When buying a property, whether it is in this country or abroad, there will be questions which will need answers to give us peace of mind or to help us understand the buying process. Below are a selection of questions which we are often asked when we are selling Spanish Properties. Although the answers may be different with reference to countries other than Spain the questions may help you with your buying process.
Q : HOW DO WE KNOW THAT OUR MONEY IS SAFE?
Firstly, it is important NOT to transfer your purchase monies to your agent. There are many examples in the past where monies have not been passed on to the builders or their lawyers. If you are paying for a property to be built and are, therefore, buying “off-plan”, you have a solid and well-tested set of laws which protect you – as long as you are aware of them and your representative makes sure you obtain the financial guarantees to which you have a legal right. In the case of non-performance of the building contract, you will have the right to receive back all your money plus interest. And yes, these guarantees are worth the paper they’re written on!! We have actually been instrumental in recovering monies for a number of purchasers by following exactly this path.
Q : SHOULD I USE A SOLICITOR FROM MY OWN COUNTRY?
Yes, if you wish. However, be sure that they are practised in Spanish property law. If not, your solicitor back home will often still have to use a local Spanish lawyer resulting in you receiving two sets of legal bills. Communications from your Spanish lawyer are usually these days in your own language but, in any case, make sure you have an agent who handles all such operations with such as the lawyer in Spanish.
Q : WHAT IS THE BENEFIT OF BUYING A NEW PROPERTY?
New properties have a 10-year guarantee very similar to the NHBC guarantee in the UK. Although this guarantee has been compulsory in Spain for many years, not everyone is aware that this is the case. These guarantees very rarely have to be called upon but they are very important. We have had reason to invoke the policy on just one occasion and we liaised between the Spanish Insurance Company and the original builder. All parties were very professional and the problem was resolved without further incident. The clients at the Resort had nothing to do personally, but were kept in touch throughout and were impressed with both the process and the end result.
Q : WHAT ABOUT CURRENCY AND EXCHANGE RATES?
There are massive sums of money being transferred daily to and from Spain. Your bank will be able to handle transfers for you. However there are currency specialists who deal on an hour to hour basis with the money markets of the world. These specialists are in general likely to offer far better rates than your bank. In general, the larger the sum being transferred the larger the savings, but also be sure you are dealing with a company who are transferring your money free of additional charges and are likely to do so on a continuing basis.
JUST A FEW ANSWERS TO A FEW QUESTIONS…………………………….!!!