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Wednesday, December 21, 2022
Buyers Real estate investment Safire Real Estate

How does the process of buying a property in Spain?

Are you a foreigner or non-resident and want to buy a house in Spain? Are you worried about not knowing how the sale works in this country? Do you need qualified reference personnel to trust and can't find anyone? At Safire Real Estate, Sira Certified Realtors, we explain how the process of buying and selling a property is carried out in Spain.

Are you a foreigner or non-resident and want to buy a house in Spain? Are you worried about not knowing how the sale works in this country? Do you need qualified reference personnel to trust and can't find anyone?

your purchase. Let's start:

The differences between the sales practices of a real estate agent in Spain are surely different from those in your country. And despite the fact that this is initially a problem for those who do not know where to place their trust, it is good to know how the process of selling a property in this country works. Only then can you easily discern what you should and should not expect from your real estate purchase.

In general, in Spain it is the seller who has the services of a real estate agent

In general, in Spain it is the seller who has the services of a real estate agent, either API or Realtor. Although there are more and more regions where real estate professionals offer their services to the buyer. This ensures a calmer, safer, and more trustworthy search and visit process. 

However, and going back to the initial idea, The usual thing is to initially find yourself alone in front of the search for properties for sale. In this case, it is best to bet on the search in trusted real estate portals or better yet, go directly to the real estate agency, usually with physical headquarters in the area where you are doing your search.

Real estate agencies are really the true connoisseurs of the real estate offer and the state of the real estate market in the area. It is always that simple, and there are many clients who after several visits opt for a third option, the direct and almost always unsuccessful search for owners who sell their property directly.

And this option is just as long and always provides few results, postponing your search even more and offering you prices that are not always in line with the relames sale prices, since not being professionals in the sector, these owners are unaware of the mechanisms that regulate the public sale price of a property.

Be wary of real estate professional intrusions

Unlike other countries and especially the US, in Spain there is, as we say, a certain professional intrusion, and the reason is that there are no specific regulations to act as an intermediary in a real estate sale. Thus, although less and less, it is "normal" to see how a relative, neighbor or acquaintance of the owner, acts as a sales agent, manages the schedule of visits to the property and even negotiates its starting price.

And as we have said, this is not the best help for someone who does not yet know the legislation or real estate practices of the country where they want to live: Knowing what type of modifications in the purchase sale are common is important to place trust in your agent, and Do not think that he acts without clear criteria or worse, that he threatens your interests.

Who really knows the market, the prices and their possible fluctuations is the real estate professional. Be wary, therefore, of anyone who offers you their services without providing a guarantee of certification of their experience. Especially if he does not have an API or Realtor number. 

Speaking of interests, we must point out a recurring practice throughout the Spanish territory: and that is that while in many countries real estate agents act as mediators and even buyer clients acquire their own agent, it is not an established, regulated fact, much less mandatory. In fact, in areas like Catalonia, where we have our main operations, it is an unusual practice, with only the seller having the action of his agent, to whom he pays the fees and in no case are they paid for by the buyer client.

And how does the process of buying and selling a property take place?

Initially and after having already visited and decided on the property of interest, the buyer may want to see the possible price modification options, if any. At the same time he pre-authorizes his bank funds for the purchase. Subsequently, you have to accept the terms of purchase and the private contract, which at Safire we always explain to both parties so that at that moment (and unlike in certain countries) the mutually agreed modifications that are required can be registered in it.

Now is the time to inspect the property and prepare its deed before a notary, confirm the tax amount of your mortgage (at which point agents such as Safire real estate can also mediate its concession with your bank) and manage the ownership of your supplies such as water, electricity, telephone... The last step being the signing of the deed of sale.

In the case of Safire Real Estate, we offer the global management of this service to sellers and their buyers so that the sale of the property is carried out with all the guarantees. We also know that in the case of non-residents our role is essential to expedite the procedures for residence documents, mortgages and registrations. And our service does not end here, since we take care of all the doubts that clients may have during the first days and we also offer decoration, reform and moving services, among others, thanks to our network of collaborating professionals.

</h2>And why should you trust a certified Realtor agent?</h2>

Nobody puts their money in the hands of someone they don't know, much less if we don't speak the same language, right? in certain countries, including the United States, real estate professionals are highly trained and specialized professionals, who are very knowledgeable about their area and type of property marketed. This provides a great guarantee of quality of service and payment of high commissions that, on the other hand, are fully justified by the great work that, in general, these professionals perform.

However, although it is true that in Spain more and more agents are operating with a license and specific training, there is still much to be done to professionalize our profession and to have great professionals with the experience and knowledge to meet the expectations of its customers.

This difference marks a problem when dealing with two main problems of a purchase: the payment of the commission, not always justifiable, and the payment of the amount of the sale, on many occasions, outside market.

Especially if you do not speak our language or if you are American, you should know from now on how the buying and selling system works in Spain in order to find your trusted agent and acquire the property in the safest and most reliable way. possible. And the best way to do it is to put yourself in the hands of a certified professional who governs his work, according to a very clear code of ethics and corporate principles. This is the case of Realtors in Spain, members of SIRA and who have specific training that they renew year after year.

Praxis del profesional guarantees that the buyer client of your owner feels safe and their interests are respected, since above all, a good real estate agent will ensure the satisfaction of the transactions and the mutual benefit of both parties.

- The same happens with the price to pay, which, as we say, is increasingly regulated by Spanish legislation, especially to avoid tax fraud, but above all, to regulate inheritances, donations and other transactions not without complications.

- You will be really informed of each step you take and in the case of modifications before the sale closes, you will be duly informed.

- The property will be appraised and inspected so that you can buy for what it is really worth, also avoiding sad surprises after the purchase.

- In the case of contacting a Safire agent, you can even manage your purchase process at a distance with all comfort, because we adapt to you and your needs.

Be wary of those who cannot assure you of all these points and contact your trusted agent for a totally satisfactory purchase. Do you already know our offer of properties on the Costa Brava?