Gecko Towers:
It’s essential to conduct thorough due diligence to ensure a smooth and secure transaction. More usually your trusted local and highly-experienced Spanish Abogado (Lawyer) will initiate this work and report to upon the findings made. The aim of this piece is to provide you with the substantive insight into what types of Due Diligence need to be conducted to assure you that the property you are keen to buy is in fact, at a minimum, fully legalized. These checks should be conducted before signing the Private Purchase Contract (Contrato de Arras) – see our previous piece.
Here’s a comprehensive checklist:
I. Property Verification
1. Property Registry (Registro de la Propiedad): Verify the property’s ownership, debts, and liens.
2. Title Deed (Escritura Pública): Review the title deed to ensure it matches the property’s details.
3. Property formal, legal description (Nota Simple): Verify the property’s description, including its size, boundaries, and characteristics.
II. Legal and Administrative Checks
1. Urban Planning (Planeamiento Urbano): Check with the local Town Hall (Ayuntamiento) to ensure the property complies with urban planning regulations.
2. Building Permits: Verify that the property has all necessary building permits and licenses.
3. Outstanding Debts: Check for any outstanding debts or taxes owed on the property.
III. Technical Inspections
1. Structural Inspection: Hire a qualified and indemnified Surveyor or architect to inspect the property’s structure and identify any potential issues.
2. Electrical and Plumbing: Inspect the electrical and plumbing systems to ensure they are safe and functional.
3. Pest and Moisture: Check for any signs of pest infestation or moisture damage.
IV. Environmental and Health Checks
1. Environmental Report: Obtain an environmental report to identify any potential environmental hazards.
2. Asbestos and Lead: Check for the presence of asbestos or lead in the property.
V. Financial and Tax Checks
1. Property Taxes: Verify the property taxes owed and ensure they are up to date.
2. Community Fees: Check the community fees (gastos de comunidad) and ensure they are paid.
3. Outstanding Mortgages: Verify if there are any outstanding mortgages or loans on the property.
VI. Neighborhood and Local Checks
1. Neighborhood: Research the neighborhood to ensure it’s safe and suitable for your needs.
2. Local Amenities: Verify the availability of local amenities, such as schools, healthcare, and public transportation.
Professional Guidance
1. Lawyer: Hire a local bi-lingual and experience qualified Spanish Abogado (Lawyer) who specializes in Andalusian/Spanish applicable property law and practice to guide you through the process.
2. Real Estate Agent: Work with a reputable real estate agent who knows the local market.
3. Surveyor/Architect: Hire a surveyor or architect to inspect the property and identify any potential issues.
At MarbellaPropertyLawyers.com we have an active and “test driven” group of experts from within our Associates Network. We are confident, that they will be able to ensure that you receive the best possible assistance when conducting your Due Diligence.
By conducting thorough due diligence, you’ll be well-informed and better equipped to make a secure and informed decision when buying a property in Marbella.
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Interested to own a property in the Marbella region? Then why not grab a copy of my recently published E-book titled “Buying a Property in Marbella? Please, read this first!” To get your own copy please follow this link https://amzn.eu/d/7uVvXFD
Should you be interested in discussing the process involved in buying a property in the Marbella region, we would be delighted to assist you. We have an experience-qualified and best of breed Associates Network comprising professionals focused on the Marbella region’s property market. Their services include property search, mortgages, legal and tax services, visas, surveying, insurance and currency brokerage. We have done the leg work, testing the quality of our Associates Network and now feel confident in recommending their services to you.
Please note that our posts are for general interest. There is no substitute for proper advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law. Nothing contained in this article should be seen or taken as legal, tax or financial advice and cannot be relied upon as such. Neither the writer nor the publisher accepts any responsibility for liabilities arising as a result of reliance upon the information given. All details have been reasonably fact-checked and all efforts have been taken to ensure that facts are accurate as at the date of publication.
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My details: Mark FR Wilkins, during usual business hours on +34 600 343 917 or e-mail me at mark@therightsgroup.com
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