On the subject of buying properties in Spain and Canary Islands, some purchasers do not consider necessary or the seller recommend and convince them that it is not strictly necessary and/or as seller/s they have their own lawyers who will take care of everything and that they shouldn't worry about.Thereafter, once the purchase is completed and problems do arise, it is when new home purchasers try to find and seek the advise of an independent lawyer, but sometimes it is too late to stop or avoid problems or economical looses because not being correctly advise before the property purchase.If does not matter if buying off-plan or a resale property, it is highly advisable to hire a lawyer as one of the first decitions to take when considering to purchase a property in Spain, your appointed lawyer does know the existing laws and regulations and will truly represent and defend your interest through the purchase procedure.
There are many reasons to hire a lawyer when buying property in Spain. We will mention just the following basic ones:To protect yourself of possible problems that may arise:
- Buyer buys a non registered property.
- Buyer buys a property which its land registry property details does not match with the one initially seen. You have no right of recourse.
- Buyer pays a deposit to someone claiming to be the legitimate owner or its legitimate representative, but later on this person disappears with the money paid.
- Buyer buys a property with tenants living legally, but unknowing it.By the Spanish law it is possible to sell the ownership of a property while the property is occupied by tenants.Then, if happening this circumstance the new owner has to respect the expiration of the term of the rental contract.
- A buyer who had paid a sum of the money into a off-plan property loose his money, if later on the developer declares bankruptcy.
More services are provided by a lawyer:
-Get more advice and help with your paperwork in Spain:A lawyer will assist you to obtain a NIE number, open bank accounts, you could get better conditions in mortgage, get an escrow service through their client's bank account, to arrange the utilities contracts and its standing orders, can help you with a Spanish will, etc.-
-You do not need to be present for the signing of the title deeds in case your agenda and personal circumstances do not allow you to come for the closing date of the purchase.All you will require it is to instruct your lawyer about and to visit the notary public, in your country by a bilingual power of attorney or here in Spain, and just to follow the instructions from your lawye
-After the purchase, your lawyer will fill in the tax forms, will make payments on your behalf, will collect the title deeds and register your property into the land registry office, so that the new property it is effectively under your name.
Concluding, if you consider and take into balance the value of the investment you are realizing into a property/ies in Spain and its islands, it is worthy to pay a lawyer fees(Average in Spain is somewhere from 1% to 2% of the property value) to use his services when buying a property in Spain to help and assist you while purchasing a new brand home into a foreign country, with a different language and legal system.
It seems to be a reasonable step to take and it will protect your interest on the purchase transaction while you will be into safe hands as lawyers have an insurance policy to cover you of any professional negligence if something goes wrong within the transaction