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Buyer's Guide

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We all know about the fabulous climate in Spain, but what if you decide to buy a property? Will it make you hot under the collar? Follow our simple Spanish property buyer's guide and you'll soon be enjoying the lifestyle, without the stress!

Step One: Contact

By arranging approval for a mortgage from the start you'll have an excellent idea of your budget. You won't waste your time and money viewing things that are out of your price range and your agent will be able to focus on property you can afford.

We can get you an agreement in principle (subject to valuation and possibly credit search), so that you know how much you can borrow and the costs involved. You will then be in a perfect position to go house hunting, secure in the knowledge that the funds are agreed.

Step Two: Choose a property

Now you've an accurate idea of your budget, you can choose the type of property you want to buy and compare prices in various areas. There are many sources of information on the internet and specialist Spanish property magazines. This will give you an excellent knowledge of the market and average prices.

Step Three: On the ground

The best way to find a property in Spain is to visit your chosen area. Estate agents can be a useful source of local knowledge and, as their fees are paid by the seller, it can make sense to use this expertise. There are hundreds of agents in Spain competing for you pound. If you wish, we can recommend companies with a good reputation and a proven track record from our extensive contacts throughout Spain.

Step Four: You find your perfect property

Suddenly there it is. The home of your dreams. Once you're sure, you need to move quickly to secure the property, negotiate a satisfactory price and have it taken off the market. At this point it is beneficial to engage the services of a local lawyer to guide you through the process. If you wish we can recommend a number of respected and trustworthy English speaking lawyers from our panel of local contacts.

You will be required to place a reservation deposit and sign a reservation contract. This deposit is normally non-refundable, unless specifically agreed otherwise.

We will need to liaise with the lender to arrange the valuation of the property and then ensure that the mortgage offer is issued as soon as possible.

Step Five: Making the checks

Once the reservation contract has been signed there will be an agreed period of time in which your lawyer can undertake all the necessary searches on your behalf to ensure the vendor is the legal owner and it is free from any debts, charges or encumbrances. A lawyer will also draw up the Private Purchase contract, ready for the exchange of contracts, when you will be expected to pay between 10% (resale property) or up to 50% (buying "off-plan").

We will liaise with the lender and the lawyer to ensure that this takes place within your timescales.

Step Six: Completion

Once you and your lawyer are happy everything is satisfactory, you can move to completion. This takes place when the title deeds are signed by the parties before a Notary Public in Spain and the balance of the purchase price is paid.

The Notary is a public official whose role is to act as a witness to the signing and ensure the law has been complied with.

Step Seven: Moving In Day

You now own your dream home in Spain and have exchanged contracts and received the keys. It's now time to move in and enjoy the fabulous Spanish lifestyle. Because you took professional mortgage advice at the outset, it has been a stress-free and enjoyable process. The only problem you face now is whether to sit in the sun or in the shade!