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Estate Agent in Spain - a new rule???

Estate Agent in Spain - a new rule???

Old Dec 24th 2004, 3:08 pm
  #16  
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by ScotinSpain
You don't, by any chance, work for a Brit Estate Agent do you westy?
no chance - i spend as much time as anyone else trying to read the small print and try an elimate being done by the crooks out there. I have a property in Costa de la luz and a duplex in the Jalon Valley . Currently looking in the Spanish/portugese border area for a rural property with land for more permanant living. Dreaming of the day when we can escape to the sun for at least 4 months of the year!! My favourite area is Jalon Valley up to Valencia, but the climate is slightly better i believe in either Almeria or Costa De la luz.
merry christmas
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Old Dec 24th 2004, 4:01 pm
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Default Re: Estate Agent in Spain - a new rule???

Now that we know this agents website, it's about time some on the facts are stated as to what they have said...

"It is essential that, before you visit this lovely region of Spain you have enough funds in place, to be able to pay a 10 per cent deposit in cash BEFORE you undertake any viewings.

This is a requirement because:

1) Vendors require a 10 per cent deposit to secure the sale;

2) Property is selling so quickly that it is pointless viewing unless you are able to act promptly;

3) Vendors will not take your interest in their property seriously, especially in price negotiations, unless you are able to pay the required 10 per cent deposit in cash.

4) By following our advice, you will save both time and Money by not having to go back disappointed, only to return and find that prices have increased even further;

Services:

Costa Spanish Eyes Oliva will accompany you and help you open a Spanish Bank Account, if you do not already have one and NIE number (a national identity number for non-Spanish residents) in order to purchase a property.

Having made your deposit of ten percent, which will be held in the escrow account until the full searches are undertaken by our Company Lawyer, to ensure there are clear Title Deeds (Ecritura), (for example, that the vendor is actually the legal owner of the property and entitled to sell it and that there are no outstanding debts).

Once searches have been completed, your ten percent deposit is paid to the vendor upon the signing of the contracts of all parties. Completion then usually takes between 30 and 60 days.

You should allow an extra 10% of the value of the property in order to cover all legal fees; this will include the 7% government re-sale tax, land registry, notary fees and administration charges.

The signing of the Title Deeds (Escritura) is perfromed in front of the Notary who will oversee the purchase procedure with you and our official interpreter. "

Quoted from http://www.costaspanisheyes.com/html/about_us.php

C-Cat, it does mention lawyers and escrow accounts !
The advice doesn't seem to unreasonable to me !

Mind you I am an estate agent ! ( not in anyway related to the company under discussion, however. )

Someone had to be in the business !!

Seasons Greetings to all.

C-Cat, I hope your move to Spain goes well for you.
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Old Dec 24th 2004, 4:23 pm
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by meseta
Now that we know this agents website, it's about time some on the facts are stated as to what they have said...

"It is essential that, before you visit this lovely region of Spain you have enough funds in place, to be able to pay a 10 per cent deposit in cash BEFORE you undertake any viewings.

This is a requirement because:

1) Vendors require a 10 per cent deposit to secure the sale;

2) Property is selling so quickly that it is pointless viewing unless you are able to act promptly;

3) Vendors will not take your interest in their property seriously, especially in price negotiations, unless you are able to pay the required 10 per cent deposit in cash.

4) By following our advice, you will save both time and Money by not having to go back disappointed, only to return and find that prices have increased even further;

Services:

Costa Spanish Eyes Oliva will accompany you and help you open a Spanish Bank Account, if you do not already have one and NIE number (a national identity number for non-Spanish residents) in order to purchase a property.

Having made your deposit of ten percent, which will be held in the escrow account until the full searches are undertaken by our Company Lawyer, to ensure there are clear Title Deeds (Ecritura), (for example, that the vendor is actually the legal owner of the property and entitled to sell it and that there are no outstanding debts).

Once searches have been completed, your ten percent deposit is paid to the vendor upon the signing of the contracts of all parties. Completion then usually takes between 30 and 60 days.

You should allow an extra 10% of the value of the property in order to cover all legal fees; this will include the 7% government re-sale tax, land registry, notary fees and administration charges.

The signing of the Title Deeds (Escritura) is perfromed in front of the Notary who will oversee the purchase procedure with you and our official interpreter. "

Quoted from http://www.costaspanisheyes.com/html/about_us.php

C-Cat, it does mention lawyers and escrow accounts !
The advice doesn't seem to unreasonable to me !

Mind you I am an estate agent ! ( not in anyway related to the company under discussion, however. )

Someone had to be in the business !!

Seasons Greetings to all.

