View Full Version : Thinking of buying and have questions!

10-20-2010, 12:33 AM
Hello there, my husband and I are pondering emigrating to Spain but obviously we want to check it all out before making such a life-changing decision. In the meantime I have a few general questions that I hope you will be able to answer! We do not have any savings and have had a 100% mortgage before in the UK (as well as a Scottish Trust Deed which would affect our credit rating) and so it would be vey difficult to buy a new build/secomd hand property for a large sum of money that would require at least a deposit. I would also like a rural property because we have children and dogs. I came across a website which is advertising the sale of rural Spanish properties that need restoration at a very cheap price.....and by cheap I mean as low a £47! Obviously this may be too good to be true but should this kind of thing be completely avoided? (I don't have a problem with restoring a property) I read that many rural/older properties in Spain do not come with title deeds and that a lot of people do not register their properties to avoid paying taxes and the like. Therefore is it likely that these properties at such a low price are unregistered and will cause problems in the future if you buy them? I also can't understand how someone would be willing to sell their land/property for so little - or is this something that is usual in Spain? The last thing I want is to buy a dirt cheap property that needs restored for somewhere down the line there to be a whole heap of issues that negates buying the property in the first place (as well a costing more money although I realise that there will be agent's fees and taxes to pay annually etc). Any advice would be greatly appreciated.

10-20-2010, 02:06 PM
Dear Sir/Madam,

A low price does not necessarily mean that there are any problems with the property, however a comprehensive Due Diligence must always be carried out by your lawyers before you commit. This will detect any encumbrances that could have an effect on your legal title.

I would also be a little more suspicious of advertisements you see in the Internet, specially when there is no personal contact with a real estate agent (or owner).

Should you be interested to buy, I would first contact the real estate agent and express your interest and concerns. Try to obtain further information, a viewing, and possibly any of the property’s documentation. You can then also inquire with your bank and see whether they would finance the operation. Do not leave any deposits until you are satisfied that you are not being the victim of a scam (which occur frequently nowadays).

Best regards,