Negotiations buying property in Spain

Negotiations Buying Property in Spain

Once we have found the property we like, there are several things, besides the price, that must be treated among the parties in order to make a good contract that contains every possible aspect around the purchase of a property in Spain.

 

The property in Spain is already chosen, so the moment of negotiation has come. It is essential to differentiate between bargain and negotiate. Purchasing a property is not like buying a scarf at a flea market, where haggle only takes into account the price. The negotiation comes into play many other factors such as payment terms, conveyancing terms, is considered if the house needs repairs, if the buyer is interested in keeping some furniture, and so on.

Buying property in Spain. The most important Points to be negotiated

The Price

When negotiating the price is important to know the property market, the property prices of the same type located in the area. It will be necessary to make a little research about the property market in Spain, trying to know the property values in that area.

Another important fact is Knowing the burden situation of the property. It will probably help us to know the urgency selling and the chances of achieve a more favorable price for our interests.

The Deadlines

A very important point to negotiate, when buying a property in Spain, are the deadlines to complete the purchase. Since the down payment, or the purchase contract, until the signing of public deeds before a notary, is normal to set a deadline to facilitate both parties their tasks. The buyer, basically, raises funds and completes the bureaucratic duties in order to be able to sign the deeds. And the seller, to fulfill all requirements, legal (payment of debts) and physical (repairs and move) which have been agreed in the negotiations.

The Costs buying property

The payment of the various costs and fees in housing purchase is fixed by law when you're buying a property in Spain, but (in some of them) it is common to agree on who ends up paying them. Besides, depending the part of Spain in which you're buying the property, the usages can vary. Therefore, set what costs correspond to each party in a purchase contract, in order to avoid misunderstandings. Also see the costs selling a property in Spain.

The Condition of the property

Another important point to negotiate buying property in Spain is the physical condition in which the property will be conveyed. You must specify in the contract the most important details and accessories that you would have agreed in the negotiations with the counterparts to be delivered along with the property. The more detailed the description is, the less problems down the line. Try to avoid purchasing "ad corpus" or "caveat emptor" (If you are the buyer).

The House supplies

During the negotiation when buying property in Spain, the property supplies are another issue to consider. It is necessary to agree if they will be managed as a change in the ownership, being an assignment of contract, and paying the seller the pending bills at the moment of the conveyance. Or if there will be a new contract instead.

Penalties in case of breach

One of the most important subjects to discuss during the negotiation buying property in Spain are the penalties in case of breach. Setting up penalties in the contract for the different events that can occur is the best way for the parties to do their tasks in the most efficient way and on time.