Good to know!
We at BDA want to help you throughout the process so that you can feel calm and secure at all times and that you get in touch with quality brokers, lawyers and other partners.
Below you can read about all the moments that are part of a real estate business and what we can help you if you become a customer with us.
Before – Before your purchase During – The purchase process After – After the purchase
Before – Before your Purchase
What is your dream?
We at BDA want to help you through the whole process so you can feel calm and secure through all the steps and that you get in touch with quality brokers, lawyers and other partners.
Below you can read about all the elements that are part of a real estate transaction and what we can assist with if you become a customer with us.
The Right Preparations – Practical Aspects
One of the most important parts of carrying out a property deal in Spain is arranging all the practical aspects which are necessary in order to be able to successfully conduct and complete a deal.
Power of Attorney
If it is time for the purchase to be carried out and you are unable to actually be present on location in Spain, it is possible to arrange a power of attorney which is valid in Spain.
Lawyer
You need a lawyer when you are going to buy a home, pay taxes or pledge your Spanish home. Spanish rules tend to vary from area to area
Property calculation
There are additional costs in Spain in conjunction with a property deal, and it can be difficult to know what sort of costs these are and why they must be paid. In addition to the actual purchase price of the property there are also a considerable number of other extra costs which must be considered when planning your budget for your property purchase.
We recommend making allowance for an additional 10-15% of the total property price to cover extra administrative costs and taxes. The lawyer’s fees are also included in this extra 10-15%.
It is then important to always remember that there will be further costs after the purchase has been completed, in the form of operating costs. annual taxes and charges such as any community fees, for example.
We at BDA have knowledge about all such extra costs and can go through this area with you.
Financing
Normally it is possible to borrow against up to 80% of the actual purchase price of the property, depending on your income.
During – The Purchase Process
The right broker and the right object
The Spanish property market is deregulated, which means that several brokers can sell the same property, since it is the seller who decides if he wants two or more brokers to have an opportunity to sell the property. The brokers call this listing a property. Deregulation also means that brokers who don’t have their own listings/objects can contact other brokers who have listings in order to reach agreement on the showing of the property to the interested customer
Our goal is to ensure that you don’t end up having to run around to various brokers without knowing which of them are serious about their work and which are not.
Because BDA acts as your personal representative, we deal with all this and make sure that you are well taken care of and that you come into contact with professional brokers, property developers or other business partners. We ensure that you have a contact person with whom you can communicate in a language with which you are comfortable, and that only the very best broker/salesman gets to take care of you. We undertake quality control measures and we always make sure that you, the customer, are satisfied, and that our business partners are doing their job as required and expected.
Through BDA you receive security and quality throughout the entire process, both before, during and after your property purchase.
The trip to Spain
If you need help before your trip down to Spain, for example with the booking of a hotel, airplane tickets or something else, BDA can be there at your service.
The Purchase Process
Once you have found your dream property, the actual purchase process begins, and your lawyer, with whom you have already established contact, will be there the entire way to ensure that everything proceeds correctly from a purely legal standpoint. We are also at your service to provide advice and, not least, our business partners are there, on location in Spain, to act on your behalf throughout the process.
Some practical steps in the Purchase Process:
1. BIDDING AND VALUATION - When you find a property in which you are interested a bid is made, often at a level below the original asking price. Due to the special circumstances which apply to the property market in Spain, different prices may be set for equivalent objects. With the help of our business partners we can help to arrive at an estimated valuation of the property, to ensure that you are not paying too much.
2. AGREEMENT - If the Seller accepts the bid, an agreement is made and the object is delisted from the market.
3. THE BUYER’S DUTY OF INSPECTION AND THE RESERVATION FEE - In Spain the buyer is obligated to inspect the property. When this has been done the reservation fee is paid.
4. CONTRACT - The Purchase Contract (PPC) is signed within around 14-30 days of the date on which the reservation fee has been paid.
5. ACCESS DAY - Access to the property is available on the same day the title deed is signed over. BDA can help you to go through how this title deed is signed and the alternatives which are available if you are unable to be present on location in Spain. Once the title deed has been signed, registration is carried out.
6. PAYMENT
7. POSSESSION - The ultimate registration of the title deed to the property you have purchased normally takes between 1 and 3 months. Possession of the property is almost always taken on the same day the final contract is signed.
8. SUBSCRIPTIONS AND INSURANCE - We at BDA can help you go through the various things that must be done in conjunction with the purchase, for example ensuring that you have appropriate and valid insurance cover at the time possession of the property passes to you.
After – After the Purchase
Now you are the owner of your dream property but now there are a lot of practical pieces that you have to start to get hold of. Here we at BDA and our partners continue to be available for you. It can be anything from renovation, apartment rental, taxation, inheritance, household services such as laundry, cleaning, electricians and more.
Insurance, inheritance, taxation etc.
When it comes to inheritance, tax, insurance and other matters, we at BDA make sure you get the help you need
Letting a property
Many people only live in their property in Spain for part of the year (often the warm season) and would like to let the property during the rest of the time when they are not there. In order to be able to make such a letting arrangement, there are many issues and aspects which must be organised, for example key storage, cleaning, inspection to ensure that everything is in order, how the actual letting process is carried out, where information about having a property to let should be published, and other such matters.
We at BDA can help you with these types of issues, and we are familiar with all the common questions and concerns associated with letting your own private property, having once been in the same situation ourselves.
Summary: Our assignment is to help you throughout the entire process and to act as your personal representative. We ensure that you receive valuable knowledge and help with practical preparations, and that you come into contact with the right business partners. We are also at your service after your purchase.
BDA estate partner
