02 – Purchase Process DURING your visit in Sotogrande

02: What should be done once you arrive in Sotogrande, Spain

1. Fine tune Location in Sotogrande
2. Property Viewings
3. Making an offer
4. Private Contract 
5. Survey Report
6. Notary

1. Fine tune Location in Sotogrande

Once you are in Sotogrande, and if you are not familiar with Sotogrande, ask your agent to show you around and spend looking at all the areas of the resort. Drive around by yourself as well. Get a good feel for the areas, and where the amenities are located. Although you may have a set idea of where you would ideally be located, should the ideal property not be available there, you may want to compromise location for the ready to go ideal property.

2. Property Viewings

If you work with Noll Sotogrande you will most probably have had a schedule of properties to view already set up before you arrive in Sotogrande. Although sometimes these schedules’ can be a little hit and miss, your agent will begin to better understand your likes and dislikes, and in particular any deal breakers. 

Once you have a short list of options or “maybe properties” you should ask for second viewing. It may also be a good idea to visit at a different time of day, or even at night, in order se the property in a different light.

If the seller is present during your visits to the property avoid giving your personal opinion about the property.

 

Remember buying a property is a big investment so no need to be polite. Ask as many questions as you wish, no matter how silly you may think it may be. 

Read here on: How to prepare for viewings

3. Making an offer 

Let your agent do the negotiating. Make a reasonable and time limited offer. Remember, it is likely that the seller will not respond if the offer is too low. Indeed, the agent may already know what number has been previously rejected and not even put the offer forward to the vendor. 

It is important to understand which items are included in the sale, and which are not. Although it is customary that items that are permanent attachments are included, make sure that they are part of the sale. However, if there are some special items such as a statue, lamp or chandelier, pictures and personal items, these will be normally excluded. Avoid discussions over a piece of furniture, which may have no real value to you, but it is valuable to the seller because there is an emotional value attached to it. We have often seen sales failing because of this. 

The seller may decide to accept your offer, give you a counter offer or reject it. 

Once the terms agreed on….. The property must then be secured by means of a private contract.

Read More here: How to best make an offer for a Sotogrande property

4. Private Contract  

Securing the property can be done through a private contract between the two parties. It is customary that 10% of the purchase price is paid at this time. Once the offer is accepted then the next step is that a private contract is drawn up and upon signing it a minimum of 10% of the price is paid less any amount paid with the offer as a deposit.

The completion of the transaction is fixed within a particular time scale, usually four weeks when the balance of the purchase consideration is paid and the Title Deeds of the Property is executed and signed by the parties in the presence of a Public Notary.

The choice of the type of contract is something to be assessed by your lawyer taking into account the circumstances of his client and the terms of the negotiations with seller.

There are serious consequences on both parties should they default on the private contract.

The seller may pull out of the transaction paying compensation, usually double of the deposit paid to the Purchaser. This may be avoided if properly negotiated by your lawyer.

If the Purchaser fails to complete the contract on the agreed completion date, the deposit or option price paid shall be forfeited.

Read here about the: Private purchase contract

5. Buyers Survey Report

Don’t get expensive surprises after you have bought your new home…get a buyers survey report. There are several qualified structural engineer or architects that can provide you with an independent house survey report. 

Why survey a property? Well in short it will highlight any defects that the property may have and will tell you what they could mean in the long run but also it will provide suggestions on how to fix any defects and what the work could cost.

We strongly advise that you pay for this service. 

Read here: more about Surveys

6. Notary – Who or what is a Spanish notary?

At completion, a deed of conveyance, the ‘escritura pública’, must be signed by both parties at the office of a public notary. The principal role of the notary is to ensure that both sides (Vendor and Buyer) understand the terms of the contract, that the terms of the contract are legal, and that the taxes generated by the sale are paid. The notary’s duty is also to certify the deed of conveyance as a registered public document. 

When you buy a property in the UK you exchange contracts, pay the vendor, get the keys and the property is yours, after which you are free to register your title in the land register. The big difference in Spain is that you can’t inscribe your title in property register – Spain’s version of the land register – unless a Spanish notary witnesses the deeds of sale. 

 

Let us help you find your home in Sotogrande!

We are always available to guide you and we can provide advice in your own language if you prefer.

Charles Gubbins.
Email: charles.gubbins@noll-sotogrande.com
Mobile: +34 607 911 661

Stephanie Noll
Email: stephanie@noll-sotogrande.com
Mobile: 34 607 465 383

© Noll Sotogrande Real Estate

Disclaimer: Please note the material contained in this guide is for informational purposes only. This information is general in nature and has not taken into consideration your specific personal circumstances.