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The Bespoke Oasis

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Types Of Contracts

Types Of Contracts

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Examination Of The Legal State Of The Property

To ensure that the property you are buying is fully legal, a lawyer and architect should carry out the due diligence and check all the legalities of the property with the local authorities.

This includes looking into the property registry, making enquiries at the town hall, reviewing the information at the cadastral office, and verifying its correct registration, as well as confirming its urban planning legalities, alterations and renovations, and if its conditions are a true reflection of the property state.

The lawyer also checks whether the property is free of any pending charges, liens, or encumbrances that burden the property.

This due diligence usually takes a few weeks, so there is always a risk that purchase will not be advisable if there are legal irregularities with the property. For this reason, we recommend signing a private purchase contract with the corresponding dissolution or resolution clauses that allow the buyer to walk away from the agreement without any repercussions and, in the case of an option contract, can obtain the return of the deposit.

Public Deed Of Sale

The final step is to sign a public purchase deed. All parties involved, the seller and the buyer with their legal representatives, as well as the real estate advisors make an appointment with a designated notary, chosen by the buyer.

Before signing the purchase deed, your lawyer will provide you with a draft of the deed. You can request this a few days before signing so that you can check everything and make any necessary modifications. At this stage you will also receive a settlement of expenses from your lawyer. During this final stage, the payments to the intermediaries, taxes and other associated expenses are settled.

Granting the public deed of sale/purchase is essential for the registration of the acquired property under the name of a buyer in the Land Registry. The public deed is signed in front of a Notary and the seller is required to hand over all the documents of the property.

The buyer must bring his original documents and the NIE document or its application (In FAQ we explain why NIE is important and how to apply for it). At the notary, the buyer will sign the purchase deed, provide the remaining payment and receive the keys to move in.

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