Gecko Towers:
Core to our purpose is to identify those elements that you, in your search for your perfect Marbella property, will need to consider, deal with and, probably, sign in pursuit of your goal.
You are not alone in this confusing and alien world as our team of experienced, trusted, local and bi-lingual lawyers (Spanish Abogados) will lead you through this, often, complicated process. However, I firmly believe you will want to be informed of some of the basics.
This is the start of a short series of blogs about those pieces of administration – paperwork and the like – that you will need to consider with your Abogado. “Being forewarned is forearmed” is a great mantra for the Marbella property market, so here goes.
Buying a property in the Marbella region of involves several steps, which I’ll outline below.
Choose a Property
Research: Look for properties in Marbella that meet your criteria, considering factors like location, size, price, and amenities.
Real Estate Agent: Consider working with a reputable real estate agent (agente inmobiliario) who knows the local market and can guide you through the process. We have had years of experience and have within our Asociates Network several estate agents who specialize in various parts of the Costa del Sol.
Viewings: Visit the properties that interest you, taking note of their condition, surroundings, and any potential issues
Verify the Property’s Status
Property Registry: Check the Property Registry (Registro de la Propiedad) to ensure the seller is the legitimate owner and to identify any outstanding debts or liens.
Town Hall: Verify the property’s status with the local Town Hall (Ayuntamiento), checking for any urban planning or zoning issues.
Negotiate the Price
Make an Offer: Once you’ve selected a property, make an offer (oferta) to the seller, including the price, payment terms, and any conditions.
Negotiate: The seller may accept your offer, reject it, or make a counteroffer. Be prepared to negotiate the terms.
Sign a Reservation Agreement
Reservation Agreement: If your offer is accepted, sign a reservation agreement (contrato de reserva), which typically includes:
A deposit (fianza) to secure the property This tends to be €5-10,000 depending upon the agreed purchase price.
A deadline for signing the final contract
Conditions for withdrawing from the purchase
In Marbella, a Contrato de Arras (also known as a “Private Purchase Contract” or “PPC”) is a type of agreement used in real estate transactions. Here’s a breakdown:
Purpose
The Contrato de Arras serves as a preliminary agreement between the buyer and seller, demonstrating the buyer’s commitment to purchasing the property.
Key Elements
Deposit: The buyer pays a deposit (usually 10% of the agreed purchase price) to the seller, which is a sign of good faith.
Penalty Clause: The contract includes a penalty clause, stating that if the buyer withdraws from the purchase, they forfeit the deposit.
Conditions: The contract outlines the conditions for the purchase, such as the price, payment terms, and any contingencies.
Timeframe: The contract specifies a timeframe for the buyer to fulfill their obligations and complete the purchase.
Implications
Binding Agreement: The Contrato de Arras is a binding agreement, but it’s not the final sales contract.
Withdrawal Penalties: If the buyer withdraws from the purchase, they risk losing the deposit.
Seller’s Obligations: The seller is obligated to sell the property to the buyer, provided the buyer fulfills their obligations.
Next Steps
After signing the Contrato de Arras, the parties typically proceed with the following steps. In our next blog post we will deal with the Due Diligence that you should undertake in order to establish that the property is legal and sound.
The Contrato de Arras is an essential step in the Marbella real estate process, demonstrating your, the buyer’s commitment, to the purchase and outlining the terms of the transaction.
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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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