Buying repossessed property
Buying repossessed property in Spain, these days you will find a lot of offer in repossessed property. Banks are selling their property stock at interesting prices and have a large offer in many classes of properties. As there will be outstanding debts for these kind of properties, it is always worth contracting an independent lawyer to guide you through the purchase of your repossessed property in Spain.
With buying repossessed property from a bank there are some things that you should know when signing a contract. Banks usually don´t handle the water and electricity connection. In most cases utilities are cut and have large outstanding debts, the bank does not take responsibility for this. To get them re-connected can get complicated very easy as you will need a lot of documentation to present. And how do you make sure that the water and/or electricity company does not come after you to settle the outstanding debt?
Outstanding debts with the council and the community of owners, by law need they to be paid by the vendor, the banks in this case. You need to check if this has been done and also if the unpaid mortgage is de-registered. Just a few things that you will need to keep in mind when purchasing a repossessed property.
You will see that when buying a repossessed property in Spain contracting our solicitor is good value for money. Our services for buying repossessed property include:
- Revision of the property situation, debts, ownership and mortgages, habitation certificate, etc.
- Revision of the sales contract
- Estimation of the property´s purchase cost
- Estimation of the property´s running cost
- Opening your Spanish bank account
- Preparing the notary, title deeds, fulfilling required documentation
- Revision of outstanding payments within the banks obligation
- The solicitor assists and translates for you at the notary
- Pay taxes for the property purchase
- Register the property in your name in the national Land Registry
- Re-connecting utilities, changing community to your name
- Arrange a Home and Content insurance for your property
- Setting up direct debit for utilities and where possible for the running cost
- Making up the final financial balance after the sale
We can also arrange for you:
- Your NIE number, compulsory tax ID for foreigners in Spain
- Sign on your behalf with a power of attorney POA
- Arranging the purchase of additional land, parking-space, garages or storage
Are you maybe planning on buying repossessed property in Spain or do you maybe want to speak about the variety of services we can offer you? Just click here and fill in the contact form.
We work for clients buying a new build or resale property in Torrevieja, the Alicante area and the Murcia area. Buying outside these areas, just contact us as we might be able to assist you anyway.
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Land Registry office
The registration of your new property in the Land Registry office, will be done by our solicitor
Power of attorney
Can´t come and complete the purchase in person, authorize our lawyer with a Power Of Attorney