Our
lawyers
at Evolutiza
Lawyers & Tax Advisors are going to explain main subjects regarding
the agreement and private contract when going forward to purchase Real Estate in Spain . You know, we are
experts on contracts and trail-blazers on Spanish Real Estate market.
We are moving forward, and maybe you prefer to be advised by one of our lawyers while looking for and choosing a property, but anyway, once you have selected a property, it is advisable to pay a deposit and sign a reservation document, here it is the contract in order to ensure your rights to purchase the property.
The specific conditions and terms of
the agreement will be defined in the private purchase-sale contract, besides
some fundamental aspects, such as deadlines, price, expenses, etc. and they
must be respected thereafter.
The sellers or their representative
must provide the purchaser with the property’s documentation, so that the
operation’s feasibility from a legal, urban development and tax point of view
can be studied. Relevant due diligence must be issued by our lawyers in order
to ensure the legal safety of the purchaser. This is one of our main fields.
Another crucial point is to draw up
the purchase/sale contract or the purchase option contract. This is the point
at which we negotiate with the selling party to agree on the most favourable
conditions for our client’s interests. We will then send you a full report with
details on the operation’s feasibility, the terms of the contract, the
approximate costs of maintenance and the expenses derived from the purchase,
along with a translation of the draft of the contract. The contract can be also
signed in English or in double column Spanish-English, in order to avoid
misunderstandings.
Singing a purchase contract in Spain is not a
small deal. The contract will include the details of the agreements reached
between the parties and the conditions of the purchase/sale, even though some
may be overlooked as they are merely an obligation in line with current Spanish
law.
Once the contract has been signed,
both parties are under obligation to respect the contract in the agreed terms
and conditions.
In the case of purchasing a home
that is under construction, other intermediate payments are usually made
between signing the contract and signing the deed, which generally coincide
with certain phases of the building work. Our firm will take charge of managing
those payments on your behalf and will request the relevant guarantees from the
developer. It is worth remembering that, in Spain , property developers and
builders that receive down-payments for homes under construction are obliged by
law to guarantee the amounts received up until the work has been completed, by
means of a bank guarantee or insurance policy. In this way, in the event that
the building works are not completed, the purchasers will recover all the money
they have invested, plus the statutory interest.
Our lawyers are
specialist in guiding during the purchase, drfting and negotiating contracts,
terms and conditions. Our advice covers the tax obligations too.