Purchasing a property is one of the largest and important investment decisions we make at any stage of our life. It is obviously key for the buyer that their interests are protected, and that nothing goes wrong during the purchase process and that their monies are investment.
Sun Lawyers makes sure that purchasers have all the correct clauses within the purchase contract and that they are 100% protected.
Once you have found your dream Spanish property and have agreed the price with the seller, you’d expect to sign a reservation contract with the estate agent. At this point, you put down a small deposit to reserve the property and have it taken off the market. This prevents any other potential buyers visiting or putting in an offer on the property.
The next stage is to appoint a lawyer to do all of the necessary checks on the property and draft the contract. At Sun lawyers, our job, on behalf of the purchaser to make sure that the property is fully registered, debt free, that the vendors can legally sell the property, and that there are no claims against the property. Once all of these checks are satisfactorily completed, we draft the purchase contract.
The purchase contract covers important issues like:
- Details of the Vendors and the Buyers
- The purchase price
- The status of the property and how it is to be left at time of signing
- The documents that the Vendors have to provide at the signing e.g. habitation certificates, any other relevant certificates, proof of payments and licenses
- The date the signing will take place
- Clauses protecting each party in the event either backs out
- How disputes will be resolved and more.
Once the contract has been agreed between both parties, the contract can be signed. Upon signing, the buyer pays the balance of the 10% deposit. This is the first payment (at the reservation stage – Payment A), plus a Payment B, the balance to make the deposit up to 10% of the purchase price.
Now both parties can relax as due to a standard clause in the purchase contract (Article 1454 in the Civil Code) that states if the Buyer pulls out of the purchase, they forfeit their deposit, and if the Vendor pulls out, they are to return twice the deposit sum to the Buyers. This contract binds both parties.
Are you ready to purchase your dream home here in Spain? It is our job to make sure that you are protected with your purchase and make sure that all the legal processes are done to perfection, for your peace of mind.
For any further questions about this stage of purchasing or any other matter, please contact us at admin@sun-lawyers.com