Investing your savings and money into Spanish property has become more and more popular over the past few years. However, like with any real estate investment, you should avoid an impulsive purchase when buying property in Spain. Buying a property anywhere can be a very complex task, never mind the language barrier.

In order to ensure that your plan to buy a property goes smoothly, according to plan and that the supposedly “great deal” does not turn into a nightmare, follow our tips to help you avoid the most common traps.

What You Should Remember: Our Guide

This list of ours is far from being entirely complete but one thing is certain: buying property in Spain must be done with strict vigilance. Nowadays, you’ll need to be wary of anything that seems too easy, too good to be true and of course, anything with a suspiciously good value.

1. Beware of hidden defects!

Sometimes, it’s only after having bought and signed for an apartment, that the hidden defects and problems reveal themselves. Consequently, it is essential that you are vigilant and pay close attention to anything that could pose a problem; this is why it is a good idea to visit the property more than once before the purchase.

If the flat that you have bought is less than 10 years old, the so-called “ten-year” guarantee should apply. This covers any structural damages made within the first 10 years.

On the other hand, a flat that is over 10 years old is not covered by any contractual guarantee. So, if a hidden defect appears at the time of sale, the buyer should be able to work a hidden defect guarantee agreement. As a consequence of this, the buyer can take legal actions, claiming bad faith from the seller and obtaining damange compensation or even a cancellation of the sale all together.

Additionally, it is also advised to ask for the supporting documents in terms of heating, asbestos and termites and to adjoin them to the sale deed.

2. Do not forget to read the minutes taken during the apartment block meeting!

When you are stuck choosing between two different apartments, you should consider going to visit them at different times during the week and even at the weekend too.

With regards to the apartment building rules, you should check the charges for maintenance of common areas, security,  heating, medical evacuations, etc. Also consider asking the apartment building owner yourself, because the seller himself often forgets to disclose them… ussually due to lack of honesty.

The reservation contract does require particular close attention in terms of the price of sale and perhaps of a deadline for any work to be completed. However, all bills and payments that are billed after the sale date will be the new buyer’s responsibility.

3. Do a thorough inspection before making any kind of payment

When you have to transfer a large sum of money, be careful as to whom you are sending it. Firstly, ensure that you are aware of said person’s solvency. Feel free to ask for more information about them. In the past, some ill-intentioned sellers put property on the market that they did not actually own but to which they did have access.

Most importantly, never sign anything and never transfer any money before having sought legal advice from a Spanish real estate professional and in a language that you speak and understand perfectly.

4. Make sure that all debt has been paid and cleared

One thing you should make sure you are familiar with before buying an apartment in Spain is the debt of the previous owner. This includes mortgages, local taxes as well as community charges that still remain linked to the property. Often, the new property owner will have to pay these charges so it is definitely worth ensuring they all have been paid beforehand. This can be done at the notary appointment for signing the preliminary contract and then again a few days before the final signature.

5. Rely on professional help

For every real estate purchase in Spain, it is recommended to use the services of a professional who knows the ins and outs of the real estate sector and who can advise you in all your process. To avoid traps and deter criminals, provide a notarised sale deed.

Problems commonly encountered by buyers

Buyers often experience the same problems, such as:

• apartments with either missing foundations, that were purchased without a legal title or that do not even exist at all
• builders or developers who go bankrupt
• apartments that were constructed without a construction permit, those that were sold with fake property deeds or those that were sold to more than one buyer
• mortgages on the property left by the previous owner

Our Services at TAS Consulting

Using a professional services firm like TAS Consulting is a necessary step should you wish to completely avoid any scams or untrustworthy bargains.

TAS Consulting is a consulting and accounting firm in Barcelona, that can guide you through the formalities involved and advise you on every step when buying a property in Spain. Our legal experts will be by your side when negotiating the contract and will be responsible for verifying and reviewing the sale contract.

Find out more about our real estate services with our Spanish real estate pack. Additionally, please do not hesitate in contacting us at +34 93 159 48 91 or tas@tas-sl.es for further information.