Buying a Spanish Property - What Are the Choices?

Spain is a destination that is very popular, especially because of its pleasant climate. Whether you are thinking of working or retiring in the cities of Spain, it is possible for you to find a perfect place for you in Spain. As you are planning to move to Spain, it is obvious that you must look for a place to live, and that is when the thought of buying a home might come in, some of you might be wondering how you can go about this, well, that should not worry you anymore because I got you.

If you want to purchase a property in Spain, you must first do a preliminary check on that property, ensure that the property is debt free and it actually belongs to the person who wants to sell it you, if you find that the information you have been provided with by the seller matches with what you have seen, you can now go to the next step, this document should be given to you by the real estate agent before you can make any down payment.

Buying a property that is existing in Spain can make the mortgage take a long period of time, so the best thing to do as a buyer is to begin working immediately. You should first go and retrieve all the documents that the bank has requested for, from this, they will be in a position to pre-approve that agreement, and this is the time when you will be able to make the down payment having in mind that you are in a position to cover the money needed and you should also be very ready for the closing on the stipulated date in the agreement.

Now this is the time to make a pre-agreement, this should be done between the seller and the buyer, having this contract in place is very appropriate, and this contract should stay until the public deal of purchase becomes ready. This is normally a document that is simple, and it normally has the expression of the seller intending to transfer his or her property to the buyer, and the expressions of the buyer with the intent to buy that particular property at the specific price and conditions that they have agreed upon. During this agreement, the buyer provides the seller with a percentage of the price that the two people agreed upon. However, in Spain, there is a typical agreement which indicates that once the buyer backs out of that agreement, they lose the deposit and if the seller does the same then they are supposed to pay double. However, the seller and the buyer can opt for another type of agreement.

The bank will receive your pre-agreement and hire an appraiser to ensure that their loan is safe with you. The bank normally provides a loan that is equal to the determined percentage of the appraised house value.

The closing, this is where the buyer is provided with the deed of purchase, this is normally done in the presence of involved parties, and they also must agree on the contents of that deed, from there, a simple follow up will be done just to make sure that all utilities are in order.

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