Audacia Abogados

5 Tips when buying a home

Sign a contract of sale. Is it true that if the sale is not completed, the seller must return double the money of the deposit?

Real estate and sales law
5 Tips when buying a home

Check the previous situation of the property

Before signing the contract of sale, find out that the house does not have debts and expenses such as the community of owners, as well as whether or not there is a mortgage or a tenant.

1.Sign a contract of sale

It is important that before handing over all the money for the price of the house, the conditions of the sale have been signed, it is necessary to take into account the particularities of whether a home is sold or bought by foreigners, due to the documents that must be brought. The contract also establishes the price of "reserve" or deposit that is left by the buyers, and that has its own legal regime in case the sale does not take place.

2. Is it true that if the sale is not completed, the seller must return double the money of the deposit?

It must be taken into account because the sale has not occurred, but if it has been the fault of the seller, he is legally obliged to return double the amount of the reservation.

3. What happens if the buyer backs out and doesn't finish shopping? What happens to your deposit?

As in the other case, it is necessary to review the reasons why the buyer does not finish paying, to know if he will lose the amount of the deposit. For example, if the buyer does not finish buying the house because it turns out that he has a defect, that is, a serious defect in the construction or of another type, if he has the right to get his money back.

Once that sale contract or the reservation contract has been signed, if the payment method is also established, we enter the second phase of the sale. Now you have to obtain all the necessary documents to be able to appear before the Notary and sign the long-awaited deed that will give you the property. Normally it is a phase in which many doubts arise, such as the following:

4.What are the taxes that must be paid?

The tax on the increase in the value of the land, known as "Plusvalía", the property transfer tax and the ITP and AJD documented legal acts; and finally, those after the sale, such as registration in the Property Registry. Although the law allows each of the parties to pay taxes, their payment can be agreed in different proportions, by agreement in the contract.

5. Am I responsible for paying the debts of the community of owners?

You must make sure that the home you buy is up to date in the payment of all the expenses of the community of owners, both fees and spills. Otherwise, you may find yourself in a nasty surprise.

If you want legal advice during your sale that allows you to forget about all these matters, call Audacia Lawyers.

Real estate and sales law

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