee for any damages on the building and a certificate from the town hall which certifies that it is a liveable home.
If you did not grant us power of attorney we will help you to obtain your NIE number before the completion day and assist you at the notary’s office on the day of completion.
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| Inscription of ownership in the land registry |
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After signing, we will present and register the notarised deed (known as the escritura) at the local Land Registry. The Land Registry maintains all the details of the property and records financial charges and other matters that may affect the title. Registering the deed provides the highest public level of protection.
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| Paying taxes |
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From the day of signing we have a maximum of 30 days to pay the tax on the property.
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| Transferring utilities into your name |
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Your expert solicitors in Spain will change the water and electricity supplies into your name.
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