Buying Property

1 Replies
snowstorm

1234444368

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Hi guys, so what´s the deal here when you buy a property. Do you have all the searches done on it like you do back in the UK? I have found somewhere that I like but it´s very old and needs a lot of work, but I´m worried there will be a mountain of hidden nasties once I have brought it. I guess I have to get myself a good solicitor - is that the procedure here?

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SteveRiches-11395 1250676903

This is a reply some months later, just saw your posting today!


The seller has to pay tax on the amount of the purchase...even now there is a "scam" to which lawyers etc. turn a blind eye, and that is just before the actual process is signed when all parties get together to formalise the deal , they all look the other way while you pass an envelope containing maybe 25% in cash under the table to the vendor. You get no receipt for it. Then one of the legal party coughs loudly and the process continues with a much lower purchase price on the official documents. No doubt some cash also passes hands within the group but you'd never find out. Of course you should resist this scam but I'm told it still happens. Some refuse to sell if you say "No". Bear in mind that when time comes for you to sell, the gap between the declared value of the property and the price you are selling it at will leave you with a huge amount upon which to pay tax!


Secondly, if you buy a property and later discover it owes money to creditors, YOU and not the vendor will be legally liable for all of it. Thus, get a proper lawyer. Get an English-speaking local lawyer, not a Spanish-speaking English lawyer.


Make certain you get the original Escritura, not some dodgy copy.


Never buy "off-plan", you'd be mad to consider it.


Finally, if somewhere is old and needs work on it, make sure it has a reliable water supply that NEVER dries up, and that the property is properly connected to mains power, and that no neighbours have any call on any part of it. Mutiply whatever costs you think you may face to refurbish it by a factor of 3, and expect everything to take at least 4 times as long as you expect. Good luck!




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