C-Cat, I hope your move to Spain goes well for you.
So are your finger nails looking very manicured at the moment?
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Old Dec 24th 2004, 6:26 pm
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Default Re: Estate Agent in Spain - a new rule???

this, personal service, us, inland, non coastal, great value, estate agents are quite content, but thank you for enquiring.

How are yours ?
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Old Dec 25th 2004, 7:39 am
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by ScotinSpain
You don't, by any chance, work for a Brit Estate Agent do you westy?


He`s had the training........
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Old Dec 25th 2004, 7:32 pm
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by jdr
He`s had the training........
no SHE has not - just like to keep my eye on the old, new and emerging property markets - if you want a holiday home you still need to buy in the right place - love to talk longer, must pack now - flying to BG tomorrow - i hear there is some great properties out there
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Old Dec 25th 2004, 7:34 pm
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by westy
no SHE has not - just like to keep my eye on the old, new and emerging property markets - if you want a holiday home you still need to buy in the right place - love to talk longer, must pack now - flying to BG tomorrow - i hear there is some great properties out there
ps have a great christmas and new year - dont let all those estate agents get you down in the new year!!!!!
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Old Dec 25th 2004, 8:18 pm
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by westy
no SHE has not - just like to keep my eye on the old, new and emerging property markets - if you want a holiday home you still need to buy in the right place - love to talk longer, must pack now - flying to BG tomorrow - i hear there is some great properties out there
sorry misses, where the hell is BG ??¿¿
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Old Dec 25th 2004, 9:44 pm
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Default Re: Estate Agent in Spain - a new rule???

I can't imagine anyone not knowing where BG is !

Where is it again ??
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Old Dec 26th 2004, 8:49 am
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by meseta
I can't imagine anyone not knowing where BG is !

Where is it again ??
bulgaria the new land of opportunity!!
have a good one - just going to the airport - westy
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Old Dec 26th 2004, 8:52 am
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by westy
bulgaria the new land of opportunity!!
have a good one - just going to the airport - westy


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Old Dec 26th 2004, 2:41 pm
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Default Re: Estate Agent in Spain - a new rule???

There are many sharks here and there is a down turn in the market. Please be careful and only use reputable agents. Get a Spanish lawyer who speaks English not the other way round! Everyone and anyone can be in Real Estate in Spain. There is a new system called MLS and what you will find is that if the Estate Agent is a member of this you will find the same property for sale everywhere. They charge 7.5% commission which is huge. There are thousands of properties for sale on the coast and many existing clients have had their fingers burned i.e. Purchasing properties off plan i.e. maybe 6 at a time. The agent then promises that they will resell before any taxes have to be paid. Not true, they move on to the next investor...... We can all find 30% of the price of the property but when it comes to completion and one has to find 70% X by 6, it is a different story. The new market will be these individual clients just trying to get their 30% back having made NO PROFIT. Why because there is a glutt of off plan´s now for sale. Nice for the new investor coming in as the original investor is the one who has for eg. parted with his money for 2 years while the new investor can come in and buy for the same price as the original investor paid. The estate agents have shot themselves in the foot. The birthday party for sure is over or should we say the bubble has burst. Or maybe just a different market. There will always be clients buying!

The norm. for purchasing a property in Spain is to take off the market one is asked to pay 6000 euros (that then means it will not be shown to any other interested parties). Once this is done you are then asked to pay 10% less the 6000 of the agreed price (usually within a couple of weeks). I would always insist this is paid to your chosen lawyer and he/she hands to vendors lawyer when the necessary checks are done. (It is not uncommon for the gardener to sell his employers property while they are living in another country!!!). The completion can take place anytime from 4 weeks onwards depending on paperwork and how good your lawyer is. There are some horror stories here on the coast but one must keep a positive attitude. Do not do business on the back of a cigarette packet in one of the Spanish Cafe´s. Always work with reputable companies who have an office). You then have a point of contact should anything go wrong. Having lived here for 6 years I really think instead of selling properties I should write a book. I am sure the stories I have to tell I would have a "Best seller". Spain is no longer cheap where the Expats live and since the Euro has been introduced costs went up just the same as decimilisation. At present unless you speak fluent Spanish jobs are hard to come by. Ideal for retirement but hard going if you need to make money.

Renting is a good idea and if you need any help on this please send a private email as I am in this market as well. Prices have come down this past 6 months. For sure house prices will reduce in the next few years. Many people are chosing to buy elsewhere.....like France, Bulgaria, Croatia, Cyprus etc. The Germans are all moving on but hey they were the clever ones they bought here 20/30 years ago!!

If you need any help please send me a personal email. As we are looking to move to Dubai you could perhaps help us in return.

We have a lovely 4 bedroomed townhouse which we will either rent or sell in the not too distant future.

