Finding a dream property in Spain can be very quick indeed. Nowadays Spain has been offering exceptional property investment opportunities to foreign investors. From the investment point of view, the British people find the Spanish property market as a profitable one. Among the Europeans, Spain is the second most popular home destinations. Therefore, if you are familiar with Spain, then this is the best place to invest your hard-earned cash. In Spain you can experience excellent living conditions and facilities, this is what most of the second homebuyers are looking for. The Spanish Ministry of Tourism predicts that in the next six years more than one million foreigners are going to acquire a home/property in Spain.
The excellent infrastructure and dream lifestyle attract more people to Spain. Moreover, Spain has already established European standards in both medical and social security services. With links to countless regional airports, it is very easy to reach Spain from the UK.
The wide-ranging geographical regions have played a typical role in determining the future of investment property in Spain. The southern part of the country offers some of the best beaches in the Mediterranean. The bordering region of Spain and France gives a visual delight with rivers, mountains, etc. All these attract more visitors to Spain.
Spain offers the wide range of properties like villas, apartments, farmhouses, traditional houses, and golf properties. I looked at Javea properties for sale in the port, before settling on a nearby two-bed apartment on the beachfront. Nowadays resort properties are getting a good demand in real estate business in Spain. The major places to invest in Spain include Costa Blanca, Costa del Sol, and Costa Brava. If you are excited about buying or letting property in Spain, don’t forget to hire a good real estate agent or a lawyer for the smooth property transaction. It is always better to contact a good real estate agent or lawyer who is from Spain itself.
The Buying Process
- Remove the Property from the Marketplace Obviously, if possible, it is well worth getting a seller to remove his property in Spain from the market – while your lawyer does all the necessary legal checks and you prepare your funds. Unless this is done, you may find that the dream property in Spain that you have spent so long looking for is bought by someone else! To remove the property from the marketplace, it is normal for you to give to the seller a small deposit. This can be from 500E to perhaps 3,000 – 4,000E (or even more, dependent upon circumstances and the price of the property). The payment of this initial deposit is made as a sign of your seriousness about buying the property and should always be accompanied by a contract in writing drawn up by your lawyer and signed in his presence.
- 10% Deposit generally (but not always), the reserve deposit contract will state a time in which to give the seller a 10% deposit to secure your Spanish property. Often this will be a defined date some 14 – 21 days after the reserve deposit contract. Certainly, it must be long enough for your lawyer to conduct all the necessary legalities and searches to make sure that the property is legal and has no liabilities that are unknown.
- The Escritura (Completion) The Escritura will be signed on or before (depending upon the consent of the parties) the date agreed in the private contract. At this stage, you will pay to the seller all the remaining monies outstanding for your property in Spain – i.e., the purchase price less the initial deposit and the 10% paid on the private contract. Therefore, you will receive the keys to the property and have immediate possession. The signing of the Escritura is always conducted in a Notaries’ office.
Generally, if you do find a property in Spain that you want, then it is a good thing to sign a Power of Attorney with your Spanish lawyer. This is a safety measure of some value. You may, for example, have unexpected problems (family/business/illness, etc.) preventing you returning to sign the Escritura or private contract on the agreed date. Should this be the case, then your lawyer can act for you – subject to your consent and prior authorization.