Whether you're buying a house, a car or something else, the sales contract will allow you to purchase it safely. These tips will help you see this more clearly.
The sales contract in Spain is an act by which one party is obligated to deliver one thing and another party is to pay. The sale organises the transfer of property: the object leaves the hands of one person to enter those of another. The agreement can be written directly by the buyer and seller themselves however this is not recommended. It is always better to entrust the drafting of a contract with a lawyer so the buyer and seller can work together.
Some real estate agents offer standard contracts but it is also recommended that you don’t use these and that a lawyer reviews the contract at the end.
There are two types of sales contracts in Spain. • The standard model is a private sales contract that directly engages both parties and is accompanied by a deposit. • The "put option" requires payment of a non-refundable deposit if the buyer withdraws from the sale. • The reservation transaction involves the payment of what is called a "goodwill deposit". The seller then has no right to transfer the property within 15 days of its conclusion.
In Spain, notaries are happy to read over a contract that they did not write themselves. They ensure that the drafting of the text complies with content and form rules, whether it is for buying a house, an apartment or a room. They also ensure that the seller has received the payment and certifies the identity of the parties and witnesses who have signed the contract. They are also responsible for the registration of the new owner in the local property register and collecting all fees and taxes that are due. You should know that the notary in Spain represents the state and does not necessarily protect the interests of the buyer or seller. Therefore, do not expect them to give advice or expect that they will speak any language other than Spanish. The lawyer, however, can guide the buyer in all of their actions. They can also check that the notary did a good job. Notaries must also control the property register to ensure that the name of the person in possession of the property is there. They must verify that the description of the property in the register matches that of the individual sales contract. Finally, they ensure that the property holds no debts or unpaid payment in the4 days before signing the contract. However, sometimes notaries try to detach themselves from these obligations by including an "exit clause" in the contract. This means that the buyer can no longer hold the notary responsible if they discover that the property is subject to a charge after purchase. This type of clause may constitute grounds for an annulment of the agreement.