With the development of the real estate market in Spain and the constantly increasing trend. It shows the execution of transactions for the purchase / sale of houses and apartments in recent years. A related problem has surfaced again: real estate fraud. Moreover, in a situation of quarantine caused by the COVID19 pandemic, the economic situation has changed. Many investors want to profitably invest in cheap real estate in Spain. The number of dishonest realtors, sellers and buyers has also increased.
The problem is that both the buyer and seller of real estate in Barcelona and in Spain are usually not experts. In the procedures and processes that they must follow in completing a transaction. Therefore, it is highly recommended that you contact a lawyer specialized in this field. He will advise you throughout the buying and selling process. Prevention and awareness of this issue is key and avoids further trouble with real estate transactions in Spain.
Fact, the role of a lawyer specialized in real estate matters becomes essential at all major stages of real estate processes.
Deposit agreement (arras) or pre-contract (contrato de señal / reserva / arras)
The first thing a buyer usually does when buying a property is to pay a percentage of the price as a reserve of the property as an obligation to purchase it later. There are several types of deposits in Spain. So the advice of a lawyer is essential to apply the one that best suits your individual case.
Verification of ownership of real estate and absence of arrear
It is important for buyers to be confident that whoever sells the property is the true owner. In addition, it is necessary to check whether the property is clean in the sense of no debt to the bank, unpaid taxes or mortgage. This can be found by requesting the appropriate document (Nota simple) in the official property register in Spain
Most likely, when buying a home, we need to sign a mortgage loan agreement in order to be able to pay off the value of the property. This requires the intervention of a lawyer in order to conclude a contract with a financial institution, a bank, which offers you the best conditions that suit your needs.
Purchase and sale act
This is another element in which the advice of a lawyer in Spain is important when signing the deed of sale. This is because it contains articles with complex legal and financial concepts. They may make the buyer unaware of what he is signing. Consequently, the lawyer will take responsibility for advising both the buyer and the seller in the process of drafting and signing the deed. In order to avoid deception or future hidden additions that may cause problems.
Many people mistakenly believe that the fact that the transaction is completed with a notary guarantees its success. The notary certifies the transaction on the terms previously agreed by the parties. Which does not mean protecting the interests of both parties.
It is preferable to avoid legal proceedings, check everything in advance and make sure that all your rights are protected and all guarantees are observed. Legal proceedings in Spain are long-lasting and there is a risk that by the time of execution the defendant has gone bankrupt and has nothing to answer.
Considering everything that has just been described. It can be argued without any doubt that the services of a lawyer in the process of buying and selling real estate in Spain. This is absolutely necessary in order to avoid fraud. Also for unforeseen troubles that can cause irreparable financial damage. It is darken the joy of purchasing or property sales.