• Finding and Buying a Property
    Finding and Buying a Property

    Finding a Property

    Today the internet is most usefull tool for those looking to buy property and usually this is the first step taken by potential buyer. But the most complicated is the second step - once sees desireble properties on several web sites is to contact and make appointments with all the agents you have chosen. This second step can become a nightmare for the buyer.
    Perhaps there in another way to search, even while you are looking in internet, to seek out as a first priority a qualified, experienced real estate agency to work with. There are several really great agencies in Marbella to choose from. Additionaly choosing professional agent will assure that they will spend maximum time with you to get to know you and your requirements as well as possible and sharing with you this experiance and property market knowledge and able to find just the exact property you search. You don't have to be worry if the agent you work with doesn't have in their own listings this special property, he will go and find it through their colleagues and other agencies on a commission sharing basis.

    Choosing a Lawyer

    Smirnoff Consulting recommends to hire a professional lawyer to represent you when you purchasing a property.
    Please note, that once you have made a decision to purchase the property in Costa del Sol/ Marbella, even you didn't find yet your dream home, start to contact and establish a relationship with the lawyer while you are in Marbella, not to loose time. This could be very useful if you need to start negotiating a purchase.

    When you have a lawyer, NIE personal number, Spanish bank account opened, when the right property has been found, you can start negotiating the price and  put down reservation deposit straight away if the offer is accepted.

    Negotiating the price

    Your agent will be very helpful in this process. But important to know that your offer is too low it will pull back the interest of the seller and might be real down the deal.
    And opposite, if your offer is realistic it will take attention of vendor. We recommend to write all your remarks and points, make your offer, amount of deposit, dates of completion, special requirement as included furniture, that all technical equipments should be in a good condition. If you have a second choice property you should also let the vendor know about that. All this details are extremely useful when negotiating a purchase price.
    Your lawyer has to be informed in all actions you make and he will help you with this process.

    The Purchasing Process

    The purchasing process in Spain is clearly set and standard. The Property Register giving all the information about property, who owns the property, does the property any fees, debts or encumbrances. After that has to be sign the Private Contract (unless an immediate payment of full purchase price) where written all details of the purchase- purchase price, form of payment, date of completion etc. The deposit id usually is 10% of the agreed purchase price and the day of completion within 30 to 60 days.

    New unfinished properties are paid for over the construction period and all payments are guaranteed by bank or insurance company. If the property is not finished by a promised date, a buyer has the right to reclaim the money paid, plus legal interests. Besides that the law obliges the developer to have a 10 year insurance guarantee to respect to any defects of the building found during this period.

    When the all amount is paid for the property, the seller will issue the public deed of conveyance to the purchaser, free of any debts. This deed is issued before by Notary, then passed from Notary to the tax office and the last step  it has to be presented to Property Registry for inscription.