CASE STUDY – Buying a property From a Friend Or Acquaintance
A couple came into our office the other day and explained that they wanted to purchase a property from a friend. We advised that the first thing that they need to do is make sure a contract is drawn up between them and the sellers regarding the property.
This should detail all the terms and the paperwork that the seller needs to provide and we can assist in preparing a proper legal contract.
Initially, we need from the buyers’ copies of passports, NIES and a provision of funds. We sat down with the couple and gave a breakdown, explaining the process. We asked for copies of their NIE numbers (as they had them already as had previously owned in Spain) and if the sellers were residents or non-residents. We took all the details for the new purchase contract and asked for details of the seller´s solicitors, pointing out that we could act for them too, and in fact, we do a special low price for acting for both.
We assured the couple that we would make sure the property meets all the legalities for selling as now sellers have to provide more documents than in the past. They will, on completion, receive the property free of debts, with everything in their name, paying all the taxes.
The couple was very happy with all that they heard, clearly explained to them, paid the provision of funds and we will now be in touch with the seller’s solicitor.
So if you know someone buying or selling a property from/to friends, then please advise them that they should have a contract drawn up straight away and that we do a much-reduced price if a seller and buyer are both using us as the work is reduced for the overall transaction.