Whether you are buying or selling a home in Spain, it is likely that you will need the help of Spanish estate agents. There is no law requiring you to work with an estate agent for the sale or purchase of a property. However, many people consider the help, navigation of bureaucracy and extra publicity worth the investment. When adding up the prospective costs involved in selling or buying a property in Spain, make sure you factor in the costs of an estate agent.
Many Spanish estate agents will tell you that you do not need a solicitor to help you buy or sell property. Over the course of this article, we are going to have a look at whether that is really the case.
The estate agent
There are many benefits to hiring an estate agent when buying or selling a home. Most of all, they should help the sales process run quickly and smoothly and ensure you get the best price. The main benefit is that they will control the advertising of your property. If they are competent, they should know the best way to advertise a property to achieve the optimum sales price. The downside is that you are likely to need to pay anything between 5 and 10% commission on any sale. The question is whether it is worth it, so let us look at the best steps for going ahead with an estate agent.
- Choose wisely
Spanish estate agents are not subject to governmental regulations. This, therefore, means that you should approach with caution. Look for reputable estate agents that people you know can personally recommended. Furthermore, look for an estate agent that is a member of a professional organisation like the Agente de Propiedad Inmobiliaria (API) or Expertos Inmobiliarios.
- Proceed with caution
Estate agents can be very persuasive. Do not allow them to force you into any purchase or sale over your budget or that you are not comfortable with. Make sure you do not pay any fees until the finalisation of the sale or contracts have been signed.
- Stick to what they know
Many agents will persuade you that they can do everything including signing contracts and other legalities. These things should strictly be completed by a solicitor, as estate agents do not have the legal expertise to do these things correctly. Furthermore, only a solicitor should arrange a deposit.
- Keep an open mind
You do not need to stick with one estate agent after an initial choice. Different estate agents make different offers and prices. Also, you can always choose to sell or buy privately; it may be more complicated but could save you money in the end. On the other hand, you may be happy to pay a little more for a smoother, faster sale.
A solicitor is an essential safeguard
As we have mentioned, the importance of a solicitor cannot be overstated. When buying or selling property anywhere, including Spain, a solicitor can ensure the legalities are up to scrutiny. For the buyer, a solicitor performs thorough investigations into the land registry for the property, ensuring everything is legal. The seller benefits from a solicitor’s expertise in tax, making sure it is paid correctly and on time. Getting help from solicitors like at Ábaco Advisers, who operate throughout the country, could prove invaluable.