Once a suitable property has been chosen, the first step is to make a verbal offer. The purchase terms and price may need to be negotiated with the seller , TuyCasa will carry out any necessary negotiations in consultation with you to arrive at a price acceptable to you and the seller. There may also be other factors
involved at this point such as mortgage approval, completion dates or the terms of payment. Therefore at this stage, it is beneficial to bring into the buying
process a lawyer to assist further in the negotiation making sure that any offer meets all necessary legal criteria.
APPOINTING A LAWYER
The lawyer is appointed by you and of course will be representing your interests only throughout the buying process.
We can recommend several trusted lawyers on the Costa del Sol who are fluent in your language. A lawyer will provide the legal guarantees for the purchase of the property ensuring that Spanish legal requirements are met and that the property is bought free of debts, charges and incumbencies and is up to date in all its payments of local contributions and community charges etc. The lawyer may also assist the estate agent in difficult and complex negotiations with the owner. Lawyers will tell you in advance what their fee will be - in almost all cases, 1% of the purchase price. Using a lawyer from your home country will substantially increase your legal costs and most certainly delay the sales process.
SIGNING PRIVATE CONtrACTS
Upon acceptance of the offer by the owner the next step in the process is to exchange private contracts of sale or to sign an option to purchase.
This normally takes place within 15 Days weeks following formal acceptance of the offer. Your lawyer will have completed his searches and investigations of the property and will have arranged with the owner the procedure for the cancellation of any outstanding debts. The private contract of sale or option will reflect all the agreed terms of the offer and sale and set out the date for final completion at the notary. At this stage it is usual for the buyer to pay a 10 percent deposit of the purchase price which is non refundable. The amount of the Reservation Deposit is subtracted from this first instalment payment on the purchase price.
The signing of this type of contact is normal procedure but not mandatory.
