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Property Buyer’s Guide (3)

Notice: Rimontgó recommend specialist advice, not only in legal and juridical aspects, but also fiscal and other areas related to the real estate sector. To that effect, our clients may get in contact with us if they want to ask for our database of professionals who can offer them personal care.

On the purchase of real estate (2)

About purchasing real estate (cont.)

1. If I am buying is it advisable to make a counteroffer if I am interested in a particular property?

2. If I buy a new house (property of new construction), what information must the promoter give us?

3. If I buy a second hand property, what information must I obtain from the proprietor?

4. If I buy a property through Rimontgó, who should compile and verify the necessary documentation?

5. I am interested in buying, what are the steps to buying a house that I should take?

1. If I am buying is it advisable to make a counteroffer if a particular property interests me?

If you find a property which interests you, think of what you are prepared to pay and make the most reasonable counteroffer possible. As the buyer you should not make more than one counteroffer otherwise you will lose credibility. Make sure you understand all the inherent conditions of the transaction. Ask Rimontgó everything you do not understand and make sure you know all the additional expenses of the purchase before making a counteroffer: wages, taxes, etc.

2. If I buy a new house (property of new construction), what information must the building promoter facilitate?

  • – Name or trade name of the building promoter, as well as information of its inscription in the Mercantile Registry.

  • – Concrete information of the property: location plans of the property, description, net and gross floor surface, services and provisions, common zones, insurance coverage and guarantees.

  • – Information of the official Property Registry, in order to verify:

  1. – that the plot on which the building is going to built is registered in the name of the promoter which is being contracted.

  2. – that the construction has obtained building permission by the City council, by means of the corresponding concession of license.

  • – Statutes of the Community of owners.

  • – Sale price and mode of payment

  • – Information concerning the mortgage, if there is a specific mortgage.

  • – Form and layout of the contract, with general and particular conditions, pointing out specifically:

  1. – That the previous expenses that by Law correspond to the seller will not be passed on to the buyer.

  2. – The right of the buyer to demand the deed and registry and to the election of a notary.

All this information is, in any case, successfully obtained and properly validated by your personal adviser at Rimontgó, who as an expert in the field, verifies that everything is correct and following up on the progress and state of construction, facilitating to the maximum the work to the buyer.

3. If I buy a house of second hand, what information should I obtain from the proprietor?

  • – Registry confirmation of the property

  • – Last receipt of the tax on Real estate

  • – Last receipt of electricity, water, gas.

  • – Certificate confirming that the communal expenses are up to date, (if this is not obtained and there were debts, the community can demand this amount up to a certain quantity from the buyer, without prejudicing in any way the buyers right to take legal action against the seller).

  • – Last receipt of Expenses of Community.

  • – Copy of the Statutes of the Community, registered in the Registry of the Property.

  • – In case the property is mortgaged and capital pending, a certificate informing of the level of debt emitted by the corresponding financial institution.

4. If I buy a property through Rimontgó, who should compile and verify the necessary documentation?

Your real estate adviser at Rimontgó is in every aspect responsible and is the one who must compile, study and validate all the documentation with the purpose of guaranteeing that the operation will end to the satisfaction of the parts concerned. Your adviser at Rimontgó must act as the representative of the client until the sale is finalised.

5. I am interested in buying a property. What are the steps to buying a house that I should take?

How I can formalize my commitment to buying a property? We can resort directly to a private contract of transaction, or what is more usual, sign a reservation contract:

a. Deposit or reservation: This implies the reservation of the right to buy the property, by means of payment of a stipulated quantity. You are not in any way obligated to buy, but it entails a penalty if either part backs down. If it is the buyer who backs down then the penalty is the loss of the stipulated quantity and if it is the seller who fails to fulfil then double of the given amount will have to be paid. On the contract it must be stipulated that there is a reservation penalty (arras penitenciales contract).

b. Private contract of transaction: Document signed by both the buyer and seller in which is contained identification of both parts, a description of the building, price and mode of payment, a breakdown of the expenses and other agreed conditions. The amount to be paid is against the total price. The buyer does not become the definitive proprietor. This happens when the keys are handed over and the property is publicly registered.

Chapters: 12 – 3 – 4567

If you are interested in buying a property, please remember you can request property brochures from Rimontgó.