1. What happens once I have decided to purchase a property?
Depending on some countries you may buy the property (land + building) or just the property but not the land.
Own the apartment and the land :
Spain
Own the apartment but not the land :
- Property Reservation - . You sign a reservation document allowing you to secure the property by paying a small deposit (often required ) to the vendor; normally it is non-refundable, therefore should you change your mind concerning the property you would lose your deposit. This deposit effectively fixes your agreed purchase price and takes the property off the market.
- Signing the purchase agreement in which the schedules of payment are laid out until the moment of the final signature at the notary office. Once you have paid your deposit and signed the reservation document you will be expected to pay a larger deposit, usually 10% of the purchase price, within a reasonable period of time (7-10 days). At this time, our lawyer will draft a private purchase agreement which reflects all the conditions of the purchase. We always notify you and your lawyer about every detail.
- The opening of a Destination Bank Account - We will introduce you to our correspondent bank in destination, but if you prefer we will gladly accompany you to any bank of your choice. If you should need a credit for the purchase we can assist with all the information together with the staff of the bank you have chosen.
2. What happens if I have to go back to my country of residence during the process?
You can travel back home letting us take over the forthcoming duties until you have to return for the meeting with the Notary. If you cannot make it back in time for the signing of the deeds, you can give us (or your lawyer or any other person you wish) the necessary purchasing power to act in your name and interest.
3. What do I have to do when I need a mortgage?
We will first provide all the information to our finance team to see the possibilities and find out the type of mortgage loan you need, to do so we will ask you for the following:
- Passport(s)
- Personal information, addresses, etc.
- Information from the home country bank and proof of income
- When employed: copy of the last tax declaration and 3 - 6 months´ payslips
- When self-employed: copy of the tax declaration
- copy of the official estimation of income
- copy of the latest tax declaration of your business
- copy of approved financial declarations of your business
- Copy of the sales contract
After all the necessary details as mentioned above have been brought together, these are sent off to the bank office, and normally after a few days the mortgage is approved.
Within your budget for the purchase it is important you include the costs of establishing the mortgage with your bank. The possible costs are:
- The costs for the services of a professional surveyor (also in case of new or off-plan properties)
- The bank commission for opening the credit
- The costs of the notary (registering the bank mortgage)
- The taxes which respond to the registration of the bank mortgage (depending on destination)
4. How high are the expenses when purchasing a property?
According to each place we recommend you calculate an average of approx. 10% of the sales price as expenses.
5. What security do we offer you?
We do undertake a proper check-up of all the papers concerning any property prior to putting it on the market. Not only does the register detail at the property registry office get thoroughly scrutinized, but also any other obligations of the property owner, as when not done - at any given moment of the registration of change of ownership could have serious consequences.
6. What does one have to do after the property purchase?
By the time you become the owner of the apartment/property, according to the country of destination, we will always continue to assist you after the purchase.
Moreover we provide all of our clients with the Manual called "New Owner in destination" that will help when you are moving to a new place, as it explains the obligatory name changes for electricity, water, rubbish-collection, council-tax, telephone, community contributions, etc. and thereby makes the take-over of your new property as easy as possible. Nevertheless you can contact us at any time when you need personal assistance.
Apart from that, the manual offers quality information about tax declaration, vehicle registration, school registration, or community centre registration, sport centre clubs, neighbourhood etc.