How Avoid Fraud While Buying Property in Spain

How Avoid Fraud While Buying Property in Spain

For many people Spain is a real paradise for its nature, sea, tasty food and comfortable way of life. To live there is a great privilege! And this dream can easily come true if you buy a villa or apartment in order to make your life more comfortable. But considering buying a property in this country just be careful not to become a victim of swindlers.   

Is it possible for a freshman who does not know the market to buy a villa or apartments in Spain safely? The three main advices are brief ones:

  • carefully study all market offers;
  • find a reliable local consultant;
  • don’t sign anything without a lawyer.

8 Effective Tips on Buying a Property in Spain Avoiding Fraud:

  1. Set aside an illusion that Spanish land law is in accordance with the legislation of your country. Be careful and carefully study local requirements.
  2. Take into consideration that in Spain there are many illegal construction sites, as well as objects with significant liabilities and potential costs for the owner. Understand the difference between Urbanizado, Fully Urbanizado and Rural – this will give you an idea of ​​the legality and potential development opportunities of the facility.
  3. Find a good local real estate lawyer before moving on to finding a villa or apartment. Spend your efforts to find a lawyer and never, never sign any legal documents without his participation! A reliable real estate lawyer should be 100% independent of realtors and seller.
  4. Never sign legal documents before they are fully translated into your language by qualified agency and approved by a lawyer.
  5. Never assume that a real estate agent is your “friend”. You can make friends in the future, but today you are just his client and a purse with ears. The percentage of commissions for the sale of real estate in Spain varies from 3 to 20%, so the rates in your current “friendship” are too high.
  6. Always use the services of a construction inspector to check the property you are buying. However, make sure that your inspector is competent, certified, speaks the language you understand and has nothing to do with the seller or the agency.
  7. When buying a property, the most important factor is the location. You can not succumb to the temptation after an external examination of the house (however beautiful and cheap it may seem) – carefully analyze the pros and cons of where it precisely located.
  8. Always buy property as if tomorrow you will have to sell it. Even apartments for permanent residence should be considered as an object for sale. Pay attention to the buying motives: would this house be bought by my friend, relative or boss? Then you will not make a mistake with your choice.

Last But Not Least

Yes, the Spanish market is flourishing; housing prices are showing growth, and why not to invest money? But before a serious transaction, please think three times.

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