Once you have found the property you want to acquire, it is time to ask yourself the question, “What should I consider when buying a property safely?” Here are some guidelines that will help you:
Check the description of the property in the Land Registry, its ownership status and charges or encumbrances.
The seller´s authority and how to verify this. Do the same for the buyer.
Read the legal description of the property.
Inquire about the charges relating to the property (including those that are not yet listed on the property register for any reason). Some examples include Property Tax, resident community charges, etc.
Inquire about other legal details, such as if the property must have a Technical Building Inspection or, if applicable, if the property is listed.
Inquire whether the property has an Energy Certificate, Certificate of Habitability and First Occupation.
Consult the current urban condition of the building. It may also be convenient and interesting to know the urban development plans in the area.
If required, find out in advance about the financing required to complete the purchase, as well as if you meet the requirements to obtain it.
Inquire about utilities for the property (water, electricity, gas, communications, etc.)
Consult other regulations and issues that may be applicable (Coastal Act, etc.)
What phases are there in the buying and selling process?
Traditionally, the earnest money contract is arranged privately between the parties, and 10% of the price is paid and after that, the signature is signed at the notary’s office on the agreed date.
Currently, this process can be followed, although there are also cases in which up to three procedures are performed: reservation, earnest money contract and signing before a notary; or cases in which the direct sale before a notary takes place without the previous formalities. Following the signing by the notary, the tax settlement and registration in the property registry is completed.
Each of these phases or formalities has its own peculiarities and legal details to consider and assess.
Therefore, it is advisable to go to a professional in the field. Our legal services are available in Spanish, Catalan, English and French.