When a person living outside Spain needs to buy or sell Spanish property, travelling to Spain for every stage of the transaction may be inconvenient or impractical. In certain circumstances, a power of attorney can allow another person to act on the owner’s or buyer’s behalf. This can be particularly useful in international property transactions, […]
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Selling a Property with an Outstanding Mortgage in Spain that still has an outstanding mortgage is common. The existence of a mortgage does not automatically prevent a sale, but the transaction needs to be properly coordinated. The seller, buyer, mortgage lender and notary may all need to coordinate different aspects of the transaction. The main
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Earnest-money agreements, commonly referred to as arras contracts, are frequently used in Spanish property transactions. They are often signed before the final public deed and usually involve the payment of a deposit or agreed sum. Although these agreements may appear straightforward, their wording can have important financial and legal consequences. A buyer should understand what
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Buying a property in Spain as a foreign national is possible, but the transaction should be approached with the same level of legal care as any other significant investment. Foreign buyers may face additional practical issues involving identification documents, language, taxation, banking, financing and the use of powers of attorney. A property purchase should not
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