RESIDENCY & LEGAL RIGHT
Buying a property in Spain might offer the opportunity for residency, depending on the value of the property. In the UK, property ownership does not automatically grant residency rights.
YOU HAVE TO PAY A DEPOSIT IN SPAIN
In the UK, it’s common for house sales to fall through either because the buyer or the seller pulled out of the deal. This can happen right up until the exchange of contracts and after you’ve paid countless solicitor bills. In Spain, however, you have to pay a deposit known as compraventa in order to safeguard this from happening. This amount can be anywhere from 10 to 20 per cent of the property value, depending on what region in Spain you’re buying in. The money doesn’t go straight to the seller, however, it is kept by a legal entity until the final contract is signed.
RARE EXLUSIVITY AGREEMENT WITH ESTATE AGENTS
In Spain, sellers can register with as many different estate agents as they want in order to sell their property. This can be great for the seller, but can sometimes prove frustrating for the buyer. This is because you’ll often see the same property advertised on several different websites, and they may be advertised at different prices too. Sometimes you can find out that a property has already been sold because the seller sold it with one estate agent, but forgot to tell the others that it was no longer on the market.
It’s important to note that these differences can change over time due to legal amendments and economic conditions. Consulting with legal professionals or real estate experts in both countries is crucial to fully understand the current regulations and implications of purchasing property.