Buying a property in Spain can be straightforward when the correct procedures are followed, but it can become one of the most expensive mistakes a buyer ever makes if a private purchase contract is signed without essential protective clauses. Foreign buyers, in particular, face unique risks due to international banking delays, reliance on UK solicitors or conveyancers, and differences between legal systems. These risks are preventable only if addressed at the contract stage.
A recent case highlights the issue clearly. A buyer due to complete this month faces losing a €70,000 deposit because the funds, handled in the UK, will not arrive in Spain until after the notary signing date. Although the delay relates entirely to the UK side, the buyer remains bound by the Spanish contract. Without a clause allowing for banking delays, the seller can legally cancel the agreement and retain the deposit. Situations like this underline why the contract must be reviewed and negotiated properly before signing.
Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.
How Can Citizens Advice Bureau Spain Benefit You?
As an expatriate living in Spain; do you find that the Spanish bureaucratic system
can be disconcerting? Have you discovered that the simplest of transactions are difficult to conclude?
Find yourself searching for answers to problems only to discover that there is nowhere where you could find a solution?
I am assuming that the answer is yes and that is why should be a member of our web site if you arent already.
