Research is one thing, but reality can often be quite different. As new cave owners I thought I would write about the actual process of buying our property.
The Process of Buying our Property
We chose an Estate Agent that we felt we could work with. After all they know their stuff (we hope), make the process of arranging viewings a lot less intimidating and best of all the estate agent fees are normally paid be the seller.
We made a shortlist of what properties we wanted to view. We found our new home and put in an offer which was accepted.
We opened a Spanish Bank Account.
We chose a Spanish lawyer (who was fluent in English).
We arranged a power of attorney so that the Solicitor could act on our behalf.
We got an NIE number. Well actually our Solicitor did on our behalf.
Our Solicitor carried out all necessary checks prior to the signing of a contract. The normal checks are to ensure that the property you are buying has the same information and description as described in the title-deed – is free of debts, charges, fees and tenants.
He identified that the plans were incorrect, new ones had to be drawn up at the sellers cost.
He also identified that the properties had not been registered at land registry which had to be undertaken. These led to a few delays but underpinned the importance of having a good Solicitor.
We set up an account with a currency exchange company and transferred funds to our Spanish Bank Account.
Our Solicitor sent us the Private Purchase Contract (Contrato Privado) which we reviewed, signed and returned. With the contract now exchanged we paid a deposit directly to the seller – 10% of the purchase price. A completion date was agreed upon.
On completion day our authorized representative (Solicitor) and the seller were present at the office of the notary to sign the Escritura de Compraventa (title-deed). The notary does not check any terms, but certifies that both parties have agreed to the terms stated. The notary is in place to only witness both parties signatures. At this stage the property became our possession and our lawyer faxed details of the title-deed to the local land registry confirming us as the new owners. Our lawyer also arranged payment of all outstanding costs – the balance payment to the seller, transfer taxes and fees . In Andalucia the transfer tax is 8% of the Escritura value (the transfer tax is different in the different Spanish autonomous regions – between 6% and 10%). There were 3 fees that we were required to pay; the lawyer’s fee, the notary fee and the property registration fees. Finally our Solicitor emailed us a copy of the signed deeds. Happy Days !
Finally we insured our property.
And there you have it … a summary of the process of buying our property in Andalucia.
So … Who are one foot in the cave ?
We (Danny and Josie) have spent the last 10 years living and working in the Caribbean. In 2015 we decided we wanted to move closer to family and friends so bought a cave house in the Granada region of Andalucia, Spain. We moved there full time in January 2017. Now we write about our experiences of cave living and how we are adapting to life in Spain.
We also have a Facebook page full of pictures, experiences and information that we have found useful along the way. If its your thing, you can also follow us on Instagram 🙂
5 words related to this blog entry …
To Write – Escribir
Debt – La Deuda
Price – El Precio
Fee – La Cuota
Champagne – El Champán