Things To Know When Buying a property

Spain Real Estate: Notaries, Lawyers, and Solicitors

It’s technically not mandatory to have a notary complete the sale. However, it is always a good idea to have a trusted lawyer complete due diligence. As the buyer, it is your duty to register the property. A notary or legal counsel can help you with the process.

All lawyers practicing in Spain must be registered with the local bar association (colegio de abogados). You can ask for their registration number to verify that they are registered. Keep in mind that their registration doesn’t necessarily reflect honesty or trustworthiness, but it’s a start.

Property Surveys

A house survey is an essential part of buying property. technically you can buy property in Spain without making a house survey. However, this is highly inadvisable. Completing a thorough survey will ensure that there are no major defects that will be costly later down the line.

There are two types of surveys available for existing properties: A valuation report and a building survey.

The valuation report is a preliminary survey that can give you an independent view of the property market value.

The building survey is more extensive and goes deeper. It examines the structural integrity of the property and explores any serious issues. A building survey is a bit more expensive than the valuation report, but it is highly recommended. This is because having a comprehensive understanding of the property is important when making such an investment.

Home Insurance

Having insurance is always a smart idea to put your mind at ease in case the worst happens. Mortgage providers necessitate that you take out a building insurance policy before approving your mortgage. A building insurance policy covers the structure of the property against fire, natural disasters, and other damage.

There’s also a type of insurance known as contents insurance. This type of insurance covers your belongings in the home. You should have this type of insurance if you plan to regularly rent out your property.

Setting Up Utilities

This might be the most tedious part of buying a property in Spain. There are various deals for gas, electricity, and water that you can compare before agreeing to one. Sometimes you’ll find that the previous owner had some policies that you can just take over.

Waste disposal is managed at the municipal level. There are also annual fees that you need to pay to the municipality for garbage collection.

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