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Living in Marbella
Buying in Spain
When you do find that property, ask the agent if the vendor is likely to accept an offer, some vendors price to sell, others price a little high and expect to be knocked down, others will wait until the market reaches the value they have set. It is impossible to generalise as we have so many different nationalities living here all with their own sales - purchase cultures, let your agent be your guide.
The next thing you should do is find an abogado [Spanish lawyer] before you sign anything or pay any deposits to anybody. An abogado will charge around 1%. of the purchase price, this is great value, your abogado will look after your financial interests, and give you peace of mind, a very valuable commodity when buying a house!
Reservation deposits and payments paid to an agent are not legally binding on the vendor, you should never pay money to an agent or agency. If you pay money to an agency you will be tied, unless you leave you money behind! Reservation deposits for new developments should be made directly to the developer, After you have spoken to your abogado, and all other payments should be made by or under the supervision of an independent abogado [Spanish lawyer] in this way your interests and your money will always be protected, and you will be sure that the sales purchase contract is in your name and not in the name of the agency, this may be convenient for the agency, but you will have no legal claim on the property.
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