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So often when first time buyers discover their ideal holiday home they are full of excitement and eager to become the new owner. In their euphoria they throw all caution to the wind instead of proceeding with care.
An estate agent may advertise that it provides legal services and many will have considerable experience in this area. But it must be borne in mind that no matter how independent he may try to be, at the end of the day his primary client is the seller who is paying his commission.
You should ask yourself whether you would purchase a property in your own country without the assistance of a qualified lawyer. If the answer is “no”, then why should you purchase in a foreign country where the language and laws are different, without taking professional legal advice. Even if the agent has done a thorough job of checking everything and a lawyer simply confirms that, what price can you put on peace of mind?
Even more important is the use of a lawyer when you are buying direct from the developer. Amongst other matters, your lawyer will need to check that any loans that the developer has taken out and which are charged on the property are released from your property. If not and the developer ceases trading, you could be left with a charge on your property. Similarly, your lawyer will ensure that the developer has arranged for bank guarantees to cover your stage payments in case he goes out of business before the property has been completed or transferred into your name.
When a buyer finds his ideal property, invariably he needs to pay a holding deposit to secure the property and the price. No reasonable seller would disagree to this deposit being fully refundable should a lawyer find any legal reason for the sale not to proceed. On a resale property this holding deposit can be held in the estate agent’s client account for additional security or could be held by the buyer’s or seller’s lawyer by mutual agreement.
When choosing a legal adviser you should use a lawyer who is versed in Spanish property transactions, and that he speaks fluent English and Spanish. If you are using an English lawyer (Solicitor) who is based in the UK you should check the total fees to be incurred as it may well be that he will also need to instruct a counterpart firm in Tenerife to carry out part of the work for which you may incur an additional fee. Michael Rhodes Legal Services can provide you with all the legal assistance you require in connection with your purchase.
