A few notable differences in the sales processes of other countries:
UK
Brits are used to being provided with a building survey and often the contract would be dependent on a satisfactory result. It may seem strange as a UK buyer that this is not normal in Spain and therefore many may decide to undertake their own checks or instruct a surveyor to do it for them. Though a higher percentage do not. ‘Gazumping’ is a term used in the UK when a seller reneges on the sale agreement in favour of a different buyer. Until the exchange of contracts there is nothing legally binding to stop this happening meaning buyers may lose out on a substantial amount of money if they’ve already paid for surveys and legal fees. It may be reassuring to hear that this can’t happen in Spain without the seller being penalised, financially!
France
Buyers in France are legally committed to the purchase very early on, simply by signing a preliminary sale and purchase contract, or “compromis.” After this, they cannot withdraw from the sale without penalties. In France, there are obligatory diagnostic tests that must be done before the initial contract can be signed. These include things like the presence of lead, asbestos, termites, state of the electrics etc. but this does not include a structural survey.
Denmark
Due to the lack of housing stock in Denmark, foreigners are restricted by law from purchasing property unless they make the country “the centre of their life”.
USA
People in the US don’t always use a lawyer when buying a house. But the buying process in Spain is very similar to the USA
Sweden
While it’s more common to rent than buy in Sweden, the purchase process is so quick it is often faster and easier to buy a property than rent one. Property visits tend to take place on Sunday afternoons, can last up to an hour and are nearly always held in groups. Properties are sold by bidding based on a price set by the estate agent. There are no legal regulations meaning the price can increase rapidly. A contract is signed by the buyer and seller once the seller is satisfied with the price. The only legal document is the contract and the whole process can take just a few weeks or even as little as one week.
Since all countries have their own nuances in terms of legal and taxation issues relating to property purchases, it is understandable that as a foreign buyer, you may find the process difficult.
No matter which country you are from, it is good practice to advise to appoint a legal representative who speaks your own language and is familiar with Spanish property law.
Two companies we strongly recommend are;
* Bodils Service Centre, Villamartin
* Law Office
Are you from a country we have not mentioned?
Want to know more about the process of buying a house here in Spain compared to your home country?
contact us today
