Real Estate Agent Advice

Real Estate and Property Agents.

The vast majority of people buying property on the Costa Blanca in make their first move by going to an Estate Agent.

It is very important that you make sure that you are handling with a serious Real Estate Agent. Have a large portefolio of properties does not necessarly make them a serious agent. A small Estate Agent might be just as serious. The important point is to make sure they can provide you with all information needed conserning the property you want to buy. They should follow the requirments set by the laws and regulations of the trade to protect the investers in property.

The Real Estate agents on the Costa Blanca in Spain will be able to advice about legal matters conserning the property you want to buy. If not inhouse at least to recommend an english speaking lawyer. However, the Estate agent in Spain has a more extensive role than in the UK. They will be able to draw out contracts and will do the search for your ideal property based on your specifications. All API registered real estate agent are committed to check the situation of the property they sell.

Signing the Contract

To check the situation of the property before signing the contract go to the property register ‘El registro de propiedades’ You ask for a Nota Simple of the property in question. From the Nota simple you will find the legal name of the property owner and see if there are any mortgage or any other financial charges againts the property. Normaly you can require the Estate agent to do this for you. There is a charge of about 10 euro for getting the Nota Simple.

If there are any financial charges against the property these must be cancelled before or at the same time as signing the title deed. This is very important because the financial charges againts the property will carry over to you as the new owner if the charges are not cancelled at the time of the title deed.An offer that has been accepted by the seller of the property is binding. This binding agreement are usualy confirmed by a sum of money as a deposit.

Following this binding agreement comes a private purchase contract. It is important that these documents sets out the agreed terms and conditions of the transaction as well as the final date for completion at the public Notary. At this stage it is normaly required that you pay a 10% deposit for the property.

Before signing the private purchase contract for your property on the Costa Blanca in Spain it is important that you or the Estate Agent have finished the legal investigation of the property.If there are any financial charges against the property these should be reflected in the documents. The charges should be cancelled before signing the title deed. In case they are not the buyer must deduct the amount inclusive of any cancelation cost from the amount he or she pay for the property.

The completion of the purchase is done when signing the title deed at the public Notary. Unless agreed otherwise the property are sold free of any charges.

A few days after the signing of the title deed you will be able to pick up the title deed at the Notary. Whe the original title deed is ready all taxes will be paid to the different tax offices and the deed taken to the land registry. The Real Estate agent will normaly make sure that all the local suppliers of services are contacted and organize a direct debit to your local bank account on the Costa Blanca in Spain.

Purchase tax and costs

There are different taxes involved in buying a property on the Costa Blanca in Spain.Your Estate agent will inform you about the taxes that will apply.A general rule is to calculate with 10% of the property value for taxes and costs.