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17-10-2006

 Protecting yourself from Double Sale Fraud

It’s happened, you are officially the owner of the new property. You have the private purchase contract which is the legal proof that you have the right to call it your own and move in your things, and live out your dreams of owning a vacation home in Spain. However, despite the legal contract, some fraudulent vendors can still pull a really nasty trick: double sale of a property. He takes your money but then turns around an sells on a Public Deed to a new buyer while you’re off packing your things and taking care of loose ends in another country.. It has happened. Then when you come back you can’t find the vendor.

lawyer

You can avoid this crime by registering the deed in the Land Registry so you are protected by the law. Furthermore, lodging all monies with the vendor’s lawyer will fraud proof your transaction. The Public Deed also transfers possession from vendor to buyer, though there are instances when the buyer allows the vendor to stay in the property after signing. But we highly discourage this as the vendor can suddenly refuse to leave the property. One way to take future precautions is to subtract from the purchase price an amount that would cover the legal costs of the eviction procedure.

These are just some of the reasons why you need the intervention of a Notary Public and Land Registry when you buy a home in Spain.

Getting a Lawyer

There is a big difference between the Notario with a lawyer. The Notario is a public notary and a government official who helps verify the form as legally binding. He does not verify or guarantee the accuracy of the statements within the contract. You still need a lawyer to act as the protector of your interests. Always hire a lawyer for buying real estate. The legal fee is well worth it as you protect yourself of what is at times can be very big headache and possibly a nightmar. After all you’d get legal help if you bought property at home so you should also do the same when buying property in Spain.

Dealing with Lawyers

Look for Spanish lawyers who are very fluent in English, among other languages, and have a background in dealing with foreign purchasers and advising on their property transactions. To get a good one, always check the personal recommendations and do research on the company. You can also ask the British Consulate for a directory of lawyers who speak English. The legal fees amount to one percent the value of the transaction, unless there are some unusual complications.


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Welcome to BuyHousesSpain.info! Spain is the perfect destination for a vacation home. The weather is warm and sunny , the culture is very fascinating, and the people are very nice and welcoming. It's also the best time to buy there as the real estate boom will let your investment pay off, literally, as the value of property rise in the next decade. Now is the best time to buy a home in Spain!

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