Good luck in your search and if you do not have to worry about an income I would suggest you look further up into the mountains away from the Expat community. For sure you will pick up Spanish so much quicker. You will find the Spanish to be very friendly.

Good luck.
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Old Dec 26th 2004, 3:21 pm
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Default Re: Estate Agent in Spain - a new rule???

Originally Posted by meseta
Now that we know this agents website, it's about time some on the facts are stated as to what they have said...

"It is essential that, before you visit this lovely region of Spain you have enough funds in place, to be able to pay a 10 per cent deposit in cash BEFORE you undertake any viewings.

This is a requirement because:

1) Vendors require a 10 per cent deposit to secure the sale;

2) Property is selling so quickly that it is pointless viewing unless you are able to act promptly;

3) Vendors will not take your interest in their property seriously, especially in price negotiations, unless you are able to pay the required 10 per cent deposit in cash.

4) By following our advice, you will save both time and Money by not having to go back disappointed, only to return and find that prices have increased even further;

Services:

Costa Spanish Eyes Oliva will accompany you and help you open a Spanish Bank Account, if you do not already have one and NIE number (a national identity number for non-Spanish residents) in order to purchase a property.

Having made your deposit of ten percent, which will be held in the escrow account until the full searches are undertaken by our Company Lawyer, to ensure there are clear Title Deeds (Ecritura), (for example, that the vendor is actually the legal owner of the property and entitled to sell it and that there are no outstanding debts).

Once searches have been completed, your ten percent deposit is paid to the vendor upon the signing of the contracts of all parties. Completion then usually takes between 30 and 60 days.

You should allow an extra 10% of the value of the property in order to cover all legal fees; this will include the 7% government re-sale tax, land registry, notary fees and administration charges.

The signing of the Title Deeds (Escritura) is perfromed in front of the Notary who will oversee the purchase procedure with you and our official interpreter. "

Quoted from http://www.costaspanisheyes.com/html/about_us.php

C-Cat, it does mention lawyers and escrow accounts !
The advice doesn't seem to unreasonable to me !

Mind you I am an estate agent ! ( not in anyway related to the company under discussion, however. )

Someone had to be in the business !!

Seasons Greetings to all.

C-Cat, I hope your move to Spain goes well for you.

Thanks Meseta,

Yes, I stand corrected , although yes it does in fact mention lawyers and escrow accounts, they are not the kind I would want to be involved with - you will note it refers to searches by "OUR Company Lawyers." Who could actually be anyone.
How impartial can this be if there is a risk of conflict of interest, especially as this agent does not seem to be a member of any official body and that any old Joe Soap can set himself up as an estate agent in Spain, so you would have little or no redress should it all go pear-shaped. And how would you even know how legit the escrow account was if it was all being handled by their own lawyer? Sorry, but this does not sound at all reasonable or sensible to me.
I would only ever use an independent lawyer unconnected with the agent I was buying through, even if they were wearing a shiny gold halo around their head.

Plus the blurb is confusing, as it initially says that 10% has to be paid before viewings are undertaken (10% of what - how can a buyer know which property, if any, he will want to make an offer on before he has viewed any?) then it goes onto talk about this 10% being held until searches, etc have been completed. I don't think any of this has been properly thought through.

No, as I said before, there are enough agents around who don't put all these obstacles in a buyer's way (hope you're one of them, Meseta!) so why should buyers go with one like this?

RosyG - whereabouts on the coast are you based??

C-Cat
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Old Dec 27th 2004, 10:10 am
  #29  
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Default Re: Estate Agent in Spain - a new rule???

I am based just outside Marbella. My advice now is to buy away from this area if you want value for money. As an example. 2 bed 2 bath in nice area purchased off plan sold last Easter for 320,000 euros. They are now selling off plan for 385,000. For an investor to make any money on this they would have to sell at over 400,000. Crazy prices. 2 years ago you could buy a villa to do up for not more!!! For who still wants the Marbella address I have many properties for sale from 200,000 up however I would imagine coming from Dubai you guys will want nice area and a quality home. I have itchy feet and we need to move on (family of 4). Any advice would be appreciated. Everyone is telling me not to move to Dubai unless you are offered a package. What salary would be required to live comfortably there.

RosyG
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Old Dec 27th 2004, 1:50 pm
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Default Re: Estate Agent in Spain - a new rule???

C-Cat, I think you're being confused by what is rather poor English.

They're not asking for 10% to be paid before any viewings, they're asking you to have the funds IN PLACE before the viewings, so that, as has already been suggested, if you find something suitable, you are ready to move immediately without having to go back to UK to arrange finance.

Sounds sensible to me if you don't want to risk losing a property, but as with any purchase, you should always consult a lawyer before handing over any money.
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