Reliable legal advice and representation is your most important ally when dealing with property matters.
Selling a property in Spain can turn out to be a nightmare if the sellers do not seek the assistance of a law firm with extensive experience. Erardo Ferrer, whose Lanzarote Abogados firm has been helping people buy and sell their properties on Lanzarote for over 20 years, offers some advice.
Before any purchase, there are several matters to arrange. For example, choosing the appropriate preliminary sales contract is essential in order to anticipate any unforeseen events that may occur in the sale process. A deposit contract is not the same as a purchase option or a reservation contract, and all have different effects. That’s why choosing the right contract is extremely important.
A good professional lawyer will help you with:
• The drafting of a pre-purchase contract to protect the sale.
• Reviewing the title deeds to ensure that all documentation is in order.
• Communicating with the legal representatives of the buyer.
• Attendance at the office of the notary for the signing.
• Liaising with the Notary to ensure all necessary information is conveyed.
• Ensuring payment of purchase monies to your nominated account.
• Managing the payment and claiming back any taxes upon a successful sale.
The additional costs that you may need to consider will be:
• Marketing Costs (Estate Agency).
• Capital Gains Taxes.
• Mortgage Cancellation Fee.
• Non-residents Retention Tax (3% of any purchase price will be retained by purchaser).
• Some of these costs may be reduced, removed or claimed back depending on your particular circumstances.
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