Can someone please advise on the process for purchasing a villa in fuerteventura?
The one I'd like to buy is a repossession. The estate agent are being unhelpful and actually giving inconsistent information. I am suspicious.
They say that we need a 500euro deposit to secure the house, then either 10 days (or 28 days - depending on which email I read) they say I need to pay the remainder of the deposit.
The estate agent also says that the deposit is guaranteed to be refunded if there is some legal reason why the sale should not go ahead.
I have been told little about the history of the house and the estate agent won't even tell me the property boundaries which may (or may not) encompass a large rainwater drainage pool. I don't want to commit any money until I know that if that pool is included with the house, then I can back out of the purchase and get my deposit back.
Can someone explain the house purchasing process please, in particular when a buyer is committed, and also the law on deposits please.
Thanks
I am just buying an apartment in a complex, so may be a bit different to buying a complete building eg. a free standing unit, as I will never own the "building" in a complex, so like buying a house back home it may pay you to have a survey on the structure, any how with my apartment we found it by asking around in the place we liked, no estate agent, amazing how people know whats for sale around them, we then got the number of the lady selling, who was in spain main land (she spoke English phuww), made her an offer, I had a couple of thousand with me which she was happy with as a deposit, next found a great solicitor gave her all the info paid her the deposit, she did the rest, arranged a contract which we both signed agreeing on the price and deposit paid etc. I had to get the rest of my money out of investments so this was taking a few week so we are completing at the start of Feb. To complete the buyer vender and the solicitor go to a notary, where the papers are finished and the final payment and the tax paid, norm tax is about 10% of the sale price plus cost of the solicitor, hope this answers a couple of your questions .... happy hunting
My advice? Stop listening to the estate agents and listen to a local lawyer instead. The agent is being paid by the vendor! Why should they help you? Yours sound particularly bad but they're always going to have a hidden agenda.
Try getting your deposit back if the sale falls through.Good luck with that then.
Its not held by any lawyer or legal representative but by the estate agent . It generally guarantees the agent their fee whatever happens.
If you're looking to holiday let check out wether your property is a tourist build or residential , most agents will tell you not to worry. Yet another miss truth.
Listen to SheilaW and TheCooler. The agent is there to sell the place, not to help you buy it. Always assuming, of course, that they're authorised to deal with it. Believe me, some people pull some very crafty stunts.
Go into it with a cynical eye. Part deposit? I'd like to see you get that back.
You don't have enough information to move on with this place. Personally, I'd walk away, do a lot of background research on this, and properties in other developments, then compare them. You'll have a much better idea of the process - and a lot of the wrinkles and problems.
This move is your Hopes and Dreams, not to mention your hard-earnd money. Do make sure it's going to work out for you.
If it's a repossession, maybe you could cut this agent out and deal direct with the bank or their official agent. Checkout the bank website.
Many agents list properties that are merely lifted from the banks own agent website and then take a cut of the commission or a fee (and get in the way!). Just look on Idealista or other advertising sites and you see multiple listings for the same property.
The bank will allow you some days to do all your checks before taking a deposit.
Given the amount of money involved - and therefore placed at risk - in any property purchase, don't pay a penny/cent without going through a decent solicitor. They are not particularly expensive to use, and they do all if this worrying and spadework for you. Only the solicitor should hold/handle your deposit, and they will generally only pay the estate agent upon completion in the notary's office. I'd assume that if the agent gets hold of any money at an earlier stage, their own fee is going to be right at the front of the creditors queue if it fails to complete, even though they are not entitled to it on an aborted sale!
I cant help noticing you have had 6 replies to your question and not answerer with so much as a "ok thx" if people take the trouble to write to you then you should show them the same :(
This is the first time I've been on since I posted my comment asking for advice due to a very sudden bereavement. thank you for your replys and advice. would anyone be able to recommend an English speaking lawyer. We have contacted a couple but would appreciate any recommendations. Thank you.
hey sorry for your loss and sorry to rag on you a bit on my last post
any how we are just buy and got a fab English speaking solicitor in Rosario her name is
Beatriz Ãlvarez MartÃnez
beatriz@amvabogados.es drop her a line
really knows her stuff
regards
paul
Appreciated thank you for that contact.
I refused to pay a deposit when purchasing and that was acceptable at the time even though it was unusual. When purchasing a property on the Island it is always a case of buyer beware....take your time ....find out all that you need to know and then sit back and have a think about it. Factor in all the costs etc. This link will tell you all you need to know about the purchasing process and costs etc. http://www.janetanscombe.com/notarial-system-costs-2 Good luck with your property search. :)
It depends on the agent. Of the agent holds the keys and a direct representative, then I would trust with the deposit. Through the agent, ask to meet with the bank representative. They normally speak English.