If there were no bad people, there would be no good lawyers Charles Dickens
At KMS Property Solutions we are proud to be associated with Bufete Megias, a traditional family run lawyer with a wealth of knowledge and experience in all things relating to property. As part of our on-going partnership, if you have a question or need some impartial advice, please click here to send your question totally free of charge, no catches, it is all part of the service.
Our firm of lawyers started as a family business and today we can offer a complete solution in economical and law matters.
More than 40 years of experience is the warranty of the high quality work we provide whether you are a private client, business or in public services. Fluent in spoken and written Spanish, English, Finnish, Swedish with skills in Danish, Norwegian and French.
BUFETE MEGÍAS LAWYERS focus is on offering a complete solution in economical, tax and law matters in Spain for residents and clients abroad.
The process of purchasing and selling a property in Spain is a simple process if you have the right lawyer behind you.
Below is a brief account of the purchase process in simple point form:
- The first thing you need to do if you are serious about purchasing a property in Spain is have a Spanish bank account opened, obtain a Numero de Identificación de Extranjeros (N.I.E) and enlist the services of a good lawyer. Please remember when setting your budget for your purchase you need to allow approximately 12% to cover purchase costs.
- You have now found the property of your dreams. To take the property off the market you need to sign a reservation contract which is normally issued by your real estate agent. On signing of this reservation contract you will need to deposit a sum of between €3000-€10000 depending on the price of the property. We urge you to put your lawyer in funds with this money and not to pay the real estate agent which is common practise here in Spain
- It is then the responsibility of the team at Bufete Megias to undertake their due diligence and check that the property has all the legal documentation in place, and in conjunction with the vendors lawyers, agree a formal private purchase contract which is signed by both sides and is normally issued within 14 days at the same time the buyer makes a down payment of 10% of the sales price (including the reservation deposit previously paid)to formally reserve the property. This is a legally binding document making it difficult for either party to revoke without financial penalties. Normally a completion date or a long stop date is then set at this time the average time being 4-6 weeks.
- Upon completion you will either have to be present at the notary or if this is not possible you will have given power of attorney for the completion to take place in your absence. The lawyer will at the same time take care of the utility contracts for you and hand you the keys ready for occupation.
A brief account of the selling process in simple point form:
- You will need to provide your selling agent with a copy of the nota simple, floor plans, IBI, basura and community fee receipts.
- When an offer is accepted by you, the KMS Team will obtain a signed reservation deposit from the client and a sum of between €3000-€10000 to take the property off the market depending on the value of the property.
- In conjunction with the purchasers lawyer, you will agree a formal private purchase contract which is signed by both sides and is normally issued within 14 days, at the same time the buyer makes a down payment of 10% of the sales price (including the reservation deposit previously paid) to formally reserve the property. This is a legally binding document making it difficult for either party to revoke without financial penalties.
- Normally a completion date or a long stop date is then set at this time the average time being 4-6 weeks
- When selling you need to equate for various taxes please click here for details of taxes due as of October 2014.