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What is a preliminary contract?
Assuming that all of the preliminary
checks determine that the property is as stated and can be
purchased safely, the purchaser may need some time to put
together the funds necessary to complete the purchase.
The Spanish property purchasing
process provides for this by use of a ‘preliminary’ or
‘deposit’ contract. Effectively this is a
'contract-to-contract' and normally stipulates that before
a stated future date, the property will have passed from
the seller to the buyer.
Should either side fail to complete
there are penalties. The buyer will forfeit the deposit
(typically 10% of the value of the property) and the
seller twice that amount.
What is an 'escritura'?
The final contract or ‘escritura’ as it is known in Spanish is when the title of the property passes and the buyer’s new title may be registered in the local property register.
The signing takes place in the
office of the public notary who is a type of official
registrar who must witness the contract signing in order
for it to be legally binding.
On the day of the signing all
interested parties meet in the office of the notary – this
may include a representative of the bank if a mortgage is
required.
The deed is read aloud by the notary
and the parties then present their identification after
which the deeds are signed by the vendor, the purchaser
and the notary. At this point the monies for the purchase
are handed over in the form of a bank-guaranteed cheque.
legally guarantees fees and service levels - in advance.
How to Get Reliable Conveyancing Services in Spain
When may a contract for purchase be legally withdrawn?
The reasons for which a contract may
be rescinded are normally included in the contract itself
in order to protect the parties to the contract. The
following would however be the main reasons for rescinding
a contract for the purchase of property:
1)
Failure to fulfill obligations under the
contract
2)
Loss of the property
3)
Failure to pay
4)
Hidden charges (over the property) or defects
What fees, taxes and charges do I pay when buying a property?
Please see the article in the Articles & Guides section on this page written on this topic: Property Buying Costs.
Is there mortgage interest relief or other tax deductions?
The tax relief available on
property dealings depends to a great deal on the region
in which the property is located. Check the Property Law by Region section on the left
side of the page.
- A simple search can confirm if your lawyer is
officially regulated and thereby covered by profesional
indemnity insurance.
For more information like this read our free guide:
Tips on Obtaining Reliable Conveyancing Services in Spain
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